Not long after, Ignis was listed on Bittrex, and instantly noticed a surge of 35% in its value, causing new investors and Ardor supporters to rejoice in this development.
If anything, it just cemented the notion that getting listed on major cryptocurrency exchanges is a sure fire way for a cryptocurrency to get noticed by new traders, since the hike in value was noted shortly after the Ignis team announced through social media that the new cryptocurrency is available for trading at Bittrex.
What is Ignis?
Since Ignis is the first ever child chain on the cross-chain supporting Ardor platform, its success held certain significance for the blockchain development solutions provider that acts as a “parent chain” for any blockchain that is built through its platform.
Developed as a functioning child chain by Ardor, Ignis holds all the features that any new blockchain solutions developed on the Ardor platform would be able to have.
While the Ardor token would act to fuel services on Ardor’s main blockchain, Ignis can be used as a transactional token in addition to serving other functions on its blockchain.
What is Ardor?
Ardor is a project of the Nxt Foundation which also utilizes the “Nxt blockchain technology.”
A blockchain as a service platform, Ardor lets its users develop their own blockchain solutions upon it. These developed solutions are dubbed as child chains.
These child chains are connected to the Ardor blockchain and utilize functions fueled by Nxt and Ardor, including decentralized trading and voting.
Will Ignis make any further waves?
Since it uses functionalities from the Ardor blockchain, Ignis can be applied to a variety of situations due to its features.
These features that range from “Asset Exchange” to “Marketplace” provide the blockchain’s users with more than a few potential uses for it.
While the token can be used as a usual cryptocurrency, other services such as the ones listed above can contribute towards Ignis’ utilization as a crowdfunding platform, as a retail marketplace, or as a decentralized and secure hub of operations for a corporation’s day to day functions.
If Ignis gets to maintain its traction in the next few days, then the exposure will not only be beneficial for the platform itself but for its native platform Ardor as well.
Being a platform solutions provider that aims to target business and organizations for them to develop blockchain services of their own, Ardor can certainly do with some good press and publicity especially during the current climate of competition that new ventures have to go through during the initial few months of their launch.
While it cannot be said for certain whether Ignis would be able to maintain increasing the values of their exchanges or not, it just may garner the attention of its target audience for the Ardor platform.