Ignis

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Discover Ignis's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Ignis?

Ignis (IGNIS) is a child chain on the Ardor blockchain platform, offering a highly scalable, 100% Proof of Stake, and permissionless environment for everyday transactions with low fees. It supports advanced features like account control, asset issuance, coin shuffling for privacy, and stateless lightweight contracts, making it suitable for a wide range of use cases.

How is Ignis used?

Ignis (IGNIS) is the main child chain of the Ardor blockchain platform. It supports advanced privacy mechanisms, including coin shuffling and encrypted messages, which can be shared securely with third parties.

Key Features and Use Cases
  1. Account Control: Ignis allows users to add a layer of protection to their Ardor accounts by setting up approval accounts that must approve all outgoing transactions, similar to decentralized two-factor authentication.

  2. Asset Issuance and Exchange: Users can issue tokens and assets on Ignis, which can be traded on a decentralized exchange. This feature supports various use cases such as private equities, public equities, bonds, derivatives, and commodities.

  3. Voting System: Ignis has a built-in decentralized polling system for secure and anonymous voting. Users can create polls with various options, and voting privileges can be determined by account balance or asset ownership.

  1. Smart Contracts: Ignis supports simple smart contracts that can be created with minimal programming knowledge. These contracts can automate various tasks such as conditional payments and asset management.

  2. Shuffling: Ignis offers a privacy feature called shuffling, which allows users to mix their coins or assets with others, making the origin of the assets untraceable.

  3. Singleton Assets: Ignis allows the creation of unique tokens to represent items such as art, cars, or houses, with a built-in way to trace ownership history on the blockchain.

  1. Account Properties: Users can tag accounts and restrict trading of assets to specific accounts, enabling features like customer tracking in a shop.
Overall Functionality

Ignis is designed to be highly scalable and supports a wide range of use cases, including decentralized applications, marketplace transactions, and data storage. It is permissionless, meaning anyone can use it without needing approval, and it offers a high degree of flexibility and customization.

How do I store Ignis?

To store Ignis (IGNIS) tokens, you can use several wallet options:

  1. Freewallet: Freewallet offers a mobile-first cryptocurrency wallet for Android, which allows you to store, send, and receive IGNIS tokens. The wallet is simple, secure, and user-friendly, with features like fee-free transactions within the Freewallet ecosystem and real-time price charts.

  2. Hebe Wallet: Hebe Wallet is a decentralized wallet that supports IGNIS tokens. It offers advanced security features like local signature and offline signature, reducing the risk of theft. Hebe Wallet is available for Android, iOS, and web platforms.

  3. Ardor Wallet: Since Ignis is a child chain of the Ardor platform, you can also store IGNIS tokens using the Ardor wallet. This wallet supports all the transaction types and features available on the Ardor platform, including advanced privacy mechanisms like coin shuffling and encrypted messages.

  1. Web Wallets: Additionally, you can use web wallets like Freewallet's web application, which allows access to your IGNIS wallet via the Freewallet website on various operating systems.

Before choosing a wallet, consider factors such as security, user interface, and compatibility with your devices.

How to buy Ignis?

To buy Ignis (IGNIS) tokens, follow these steps:

  1. Register on a Fiat-to-Crypto Exchange:

    • Sign up on a reputable exchange that supports fiat-to-crypto transfers, such as CryptoWallet.com.
    • Complete the verification process and secure your account with two-step verification.
  2. Buy USDT or Bitcoin:

    • Use the exchange to purchase USDT or Bitcoin with your fiat currency.
    • Choose the coin that will be most cost-effective for converting to IGNIS on the altcoin exchange.
  3. Transfer to an Altcoin Exchange:

  • Transfer the purchased USDT or Bitcoin to an altcoin exchange that supports IGNIS trading, such as Bittrex or Probit Global.
  • Ensure the exchange supports the necessary trading pairs, like IGNIS-USDT or IGNIS-BTC.
  1. Buy IGNIS:

    • Use the transferred USDT or Bitcoin to buy IGNIS tokens on the altcoin exchange.
    • Monitor the market and adjust your strategy as needed.
  2. Store Your IGNIS:

    • Store your IGNIS tokens securely in a wallet that supports the token, such as the exchange's wallet or a dedicated IGNIS wallet.

Remember to stay informed about market trends and updates on IGNIS and the cryptocurrency space to make the best trading decisions.

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History of Ignis

Ignis (IGNIS) is a child chain on the Ardor blockchain platform, launched in 2018 by the developers of Nxt and Ardor. It was created to demonstrate the ease of making tokens based on Ardor and to showcase the full range of features available on the Ardor platform.

Ignis was issued after an Initial Coin Offering (ICO) in late 2017, which raised $15 million for further development of Nxt and Ardor. This funding enabled the development team to continue enhancing the Ardor platform and its child chains, including Ignis.

Since its inception, Ignis has been designed to be highly scalable, utilizing a 100% Proof of Stake (PoS) consensus model, which reduces energy consumption and centralization compared to traditional mining-based blockchains. This approach allows for faster and more secure transactions, making it suitable for everyday use and business applications.

Throughout its history, Ignis has maintained its focus on providing advanced privacy mechanisms, such as coin shuffling and encrypted messages, as well as sophisticated multi-signature features and account control. These features have made it an attractive option for developers and users seeking a flexible and secure blockchain platform.

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How Ignis works

Ignis (IGNIS) is a child chain on the Ardor blockchain platform, designed to provide a fully featured and permissionless environment for everyday transactions with low fees. It supports all the smart transaction types available on the Ardor platform, making it highly versatile and scalable. Here's an overview of how it works:

Key Features
  1. Advanced Privacy Mechanisms: Ignis supports coin shuffling, which allows users to mix equal amounts of tokens into newly initialized recipient accounts without any connection to the source accounts. It also supports encrypted messages that can be shared securely with third parties.

  2. Lightweight Contracts: Ignis is the exclusive chain for stateless lightweight contract development. These contracts are safer than traditional smart contracts as they cannot cause harm to the whole network if they are broken or malicious.

  3. Multi-Signature Feature: Ignis supports a sophisticated multi-signature feature called account control. Transactions submitted from an account under such control are subject to a mandatory approval procedure, ensuring added security and flexibility.

  1. Decentralized Exchanges: Ignis has three different types of fully decentralized exchanges: Coin Exchange, Asset Exchange, and Monetary System. These exchanges allow for trading of all child chain tokens, security tokens, and specialized token types.

  2. Account Settings and Management: Ignis facilitates account-specific functions such as setting account properties and multi-signature configurations. These features are accessible across all child chains, making it a central hub for managing transactions and assets.

  3. Smart Transactions: Ignis supports a wide range of advanced transactions, including pre-scheduling payments, issuing tokens, crowdfunding, and more. These transactions can be accessed through the Wallet or by using APIs, making it easy to integrate into various applications.

Functionality and Use Cases

Ignis is designed to be highly flexible and accessible. It allows users to experiment and build public applications with all the features available on the Ardor platform without needing permission. Users can simply install the software, download the blockchain, get some tokens from an exchange, and start using the APIs and coding.

Technical Details

Ignis operates on a 100% Proof of Stake consensus algorithm, ensuring high scalability as unimportant data is automatically "pruned" from the blockchain. This makes it highly efficient and suitable for a wide variety of use cases.

In summary, Ignis is a powerful and versatile child chain on the Ardor platform, offering advanced privacy mechanisms, lightweight contracts, decentralized exchanges, and a range of smart transactions. Its permissionless nature and ease of use make it an attractive option for developers and users alike.

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Ignis's strengths

The token Ignis (IGNIS) has several strengths that make it a promising project:

  1. Ease of Use: Ignis is designed to be user-friendly, allowing anyone to create their own tokens and smart contracts with minimal programming knowledge. This accessibility makes it an attractive option for businesses and developers looking to leverage blockchain technology.

  2. Advanced Privacy Mechanisms: Ignis supports advanced privacy features such as coin shuffling and encrypted messages, ensuring secure transactions and communication.

  3. Scalability: As a 100% Proof of Stake child chain, Ignis is highly scalable, automatically pruning unimportant data to maintain efficiency.

  1. Flexibility: Ignis allows for the creation of stateless lightweight contracts, which are safer and more flexible than traditional smart contracts. These contracts can interface with external systems and are easier to develop and deploy.

  2. Decentralized Governance: Ignis supports decentralized governance through features like multi-signature configurations and account control, enabling secure and transparent decision-making processes.

  3. Low Fees: Ignis transactions have low fees, making it an attractive option for everyday transactions.

  1. Strong Development Team: Ignis was created by the Jelurida team, which has a successful track record with projects like Ardor and NXT. This experienced team ensures continuous improvement and support for the platform.

These strengths position Ignis as a versatile and secure platform for various use cases, from everyday transactions to complex smart contracts and decentralized applications.

Ignis's risks

Ignis (IGNIS) is considered a high-risk investment, according to InvestorsObserver analysis. The proprietary scoring system assesses the amount of money required to move the price of the cryptocurrency by 1% and compares it to other cryptocurrencies. This analysis indicates that Ignis has a relatively high risk score, making it a potentially volatile investment.

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Did Ignis raise funds?

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Ignis’s team

  • Lior Yaffe: Co-founder and Lead Developer of Ardor and Jelurida, with 20+ years of experience in design, development, and deployment of enterprise applications. He has a B.A. in computer science from the Technion in Haifa, Israel.

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