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What Is Ignis?

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Jan 20, 2023
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3 min read
what-is-ignis

This blog post will cover:

  • What is Ignis (IGNIS)?
  • Where did Ignis (IGNIS) come from?
  • What are the advantages of Ignis (IGNIS)?
  • What are the disadvantages of Ignis (IGNIS)?
  • How to exchange crypto on SimpleSwap?

What is Ignis (IGNIS)?

Ignis is an essential part of the Ardor platform. It is the main child chain - fully featured and permissionless for everyday transactions with low fees.All the Ardor platform transaction types and features are available on the Ignis child chain. Furthermore, account specific functions, such as setting account properties and multi-signature configurations (account control), are facilitated exclusively by Ignis but accessible across all child chains.Ignis supports out of the box advanced privacy mechanisms including coin shuffling, and encrypted messages which can be shared securely with third parties.

Where did Ignis (IGNIS) come from?

Ignis was created to demonstrate the easiness of making tokens based on Ardor. It’s necessary to consider Ignis along with Ardor. The platforms were launched at the beginning of 2018 by the same authors who developed Nxt coin (NXT) and Ardor.

What are the advantages of Ignis (IGNIS)?

  • Every business representative working with Ardor can create his/her cryptocurrency
    
    Ignis is an example of creating such a subsidiary network.
  • Simple smart contracts can be created with a little knowledge in programming, and this will be mainly enough to work with it
  • Payments can be made autonomously but if it’s necessary to confirm both sides’ personalities, confidentiality can be controlled in settings
  • Ignis allows to experiment and build public applications with all the features available on the Ardor platform
    
    One doesn't need any permission, and can simply install the software, download the blockchain, get some tokens from an exchange (or exchange with ARDR tokens on chain) then start using the APIs and coding. It is really that simple.

What are the disadvantages of Ignis (IGNIS)?

  • Ignis is a part of Ardor, so there is no Ignis wallet
    
    It’s wallet is also inside the Ardor wallet. To store, send and exchange IGNIS you need to set up the Ardor wallet.
  • The developers of Ignis offer the base for creating smart contracts, and the competition in this area is very fierce

How to exchange crypto on SimpleSwap?

Now when you know a little more about crypto, you might want to join the Crypto World by purchasing some coins. If so, you could use SimpleSwap for that. Just use this easy guide:

  • For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
  • Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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