Ardor and Nxt’s decision to enlist more node operators from the crypto community is one that will not attract controversy.
By Julia Sakovich
Updated
3 mins read
In a bid to encourage more people to establish a node, and assist with transaction validation and propagation, Ardor and Nxt have unveiled a new reward program. 10,000 IGNIS tokens will be made available daily to entities that run a node on either of the Jelurida-maintained blockchain networks. In particular, a call has been put out for more API nodes that are used by enterprises to access client applications on both chains.
Cryptocurrency holders seeking yield in the current economic climate have been scrutinizing all available options. This includes re-examining the potential for staking rewards through operating a network node. Interest in node operation had waned after exchanges began offering passive staking as a service, and crypto lending started offering more attractive returns. Now, nodes are back in vogue, with companies like Jelurida – the developer of the Ardor and Nxt chains – spearheading this revival.
One of the reasons why node operation has dwindled from its 2017 peak has been on account of the complexity of setup. The average layperson struggles to set up a blockchain node or masternode, as the practice typically calls for a degree of command-line knowledge, and comes fraught with the peril of a mistake resulting in the loss of all tokens. Jelurida has simplified the process, not just in terms of setup (Linux, Windows or Mac VPS can be used to run a node), but also when it comes to claiming rewards. Registration for node rewards can be performed on-chain, after which a contract will select nodes at random and assign rewards.
Easier implementation isn’t the only reason why nodes are now witnessing a resurgence. As the world splinters into online communities, while meatspace interaction is at a minimum due to lockdown, there has been a movement towards reviving the spirit of crypto, harking back to when there was a stronger sense of togetherness. This is best exemplified by the Steemit/Hive fork, which has seen a tranche of users return control to the original community, after abandoning Justin Sun’s takeover of the micropayments blogging network.
While the Hive hard fork has been acrimonious, it does hint at a return to a more egalitarian system of blockchain governance, where whales are unable to exert control through their majority token holdings. The new Hive blockchain will be conducting a token swap for Steem tokens, but whales – primarily those loyal to Tron – have been excluded from participating.
Ardor and Nxt’s decision to enlist more node operators from the crypto community is one that will not attract controversy. Unlike Steemit, Ardor and Nxt’s existing token holders, network users, and forgers are in concord. As such, the introduction of new node rewards should prove an easier sell.
Jelurida co-founder Lior Yaffe explains:
“Due to increased enterprise demand, we have an urgent need for more full nodes and open API nodes that can be used to connect client applications operating on the Ardor and Nxt chains. We encourage the community to participate by running a full node with open APIs using the latest version of the product.”
For supporters of the two blockchains, node operation provides a financial incentive for participation, while helping to further secure the networks, making it easier for business to connect via API and harness the benefits of distributed ledger solutions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Julia is an experienced content writer. She works with various topics and business domains, including but not limited to blockchain, cryptocurrencies, AI, and software development. Her articles are regularly featured on reputable news websites and IT business portals. Currently, Julia is the Editor-in-Chief at Coinspeaker.
