The Aeternity platform wants to solve some of the most common problems of blockchains: lack of scalability and lack of usability. The Aeternity Coin uses AE, new blockchain technologies, improves smart contracts and the privacy and speed of transactions.
Can Aeternity become the better Bitcoin revolution or Ethereum?
Aeternity is a public, open source, Bitcoin revolution based distributed computing and digital asset Bitcoin revolution platform based on distributed encryption P2P technology. Data from the real world can be linked to intelligent contracts through distributed oracles. Scalability and trustless Turing State channels differ from other Blockchain 2.0 projects.
The blockchain picks up many of Ethereum’s ideas, but is preparing to improve them. Aeternity was written in the Erlang programming language, which is considered to be very robust and tolerant of errors. It is well suited for constantly running applications. The blockchain uses a hybrid system of proof-of-work and proof-of-stake algorithms to verify transactions. This combination is called a “Cuckoo Cycle Mining Algorithm”. This allows different users to participate in decisions about the future of the blockchain.
This should enable low-powered computers and even smartphones to participate in mining and earn a few AE coins. The development is based on “Mobile First” and attaches particular importance to user-friendliness. This can also be seen in the application of “Aepps”, decentralized applications, i.e. programs that can be freely developed and used on the blockchain. These should prefer mobile devices and be particularly easy to use on them.
State Channels are Smart Contracts, which enable an increased degree of privacy. The State Channels can be set up apart from the actual blockchain. Normally the Smart Contracts of Ethereum are visible in its blockchain. State channels can only be viewed by the participating parties. The blockchain is only used if there is a conflict. Stateless Smart Contracts should be particularly user-friendly. This makes it very easy to write temporary or permanent Smart Contracts in a short period of time.
The Aete rnity Oracle should be highlighted. Oracles are important for Smart Contracts because they refer to real events and transmit their information to the blockchain. Thus, the blockchain knows when certain events important for the Smart Contracts have occurred and money may have to be paid out. For example, in the case of betting games. As soon as the result is known, the Smart Contracts are informed, and they then implement the terms of their contracts.
The crypto currency is used to gain access to the blockchain. You have to keep a few on AE coins on the wallet. You can also buy the Aeternity Coin to use it as a regular transaction payment method. Smart Contracts use the Aet/ernity coin and fees within the platform are also paid with it. The transactions with the crypto currency should also be particularly fast. Users are also allowed to create their own user accounts.
Ethereum code – Who is behind the crypto currency?
The head of Ethereum code development is Yanislav Malahov, who jokingly calls himself the “Godfather of Ethereum code”. This is due to the fact that he already worked together with the founder of Ethereum, Vitalik Buterin, in 2013. Yanislav claims to have had a significant influence on the development of Ethereum. He was not directly involved in the development, but worked on many different crypto currency projects before and after.
Aet/ernity was finally founded in 2016. Since then, a large team has formed. The CBDO is Nikola Stojanow, who has already advised companies in Germany, Eastern Europe, MENA and Asia. COO Emin Mahrt already founded several companies (including two tech start-ups and a restaurant) and was one of the first Bitcoin miners.