Aeternity is a pioneering blockchain protocol. It enables superior efficiency, transparent governance structures, and scalability.What makes it stand out is its hybrid PoW/PoS algorithm for secure transactions across the globe.
Decentralized architectures have the potential to revolutionize security, but with current technology users often sacrifice speed for those protections.
The Aeternity Blockchain aims to close that gap. The provide high-level security through public blockchains without sacrificing any performance thanks to leveraging smart contracts.
The native cryptocurrency of this blockchain is the ae token, which is used to fuel on-chain transactions and as a form of payment for using the platform’s various services.
The head of Aeternity, Yanislav Malahov, is a tech entrepreneur who has been involved in blockchain since the early days. He was one of Ethereum’s original contributors and now leads Aeternity. The blockchain plans to improve upon existing limitations with its hybrid approach by combining both on-chain (included) AND off-chain solutions. Like Cardano or IOHK’s permission less proposal for scaling Bitcoin without increasing transaction prices too much while still providing sufficient decentralization where needed.
With this network, smart contracts can interact with other blockchains through oracles. This is because they are decentralized and grant access to information from diverse sources outside their own blockchain.
To explain oracles simply, they are the key to unlocking real-world data on blockchain networks. Through transparent, verifiable transactions, they provide a secure bridge between off-chain data and its various applications in smart contracts. Such as weather conditions, flight times or sporting event results.
The benefits of Aeternity Blockchain
Aeternity tokens allow for quick and cost-efficient peer-to-peer transactions, enabling users to benefit from fast transaction speeds with low fees. Additionally, its governance system offers developers increased flexibility in the way they set up their applications by allowing them to tailor smart contracts according to each project’s specific needs.
Furthermore, Aeternity ensures the highest level of protection for its users’ data with state-channel technology. By keeping information off-chain, only those granted access are able to view sensitive info – providing a secure and private platform with uncompromising security guarantees.
All in all, Aeternity is leading the way in blockchain innovation. They combine an unbeatable level of security with unparalleled speeds.
How does the Aeternity Platform work?
Aeternity is comprised of these key components: a state channel, a hybrid consensus algorithm, the Oracle machine, and the Base app.
State Channel
The use of state channels enables fast transactions by allowing users to conduct them off-chain and keep their private transaction data confidential. Only the settlement amounts are recorded on the public blockchain.
Hybrid Consensus Algorithm
The consensus algorithm of Aeternity is a combination of PoW and PoS, making it unique compared to other blockchain networks that use only one of the two.
The proof-of-work component is used to create and add blocks to the Aeternity blockchain. It incorporates a cuckoo cycle, making it inefficient to mine with ASICs and promoting decentralization.
Meanwhile, the proof-of-stake component is used for governance, with AE token holders having control over the network’s on-chain governance system through voting or delegating their votes.
Oracles
Oracles bring external data onto the blockchain for use by smart contracts. They are crucial for smart contracts that require information outside of the blockchain.
Aeternity is empowering developers to create and deploy blockchain networks with improved processing speed, scalability capabilities, and unbounded potential.
Aeternity is able to process up to 100 transactions per second. Nearly seven times faster than Bitcoin and over six times more quickly than Ethereum. This speed doesn’t even begin to account for the off-chain activity taking place in Aeternity’s state channels.
Base App
Aeternity also has the Base app, an online platform serving as a wallet for users to send and receive AE tokens, and an app store to browse and run applications built on the Aeternity blockchain.
How to use Aeternity Blockchain?
Let’s explain first what Oracle Scripting is.
Oracle Scripting eliminates the time-consuming need to manually enter data from physical documents. It allows users to quickly and accurately timestamp info onto the blockchain.
To get started using Aeternity Blockchain, you will first need to install and configure an Aeternity Node before you can begin participating in any transactions. With that essential step taken care of, you join thousands of others contributing to this exciting network.
Setting up an Aeternity Wallet is also recommended. That way you have a secure place to store your tokens in addition to tracking all your transactions across different blockchains.
Once everything is set up properly and securely, you can begin transferring funds on the network or leveraging its smart contract capabilities.
Why Aeternity Blockchain network?
Aeternity’s innovative hybrid architecture offers the best of both worlds. A highly scalable blockchain that can handle impressive transaction throughputs.
By combining the off chain and on chain approach. Aeternity is well suited for projects requiring faster performance than what earlier blockchains offer.
In conclusion, aeternity is paving the way for groundbreaking blockchain technology. When selecting a network to power your decentralized application or blockchain project, it pays to consider this blockchain – its scalability features make it ideal for solving even the most demanding technical challenges around speed and capacity.
