Aeternity
$0.95643 4.68%
AE · 10w

Aeternity Now Available on Faast!

led on the main blockchain is the transfer of aeon, or if there is some kind of dispute with a smart contract, where the network will act as a “jury” and render a decision. This reduces fees, as well as the overall burden on the network. It also offers more privacy, since only the parties involved in the contract can see the details of the contract. This is potentially big for enterprise users, as some companies might be hesitant to put sensitive information in a smart contract that would be recorded on a public blockchain.

2) Hybrid Proof of Work (POW) and Proof of Stake (POS). Consensus and governance are handled using these two processes in a complimentary way. With Aeternity, consensus is achieved through its “Cuckoo Cycle” POW algorithm, which is much more energy efficient than the methods used on other networks, and could allow mining to be performed on devices as small as a smartphone. Theoretically, you could mine while your phone charges overnight. (See white paper for a detailed explanation of Cuckoo Cycle.) Governance on the Aeternity network uses a delegated voting POS method, where votes are weighed based on how many tokens you hold.

3) Oracles. In the white paper, the Aetertnity team explains that a smart contract which cannot communicate with the outside world or receive value inputs from the environment is basically a closed system. In such a system, external data that is relevant to the contract (changes in the price of an item, a specific event occurring, etc.) cannot be factored in. Aeternity’s solution to this is oracles which allow users to enter new information into the contract. (See this post which covers how Aeternity’s oracles work in detail.)

If you boil all this down to its essence, it amounts to 4 main value propositions for Aeternity: Privacy, Security, Scalability and Low Costs.

The Team and Performance So Far

Aeternity is led by Yanislav Malahov, who is referred to by some as the “Godfather of Ethereum” due to his collaboration with Vitalik Buterin on Keidem (now known as ascribe.io) and his involvement in very early meetings about a project that would eventually become known as Ethereum. Malahov has assembled a pretty impressive team which includes no fewer than 6 PhDs working hard to make sure that Aeternity’s vision remains viable and on track.

Since hitting the exchanges in almost exactly 1 year ago, it’s price has gone from $0.68 (USD) to an all-time high of $5.00 in early May before settling around $3-$3.50, where it is hovering at the time of this writing.

All in all, Aeternity has a lot of potential. The competition for scalable alternative smart contract and dapp platforms will be fierce in the coming years, and if Aeternity stays on track and delivers on their vision (Mainnet is due to launch in August), then AE could be a real contender.

Official website: https://aeternity.com/ Check Aeternity on CoinMarketCap

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