With so many blockchains and tokens coming onto the market in recent years, it can be hard to stand out from the rest of the crowd. Many tokens try to find a niche that has not been exploited yet, so they can find their own corner of the market to expand without facing existing competition.
Aeternity is not one of those coins. Aeternity aspires to be a generalist solution that can be applied to any and all situations that might come to mind when you think of the term “smart contract.” Aeternity has big ambitions, and hopes to become one of the top players in the crypto space by bringing in features existing blockchains don’t have, such as a native ability to use real world data, and solutions to problems seen in other cryptocurrencies, such as how to scale.
It was launched as an ERC-20 token in order to facilitate a round of ICO funding, but will become a fully realized blockchain on its own when the mainnet goes live in mid-2018. Aeternity is the name of the project, and the name of the main token is Aeon (AE).What Does Aeternity Do?
It would be simpler to answer the question, what doesn’t Aeternity do? And one answer comes up front and center: it does not seem to have any particular ambition to become a currency for daily use.
Of course, currency can be seen as a type of transaction that exists of a subset of all smart contracts, so using AE as a currency is certainly not out of the question. But with their focus on real world data handling, it’s clear that currency is not their priority.
The Aeternity whitepaper outlines three areas where blockchain technology needs improvement, and proposes their own solution for each in turn.
The first problem is that of stateful design, which is another way of describing how most blockchains calculate transactions or other operations on-chain.
Aeternity proposes that much of the information that goes into any one transaction can be done off-chain, in an integrat...