- Aeternity team have published a summary of their first Summit
- Aeternity tries to create a dApp platform that is more efficient and secure than competing ones
In their blog, Aeternity team have published a summary of their first Summit that took place in Turkey, Antalya from January 15-18, 2019.
The goals of the event included improving developer onboarding and communication by allowing them to share their experience of working on different Aeternity projects, as well as finding the best approach to set up community standards for future Aeternity Dapps, which the project calls aepps, development.
Small but Ambitious
Because Aeternity is still a comparatively small project, the organizers decided to make the atmosphere of the event relatively informal. During the three-day event, a variety of topics was discussed, such as AE account handling, missing developer tool requests, and tokenization problems.
Developers also were introduced to Aeternity’s Middleware and were given an opportunity to brainstorm Aeternity’s manifesto.
The full list of topics can be found in Aeternity’s blog post.
Solving the Fundamental Problems
Aeternity, founded by Vitalik Buterin’s former colleague Yanislav Malahov in 2017, is a platform for dApps that tries to solve one of the main Ethereum and other dApp platforms’ weaknesses – their poor scalability and insufficient security. It does so by introducing two mechanisms, state channels, and the Oracle Machine.
The first of the mentioned solutions allows parties to communicate within a smart contract, only connecting to blockchain to adjudicate or transfer of value. Such a method of communication allows the whole system to work faster and use fewer resources because parties do not need to pay the network fee for every transaction.
The other mechanism, Oracle Machine, decentralizes oracles (they provide access to information hosted outside the blockchain), eliminating the vulnerable centralized data stream. To even further decrease the chance of hacking the system, Aeternity uses prediction market allowing users to evaluate the accuracy and honesty of incoming data.
It is important to point out that Aeternity has not yet launched its mainnet and currently runs on Ethereum blockchain. The mainnet launch will happen during 2019 and will happen in 4 phases described in this blog post.
Aeon Token (AE) and Its Price History
The Aeon token sale was launched at the beginning of 2017.
It is currently traded as an ERC-20 token on Ethereum while Aeternity is still in testnet, but later will be exchangeable for native Aeon tokens. It has reached its highest price of more than 8 USD in January 2018; at the time of writing, it is trading at approximately 0.26 USD.