What Is Aeternity Crypto Blockchain?
So what is Aeternity crypto ? Aeternity is a blockchain-based distributed computing and digital asset ecosystem. The AE coin is a unit of account to pay for platform operations. Founded by developer Yanislav Malahov, Aeternity is focused on rectifying the flaws present in the first-generation smart contract platforms, including high fees and crippling congestion.
The platform is built to scale better and cost less than its competitors, such as Ethereum. Aeternity has all the hallmarks of a modern blockchain complemented by its native AE coin, smart contract capability, and highly scalable Decentralized Applications (dApps).
The Liechtenstein-based blockchain boasts high-speed, low-cost transacting, and purely-functional smart contracts. The network’s desirable functionalities have attracted a community of 3k+ developers actively building the blockchain’s version of dApps known as ‘aepps’. Aeternity is also mobile-focused, meaning anyone with a tablet or smartphone can access the network to use/build applications and mine AE tokens.
What is Aeternity Crypto?
Aeternity crypto is a digital currency based on the Aeternity blockchain. It is a cryptocurrency that primarily focuses on real-world data. Its Oracle system integrates real-time data with blockchain. Aeternity crypto was released on the ERC-20 network.
Here is an in-depth look at Aeternity blockchain’s features that make its network stand out from conventional blockchains.
State Channels for Trustless Off-chain Scaling
The Aeternity protocol was engineered to support state channels, giving the network enhanced scalability and privacy. Unlike traditional smart contracts built into the blockchain, state channels facilitate the execution of smart contracts off-chain.
Aeternity blockchain incorporates state channel functionality into the blockchain and the smart contract language level. As a result, smart contracts can take place privately off the chain, with the protocol only enforcing smart contract code in case of a dispute.
State channels allow developers to build dApps for global-scale use cases that involve enormous amounts of instant and private transactions while preserving the security of the public blockchain.
The Hyperchains Consensus Upgrade
Besides state-channels private transactions, the Aeternity blockchain protocol is set to implement the Hyperchains consensus upgrade to improve on-chain scalability. The implementation will enable users to launch their own private or public sidechain without seeking the approval of the core dev team or any other community member.
According to the hyperchains consensus whitepaper, the upgrade will leverage the Bitcoin network’s proof-of-work (PoW) algorithm to generate a tamper-proof code that secures each sidechain on the Aeternity crypto blockchain.
The Hyperchains upgrade is coming soon via the protocol’s transparent governance mechanism that allows AE holders, miners, and developers to vote on all critical changes to the ecosystem. Once implemented, the powerful Hyperchains feature will facilitate the development of private Aeternity-style side chains for consortiums and much more.
A Secure and Accessible Blockchain
The Aeternity blockchain founders coded the entire software system in Erlang. This highly secure programming language allows developers to build massively scalable applications. The platform also uses interoperable on-chain oracles that source accurate real-world data from APIs, guaranteeing the security of all apps on the network.
Moreover, Aeternity blockchain leverages a unique and functional programming language known as Sophia to foster a safer environment where dev teams can write correct and easily verifiable programs.
Finally, the Aeternity blockchain adopts the ‘Aeternity Naming System’, making it more accessible and less prone to errors. The technology allows users to attach human-meaningful names to oracles, NFTs, contracts, and accounts, creating a more user-friendly experience.
Technical Features of Aeternity Blockchain
Apart from the above-mentioned features, Aeternity blockchain has superiority in terms of technical features as well. Some of its important technical features are given below.
Aeternity has been implementing state-of-the-art integrated oracles to increase its smart contract utilization. It helps it in accessing real-world data from multiple providers all over the world. PoW helps in checking the validity of received data and imbuing it in the blockchain so that everyone has access to it.
Integrated Naming Mechanism
Another fascinating technical feature of Aeternity blockchain is the integrated naming function that can ameliorate the whole user experience. It makes wallet addresses readable for humans same as any website address.
Aeternity coin is also in making keeping in view the needs and requirements of both the developer and the user. The aim is to develop apps that provide an intuitive interface to the users. Developers are making serious efforts to develop all those apps that are essential for everyday usages such as identity manager, blockchain explorer, and voting apps.
Top 5 Aeternity Competitors and Alternatives
It is always a good strategy to analyze various options before picking a suitable app or technology. If you’re considering Aeternity, have a look at the following options as well so that you can make a good decision. These are not just alternatives but good competitors of Aeternity as well.
- G2 Deals