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Aeternity is the latest cryptocurrency released by the “Godfather of Ethereum” Yanislav Malahov. It’s meant to take the blockchain to the next level by correcting the problems that come with Bitcoin and Ethereum – most notably, their shortcomings in smart contract storage and execution.
There are some real amazing features that come with Aeternity that are born from its scalable blockchain protocol. What’s important is that this cryptocurrency is designed to take on consensus mechanisms that maximize its efficiency.
These mechanisms are layered in a way to prevent users from cheating the system. Aeons, the name of the token attached to Aeternity, can be transferred through smart contracts that contain the correct answers to an oracle.
In short, Aeternity’s main mission is to improve on the Ethereum blockchain by utilizing faster smart contracts. This starts with solving problems associated with scalability, decentralized providers, and governance of tokens. In my opinion, it looks like Aeternity will be able to accomplish that goal through the introduction of POS and POW hybrids.
Moving forward, Aeternity will be able to store a lot of its away from the blockchain. That’s how they will become scalable in the long-term. Its governance mechanism is designed to cure a lot of headaches related to discussions about the future of the network. That system is based on prediction markets, which will be covered later in this review.
Finally, Aeternity’s overall system is designed around a consensus mechanism that incorporates hybrid Proof of Work and Proof of Stake mechanics.
Features and Uses
Aeternity comes with a wide range of unique features that really set the bar for new cryptocurrencies.
Industrial Grade Coding Base
Aeternity is written in “Erlang,” which is considered the perfect coding language for blockchain technology. It allows superb stability and performance! Users benefit through higher security and a more efficient blockchain.
This is one of the critical features of Aeternity smart contracts. Oracles can be encoded into a specific contract as either text or code. There are examples of this feature on other blockchains. In short, they are small snippets of coding that draw data from the outside world.
For instance, there could be a sports scores oracle on betting games. That oracle would check scores based on outside data in order to enforce a smart contract. Aeternity’s blockchain supports this mechanic through a system called “Oracle Machine.” This Oracle Machine incorporates real-world data into a smart contract so that it’s integrates into the blockchain.
Aeternity users are allowed to create accounts within the network. They get their own identity that’s used for the purpose of voting. This accounts system is unique and innovative.
Stateless Smart Contracts
Aeternity’s smart contract system provides an outlet for writing distributed fault-tolerant and highly available applications. Aeternity also offers state channels to its members. These channels are highly functional, easily verifiable smart contracts.
Integrated Name System
Aeternity utilizes a name system that’s built into the platform itself. Its DNS is quite easy to use. It’s both decentralized and highly secure, yet still supports custom names. This is advantageous because users are able to use names that are easier to remember. If you’re not a fan of the alphanumeric addresses found in most other blockchains, then you’ll love this DNS system.
The Cuckoo Cycle Mining Algorithm
Aeternity utilizes a mining algorithm that has an efficient memory, effectively solving the ASIC issue that affects other proof of work based blockchains. This algorithm has the potential to further decentralization because it allows anyone to mine effectively. This feature opens the door to mining for those with low-powered computers. Even smartphones will be able to mine Aeons!
As mentioned earlier, Aeternity was founded by Yanislav Malahov, who many people refer to as the “Godfather of Ethereum.” It is still considered as under development, even after its launch.
Development of this unique system began early in 2017 when the testnet system was launched. The first funding/backing campaign was held in Q2 2017. Aeternity plans to perform a full-fledged security audit at the end of the year, once it’s been up for a few months. Then at the beginning of 2018, Aeternity will be placed onto the mainnet.
Total Supply and Circulating Amount
Circulating Supply: 233,020,472 AE
Total Supply: 273,685,830 AE
Aeternity has the potential to solve a lot of problems in the cryptocurrency field. It can be used for a number of different purposes. The problem with new, experimental technologies is that they are unpredictable. That makes it difficult to say with absolute certainty that Aeternity will become the next big hit. Still, its creator has an outstanding track record!
It’s obvious that Aeternity has introduced some amazing innovations to the market. Right now is the time to invest because the price is so low. I see the Aeon as being a game-changer for the Ethereum blockchain. The real question is whether or not it will be able to capitalize on these innovations.
Thanks for reading.
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