fbpx
Opinions

How Aeternity (AE) Works & Features of AE Blockchain

Aeternity (AE) is a brand new platform which supports the (DApp) decentralized apps. This platform is so much different from anything that has been seen there before in the crypto currency world. This is because it delivers a whole new blockchain technology aiming at global scalability, governance, transparency and efficiency. In addition to that, it has some key unique features that help it to stand out among other already existing blockchains in the crypto market hence giving way to the desired future.

More to that, Aeternity is a kind of a scalable blockchain in that it enables high speed transactions, it has functional smart contracts as well the decentralized oracles and the Erlang coding.

This being the case, this article will be aimed at giving you an insight on the background and founders of Aeternity, its market performance, uses, features and any other relevant information that will enhance your understanding on the same.

History of Aeternity

The whole idea behind Aeternity was developed by Zackary Hess who was the developer of the Aeternity blockchain. Initially he was working at Ethereum based projects where he gained his experience. The major project that he worked with was the Augur which was a platform based entirely on smart contracts. In this project, users were given incentives in order to make correct predictions regarding the outcomes of the project.

Even after Hess left the project in June 2017, both the Augur and Aeternity still did pretty well in the market and have enjoyed ultimate success since when the two were launched. Currently, the Aeternity is based in Liechtenstein. The funds to develop this blockchain were raised through an ICO which was Ethereum based back in April 2017. The token sales which were sold in the first round brought returns of about $5.4 million while in the second round they managed about $20 million. The team behind this blockchain has market experience and have specialized in certain diverse industries.

Aeternity is making its steps in to success through online presence, commuting itself to self-betterment, innovations, developing a strong team of followers and having an active user-base. With these strategies in place, Aeternity managed to be among the top 50 coins in regards to the market capitalization.

Understanding Aeternity

The Aeternity blockchain is indifferent from other blockchains in the crypto world. This is because unlike others which use a single model, the Aeternity uses a hybrid of both the Proof of Stake and Proof of Work. The programming of codes used to create the Aeternity are designed in the Erlang language. The new tokens of Aeternity which are known as Aeons are mined using the traditional Proof of Work Fashion. The governance system on the other hand is governed using the proof of stake model.

This way Aeternity is able to achieve ultimate decentralization by simply interconnecting a series of nodes which are important at individual levels. This helps it to achieve faster transmission of data by simply separating the distinct data types in to what they call the state channels. These state channels allow individual data transmission without being dependent on other data types. The speed of transactions made in such a case is only determined by the bandwidth of the users.

In addition, the Aeternity blockchain includes the use of smart contracts by virtue of its customized machine environment. The machines then use oracles which integrate with other systems in order to provide credible data from the real world. This is great because it enhances its use in the predicative activities which can be quite adaptable. This has so much in common with the Ethereum’s Augur. The general blockchain system is fully secured using the hybrid consensus mechanism which has been developed through merging the Proof of Stake and Proof of Work Model.

Features & Benefits of Aeternity Blockchain

Market prediction – Any user has the freedom of creating their own questions which are based on the data found in the real world. After this, the answers are searched using the crowd’s wisdom approach.

Management of the supply chain – The demand channeled towards supplies can be monitored using certain predicative capacities of the smart contracts which trigger the orders defined by the users after they meet the conditions set in place.

Crowd funding – The creation of the crowd funds based on the blockchain are guided by parameters that are user based. Only that the rules used in such cases are usually enforced by the smart contracts.

Automatic swaps – The rates based on the crypto currencies are either market based or real time based. They are actually channeled from other cryptos in the market in order to provide a final mechanism for pricing the Aeon and the rates for exchanges too.

Replication of the Assets and Portfolio – In order to provide the pricing as well as value for the tokenized assets, data initially collected from real world data is used. In this case, the users are allowed to sell shares which are commodity backed or rather are in physical tangible items.

Aeternity Coin Wallets

  • My Ether Wallet
  • Ledger wallet
  • Trezor
  • Meta Mask

In conclusion, although in the market today there are many different blockchains which are growing at an alarming rate, the advancements offered by the Aeternity are still very important to fuel the success of the crypto world. All in all, more advancements would be more useful too. It is more than encouraging that most of the major applications of Aeternity are already developed and released to the market.

This makes this blockchain be more of a finished product than still a blockchain in making like its predecessors. As the blockchains grows and expands, more people will get to understand all the uses of the Aeternity. We only hope that this blockchain is here to last. The volatility in the crypto currency world is unpredictable and you never know what happens tomorrow. However, the team behind it has promised its users the best. The community and supporters are looking forward to seeing the breakthrough of this crypto in the next few years.

Tags

Collins Valentin

Collins is a blockchain enthusiast, who spends his time between documenting the blockchain revolution in Africa, and writing the latest on the cryptocurrency space. Email: editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Close