Blockchains such as bitcoin are showing new interest in a new way to architect value exchange on the internet. The technologies give people hope of finally getting first-class financial and legal services. But with them comes with the lack of scalability, scraping safety and cheap access to smart contracts platforms. Aeternity is a decentralized platform that wants to solve the problems people encounter on blockchains. Many blockchains suffer from unreadable addresses for users, but Aeternity features a naming system that is secure and decentralized. The platform is designed to deliver unmatched transparent governance, efficiency, and global scalability.
Why is Aeternity innovation?
Aeternity has been innovative because it gives answers to the challenges the blockchain technology faces. To solve the challenges, Aeternity uses four features: state channels, decentralized oracles, consensus and Unique Governance.
State channels are an essential breakthrough that enables to exchange value with other participants and anybody in a trustless way. Participants are allowed to interact privately with each other and not with the public. They have infinite instant transactions that are only limited to the speed of light.
Decentralized oracles, on the other hand, are helpful when it comes to the fulfillment of smart contract and other public information. They provide tamper-proof public data and they are decentralized.
Unique governance is a form of Futarchy that Aeternity implements where value-holders bet and miners vote to make decisions concerning the blockchain together.
Consensus on the platform is achieved via the Proof-Of-Stake (PoS) and Proof-of-Work (POW) hybrid algorithm. The algorithm is more power-efficient and indirectly useful. It allows people with a smartphone to mine new tokens.
Aeternity key features
Aside from the above features that Aeternity uses for innovation, the blockchain has other key features that allow it to offer better services to its participants. The features include:
- Privacy: all transaction performed on the blockchain are not recorded in public. The blockchain is only touched in the case of disagreement between participants.
- Security: Aeternity uses state of art cryptographic data structures to provide efficiency and eliminate failure. It also has unparalleled decentralization.
- Low cost: because of using a default method to run smart contracts, the blockchain has become the most efficient Turing-complete blockchain. It enables new forms of monetization with its low-cost transactions.
Aeternity has a team and true exports and crypto believers in each field. They have taken on the challenge of build Aeternity and taking it to great heights. The team includes Yanislav Malahov, the founder, Zack Hess, technical lead, Marion Vogel, marketing and operations personnel and Nikola Stojanow, business development among others.