Aeternity: Innovating Smart Contracts On A Global Scale
Aeternity is recognized as a new blockchain technology, designed to perform unmatched efficiency, transparent governance, and global scalability. It is made to enable smart contracts, decentralized oracles and transacting using high bandwidth. Decentralized virtual machine is the key technology behind this. Using a large amount of public nodes which are connected with each other using state nodes, the virtual machine can execute scripts.
Aeternity delivers a more scalable smart contract system than etherium. It is said to be much more efficient too. Both bitcoin and etherium revolutionized the field upon their release. There not much in the Aeternity what ethereum or bitcoin doesn’t offer. Since the technology is changing day by day, these ecosystem needs to be updated day by day. It achieves much higher scalability because of the state channel technology included on the protocol level (layer 1). It enables an unlimited number of transactions off-chain while the same high level of privacy is guaranteed as when transacting on the chain.
Aeternity revolves around its token called the Aeternity token. Aeternity token can be transferred from one participant to another. Using this token the nodes are compensated for the computations that they perform. The Aeternity token is used for buying more space and computation time on the virtual machine in the Aeternity ecosystem. Aeternity has even built in an anti spam feature to each one of its coins.
Yanislav Malahov is the founder and the CEO of Aeternity. He is commonly called as the ‘godfather of etherium’. He is the one who came up with all those powerful algorithm with which etherium works on. So one dosent have to worry about the expertise and the knowledge Yanislav brings onto the table. Marion Vogel is the director of Aeternity. She has several years’ worth of experience in the blockchain technology field. Emin Mahrt is the COO of the company. He is an active entrepreneur since 2008. He found two startups namely Abend and DropSpot. He has also one Media Company and a restaurant chain under his belt. Nikola Stojanow is the CBDO of the company. Sergei Evedekimov is the chief developer of the company.
How Does Aeternity Work?
The scalability has always been a problem in the blockchain field. Aeternity is meant to cure this problem. Aeternity has also claimed that they can solve the problem with decentralized providers of the real world data, oracles, safety concerns in scripting and mainly the overall governance. Even though etherium is on its way of solving all these, Aeternity tends to rely upon it’s all new, state of the art RAIDEN network system for solving the above mentioned problems.
Aeternity is implementing a unique system of governance namely the futarchy. In the futarchy system, miners are also able to vote and the value holders will make all the decisions together. With the use of this system, a consensus can be reached using the Proof of Work (PoW) and Proof of Stake (PoS) algorithms.
Aeternity is considered to be a unique crypto currency by many. It is because Aeternity has never been shy towards breaking boundaries or pushing the innovative limits. Aeternity has eliminated every single point of failure. Aeternity in this critics books, qualify as one of the most effective and innovative blockchain based crypto currencies available in the market.
Aeternity Ventures as the investment division of the decentralized smart contracts platform has announced another round of funding through its Starfleet Accelerator program. Starfleet Accelerator this time has chosen fourteen projects to support for a cash infusion, token economics, mentorship, and other support.
The initiative’s Genesis Week started this Monday in Sofia, Bulgaria and is targeting blockchain startups from globally. The selections are as follow:
- CapAgri in Kenya will aid farmers with blockchain-based mobile payments technology. The number of entries from blockchain startups in Africa has increased, but gratitude in part to the work of aeternity’s Africa Hub.
- In South America, the Venezuelan startup Instatrust intends to build a secure, multipurpose peer to peer exchange.
- In Germany, it is represented by various innovative projects that includes Heytax, a legal framework to facilitate crypto taxes; Abend, a distributed ledger ticketing system; Blockchain Fashion Project, a community of fashion designers using blockchain to generate a tokenized product selection; and Inupesa, a hosted wallet assistance for those in developing countries without internet access.
- Croatia has Cryptotask, a cryptocurrency-based freelancing market.
- Serbia offers Crypto Legends, a decentralized card game that places character ownership in the hands of its users.
- Iran’s Say project allows decentralized micro-donations across the world.
After Genesis week, the chosen teams will commence the four-week Starfleet intense training program. Next, to the program, they will have the chance to present their progressions to achieve up to $100,000 in funding.
According to Aeternity’s CEO, Nikola Stojanow, that the Starfleet Accelerator Program explains that, opposed to some of the bearish titles about investments in the blockchain space, funding is possible for the most promising and hardworking startup projects. They have held applications from around the world and have 14 startups from USA, Europe, Africa and South America bidding for funding that will help them collectively establish Aeternity as the principal global smart contract platform where blockchain startups grow.
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Originally published at www.hodlerxl.com on March 15, 2019.