Aeternity Blockchain Definition
Aeternity is a decentralized, scalable blockchain platform that enables high-speed transacting, purely-functional smart contracts, and decentralized oracles. Its aim is to improve the efficiency, security and scalability of blockchain technology, while maintaining decentralization and privacy.
Aeternity Blockchain Key Points
- Aeternity is a scalable blockchain platform that leverages off-chain transactions.
- It supports smart contracts and uses decentralized oracles for efficient management and execution of these contracts.
- The platform also incorporates state channels to enable the scalability and speed of transactions.
- It was created to address some of the issues (like scalability, privacy, and transaction speed) found in blockchain technology.
What is Aeternity Blockchain?
Launched in 2016 by Yanislav Malahov, Aeternity Blockchain aims to solve the issues that make traditional blockchain platforms unsuitable for wide scale applications. This includes the inadequacies in the scalability, speed, and functionality of smart contracts in the current systems.
Why is Aeternity Blockchain Important?
Aeternity Blockchain is important because it tackles some of the most persistent problems within blockchain technology – scalability, security, and speed. The platform uses state channels to process smart contracts off-chain, allowing for faster transactions while relieving the network from unnecessary data load. This feature gives Aeternity the potential to serve large-scale, commercial applications.
How does Aeternity Blockchain work?
Aeternity Blockchain works using a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanism. The PoW algorithm is used for mining, and the PoS algorithm is used for governance via voting. It separates the contract execution from the consensus mechanism, thereby speeding up transactions without compromising on security.
When was Aeternity Blockchain created?
Aeternity Blockchain was created in 2016 by Yanislav Malahov who is often regarded as the “Godfather of Ethereum”, largely due to his collaboration with Ethereum’s core developers prior to Ethereum’s creation.
Where can Aeternity Blockchain be used?
Aeternity Blockchain can be utilized in any system that requires scalable, secure and speedy transactions. Its practical use-cases include IoT (Internet of Things) applications, supply-chain management, gaming, and instant micro-payments. The use of smart contracts allows for a wide variety of decentralized applications (dApps) to be developed on the platform.
