1 Level
6 Review
1 Karma
Review on Aeternity by Alicia Morrison
Uses a hybrid Proof-of-Work and Proof-of-Stake consensus mechanism. Consensus…
Uses a hybrid Proof-of-Work and Proof-of-Stake consensus mechanism. Consensus mechanism features a decentralized oracle. Transaction speed: About 32 transactions per second. Block size: 1 megabyte. Can be changed by user consensus. Core blockchain code: Written in industry-grade programming language Erlang Smart-contracts: Written in Chalang (almost identical to Ethereum smart-contracts language) Smart-contract state: Off-chain (in state channels) Transactions: Executed primarily off-chain (in state channels). Settlement on-chain after channel is closed.
Pros
- The AEternity features a name system that is both decentralized and secure, while still supporting human-friendly names. The AEternity includes a mapping from unique human-friendly strings to fixed-size byte arrays. These names can be used to point to things such as account addresses on AEternity, or hashes. Despite that the only state that can be settled on-chain is a transfer of AEON, AEternity still features a Turing-complete virtual machine that can run “smart contracts”. Contracts on AEternity are strictly agreements that distribute funds according to some rules, which stands in stark contrast to the entity-like contracts of e.g. Ethereum.
Cons
- The AEternity keeps track of several predefined state components. The use of AEternity is not free, but requires that the user spends a token called AEON. AEON are used as payment for any resources one consumes on the platform, as well as the basis for financial applications implemented on the platform. Each AEternity account has an address and a balance of AEON and also a nonce which increases with every transaction and the height of its last update. Each AEternity account also has to pay a small fee for the amount of time it is open.
