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Review on Aeternity by Evie Finch
Aeternity have stated they are planning to use a variant of Bitcoin-NG…
Aeternity have stated they are planning to use a variant of Bitcoin-NG (already implemented in the Waves cryptocurrency) as their consensus algorithm. Bitcoin-NG will bring significant improvements in transactions per second on the Aeternity base protocol, the team have estimated 100tps onchain (this does not include any transactions in state channels).
Pros
- Changes can be made without hard forking. The advantage here is that changes do not need to be “batched” like in Ethereum hard forks. Currently miners must make a binary choice at hard forks between running the new chain & the old chain. Aeternity can vote on individual issues/changes and incorporate (or not) each without a hard fork.
Cons
- Many governance decisions are hard to evaluate and require advanced prior knowledge, to assume that casual users are equipped to make (or even understand) these decisions is probably wrong. In Aeternity this is somewhat alleviated due to the fact holders can delegate their vote, however judging who to give their vote to is still hard.
