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Review on Aeternity by Jack Moran
Aeternity is calling their decentralized applications, “aepps.” They’ll be…
Aeternity is calling their decentralized applications, “aepps.” They’ll be developing open source aepps ahead of the launch of the mainnet as a demonstration of the capabilities of the Aeternity network. Having useful aepps available from day one is important for Aeternity to establish a foothold in the crowded dapps platform race.
Pros
- Aeternity’s network relies on both proof of work and proof of stake. Proof of work establishes consensus on the Aeternity platform. Miners verify new blocks in a similar way to Bitcoin and Ethereum’s current model. However, Aeternity uses a slight variation to optimize the proof of work algorithm for scalability. The Cuckoo Cycle is a new graph-theoretic proof of work algorithm that combines scalable memory requirements with instant verifiability. The Cuckoo Cycle incentivizes devices with dynamic RAM. Its design means you could mine Aeternity from a mobile device. Proof of stake controls the governance of the Aeternity ecosystem. AE token owners can vote on development proposals and changes based on the proportion of AE they own.
Cons
- Aside from sharding, moving smart contract execution off-chain is perhaps the biggest front in scalability for blockchain dapps. Aeternity is on the cutting edge of that movement. These are uncharted waters, however, so expect challenges as smart contract platforms like Aeternity grow. Expect Ethereum to be watching Aeternity’s progress closely, as any solution Aeternity implements, Ethereum will want to implement as well.
