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Review on Aeternity by Gregoria Posner
While there are numerous projects trying to outdo Ethereum, Aeternity has 3…
While there are numerous projects trying to outdo Ethereum, Aeternity has 3 unique attributes that make it stand out from the rest:
1) State Channels. There are 3 basic approaches to solving the scalability problem: sharding, using a different consensus mechanism (like Delegated Byzantine Fault Tolerance with NEO), or simply moving certain activities off-chain. The “state channel” approach used by Aeternity is an example of the third option. A state channel is a direct line of communication between the two (or more) parties involved in a smart contract, which is moved off the main blockchain.
Pros
- Using this method, the only state update handled on the main blockchain is the transfer of aeon, or if there is some kind of dispute with a smart contract, where the network will act as a “jury” and render a decision. This reduces fees, as well as the overall burden on the network. It also offers more privacy, since only the parties involved in the contract can see the details of the contract. This is potentially big for enterprise users, as some companies might be hesitant to put sensitive information in a smart contract that would be recorded on a public blockchain.
Cons
- Aeternity in a Nutshell Ethereum as we all know was a game changer for blockchain technology. For the first time, it was now possible to use blockchains for more than just exchanges of value. Developers could now build dapps, decentralized autonomous organizations (DAOs), and smart contracts, but it did not take long for critical vulnerabilities in the Ethereum network to manifest themselves.
