It was founded by Yanislav Malahov in 2016. It is based in Liechtenstein, a country that is widely open for blockchain opportunities. A group composed of 47 employees to name a few Yanislav Malahov, who was considered as the “Godfather of Ethereum” who envisioned powerful algorithms on blockchains. Erik Stenman who is an Erlang developer, he was one of the driving forces behind the “High performance Erlang project” (HIPE) since it started in 1996. Thomas Arts, a senior scientist and Erlang expert, he worked together with Joe Armstrong, the inventor of Erlang at Ericsson Computer Science Lab in the 90’s, and 20 years of experience in programming Erlang. Sascha Hanse, who began programming 20 years ago and spent the last 10 years as a software engineer and lead architect. Aeternity is a blockchain technology designed to provide efficiency, transparency, and global scalability. That believes in non-stop innovation to make blockchain available for mass adoption. That is why the team came up with the idea of applying Aeternity blockchain which will focus on making the smart contract safe, efficient and economical. Aeternity supports multiple virtual machines like the high level VM that gives way for the contract to become fast and cheap with fixed rates, a functional typed warded VM used to execute contracts written in the language Sophia and the Aeterntiy-Etheruem VM that solidifies the execution of smart contracts for its migration from Ethereum, serving as a gateway to provide access with smooth transition and without intermediaries. Its consensus is achieved via a novel hybrid algorithm, Aeternity uses the Asic-resistant “Cuckoo Cyle” memory bound proof of work (PoW) and power efficient proof of stake (PoS) approach. This type of approach will pave ways to the scale of commodities of DRAMS’ production to make it arguably the most cost-effective compared to the latest units and approach being sold in the market which is considered expensive for mining. Just like reading a newspaper you are not only going to read the head news but to explore by looking at the other sections like the financial news and sports news. The same thing goes with Aeternity as they utilize the integrated oracles that are about to be used upon request and access of real world data from outside providers and be taken into the blockchain. Unique governance cements an important role in the Aeternity blockchain via delegated voting, giving its holders a say for the blockchain’s path in the future, weighted by the amount of token that each account holds. Blockchain systems suffered from unreadable addresses used to access accounts, smart contracts and others. To resolve the issue at bar, Aeternity embraces the names system that is both decentralized, secured and supports human-friendly names. The blockchain states include mapping from unique human friendly strings to hashes, digests, fingerprints and addresses. It is like web page like blockchain in the making. Aepp is the first mobile approach of Aerternity, inspired by both the consumers and developers. It serves as the central control that facilitates the creation and management of the accounts used sign into all Aepps. This move can bring closeness, awareness, and adoption between the users and the whole team as it will give the consumers the ability to participate in and contribute to the blockchain ecosystem. It also allows the use of tokens real time, and enjoy the features of what Aeternity has to offer. The core blockchain code of Aeternity was written in Erlang, which makes it easy to write distributed, fault relevant, soft real time and highly available non-stop application. Erlang was the right choice as it has already been in the business for over thirty years now with expertise in then communication, and was being used in its support modes, GPRS, 3G, and LTE mobile networks. AE is the access token in the Aeternity network and act as a unit of account for the resources spent on Aeternity such as mining rewards, fuel for smart contracts, transaction execution and transfer funds.
