Review on Aeternity by Saleh Bayramli

Aeternity is a smart contract blockchain network. By hosting contracts off the mainnet, it works faster than the competition. It is also mobile-focused and designed to scale. Chapter

What Is Eternity?

Aeternity is a blockchain network that provides everything you expect: smart contracts, your own tokens, and decentralized applications. But it prides itself on being faster and more energy efficient than competing blockchains. It also provides additional security features for smart contracts intended for mass adoption. Chapter

Who created eternity?

Aeternity was founded by Yanislav Malahov, who called himself the "Godfather of Ethereum." Before Ethereum was officially named, he apparently worked closely with the founder of Ethereum. Legend has it that Malakhov disagreed with the progress of the Ethereum project and started his own project to correct these shortcomings.

Brief History:

2017 - Founded

January 2017 - Public Testnet Launch

March 2017 - White Paper published

April 2017 - Initial ICO

November 2018 - Mainnet called “Rome” launched

Governance: Aeternity attaches great importance to the power of the community, allowing all stakeholders (token holders) to express their opinions on what has happened. The more chips you have, the more weight you carry.

Consensus: Aeternity uses a hybrid proof-of-work and proof-of-stake method. Usually, proof of work is based on raw computing power, which consumes a lot of power and only allows people with the most powerful computers to have the opportunity to participate in the mining game. In contrast, Aeternity uses a "cuckoo cycle", which is dependent on the bandwidth of the computer's memory. This proof of work means that, in theory, any device, from a laptop to a tablet, can be used to mine AE tokens.

Oracles: Aeternity focuses on real world data from smart contracts. For example, some smart contracts rely on external information for compliance, such as the weather or stock prices. The oracle acts as an assistant to retrieve and confirm this information on behalf of the smart contract. How is

AE produced?

AE tokens were mined using the Cuckoo Cycle Proof of Work algorithm. Other coins that use it include BitCash and Grin coins. It does not rely on raw computing power (which is conducive to supercomputers that accumulate electricity), but on computer memory. This allows people who use everyday computers to mine. Currently, smartphones do not have enough capacity to mine tokens, but one day they will. What can

AE tokens do?

Like other blockchains, AE tokens are the fuel you need to do anything on the platform. This includes access to the Aeternity version of decentralized applications (called "aepps").

Some examples of "aepp" include:

Multiplayer video games

Crowdfunding

Supply chain management

Future

Since the Aeternity mainnet launched in November 2018 (several months late), it is still in vogue. Whether Aeternity will become the platform of choice is still inconclusive, especially in the increasingly crowded field of smart contracts. Aeternity will have to continue to find ways to stand out from the competition, while at the same time confronting giants such as Ethereum, EOS and NEO. In other words, Aeternity is widely praised for its mobile-first approach built for scale. It solves many problems that plagued Bitcoin and Ethereum.

off-chain smart contracts have undoubtedly prepared for the large-scale adoption of Aeternity and stimulated the interest of more traditional companies.