Aeternity, a Liechtenstein-based company, is the latest cryptocurrency and brainchild of Yanislav "Yani" Malahov, computer scientist and self-stylized "Godfather of Ethereum." Meant to take blockchain technology to new heights, Aeternity seeks to correct shortcomings that Bitcoin and Ethereum have shown in smart contract storage and execution.
An amazingly scalable blockchain protocol built on the Ethereum network, it adds many unique upgrades and enhancements. With a new take on consensus mechanisms that can check oracles, they maximize efficient handling and prevent the layering of these consensus mechanisms from cheating the system. The platform implements "state channels" to ensure privacy and scalability. The tokens, called "Aeons," are transferable through functional smart contracts that have the proper answers to an oracle.
As a new feature, the system makes these smart contracts easier and faster to execute simply for the reason that it doesn't utilize a state on the blockchain. This, however, does not change the functionality of these smart contracts.
Currently, most smart contract platforms suffer from three main problems that underscore the absence of adequate scalability, inexpensive access to real world data and coding safety. The most prevalent designs render smart contracts excessively hard to analyze. Additionally, merging statefulness with sequential transactions hurts scalability. Injecting real-world data sets to smart contract platforms into a decentralized, trustless and ultimately reliable setup hampers the possibility of an increasing number of applications. Finally, most if not all smart contract systems lack the ability to update themselves to adapt with emerging technological and economic data. By identifying system governance issues and protocol issues and building on them, they secure the anonymity of cryptocurrency while preserving the sanctity and trustworthiness of the whole process. Aeternity blockchain combines all the features required for an open, secure, efficient, scalable, and stable cryptocurrency platform.
Practically speaking, Aeternity offers an extremely efficient system for the transfer of value. This next step signifies a truly universal machine that can serve as an efficient decision-making tool on an unprecedented scale.
The unique nature of the smart contracts built into Aeternity makes it a go-to platform for a host of applications. As far as the preservation of identity; the account of each will be linked with a unique identification number. The registered users will be able to choose distinctive names to then link to the Merkle root data structure. The wallet then maintains the Aeon cryptocurrency. The private keys send and sign transactions and also can be utilized to create channel transactions and operate apps within the network.
Aeternity offers a new look at what is fast becoming the financial market of the future. Taking the promise of Bitcoin and Ethereum to the level of stability and privacy to what their creators had intended. The future of markets and fiat currency has shown itself to be unpredictable and subject to market manipulation by less than scrupulous people. This and an increasing government presence into our private financial lives has led to a loss of trust in existing banking systems. Cryptocurrency platforms such as Aeternity are restoring our trust in the stability and the privacy of our currency transactions.
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