About Aeternity
Aeternity Coin Review: Mining Guide, Price & Analysis of Aeternity Cryptocurrency
Aeternity is a cryptocurrency that is utilizing blockchain technology to offer secure and scalable decentralized applications. The platform is allegedly designing a revolutionary blockchain tech. The currency is unique and currently doing well in the market.
Aeternity coin has unique features that have contributed to its success. We shall analyze the technology behind the currency. Additionally, we will focus on the advantages and possible disadvantages of investing in this platform.
Users need to acquire an Aeternity coin known as AEON. You can pay for the products that you use on their platform using the token. Erland is the coding language that Aeternity uses. Furthermore, the language is secure, scalable, and can be used to develop unique apps.
History of Aeternity Coin
Aeternity was launched in 2017 as a decentralized application and smart contract platform. The currency aims to resolve the scalability problem facing technology. The coin grew popular in the community when it entered the market.
The platform conducted an ICO to issue their coins. Aeternity raised 24m when the ICO comes to pass. The scalability of cryptocurrency is an acknowledged problem that is affecting the blockchain.
As of 2018, the currency was among the top 40 digital currencies with the highest market cap. However, in December 2020, Aeternity is at position 171 on the coin market cap. The performance of the token has drastically decreased.
Aeternity promises to minimize the mining requirements and increase smart contract scalability. The platform has implemented various technologies to help it achieve its main objective. Aeternity coin is utilizing State Channels, Consensus, Blockchain Oracle, and Unique governance technology to resolve the issue.
Aeternity Unique Consensus
The Aeternity blockchain utilizes both Proof of Stake (PoS) and Proof of Work (PoW) consensus algorithm. Miners can mine the currency in a similar method to that of BTC and ETH. Nonetheless, the platform uses a unique graph-theoretic Proof of Work algorithm known as the Cuckoo cycle.
The algorithm which Aeternity coin uses ensures miners can verify transaction instantly. Additionally, it has a scalable memory, and nodes do not necessarily require powerful mining rigs. The platform is also governed by the delegated proof of stake voting (dPoS). However, this voting mechanism ensures Aeternity development's decision depends on the number of coins that the participant holds.
Aeternity Governance Structure
All users of Aeternity have an opportunity to govern themselves. The platform gives them the necessary tools. The entity also has a delegated voting system. The system is designed in a way that enables it to deal with disagreements of participants.
Aeternity governance allows its governance system to compromise. The delegated proof of stake has a say in decision making. Additionally, constructive discussion and human interaction receive the framework.
State Channels
State Channels is where the smart contracts will be held away from the blockchain. Blockchain technology will communicate when there is a need to solve a disagreement between the smart contract holders.
It means that there is no need to involve the public blockchain in a contract. Therefore, participants can interact privately with each other. Business contracts will have a guarantee that their terms and data are secure.
Smart contracts are fast and private. The state channel's speed will not be affected by the smart contract since its execution is off-chain. Whenever there is an agreement between the contracting party, a zero-knowledge proof will contact the Aeternity blockchain.
Oracles
Oracles are the ones that link the blockchain to real-world data. They can be used in various events, especially the prediction markets, to define the outcome. Oracles help to calculate the smart contracts using their tamper-proof data. The Oracles are decentralized, making it secure.
Real-time events like marketing surveys, stock markets, scientific findings, stock markets, and weather can be updated on the system and identified as developing trustless history. Additionally, Aeternity oracle is distributed and native, unlike other currencies that use external centralized oracles.
The team of Aeternity
Aeternity has an experienced team that is behind its development. Yanislav Malahov is one of these people. Yanislav is known as the Godfather of Ethereum as his blockchain technology idea contributed to the platform's development.
Emin Mahrt is the COO who has contributed to the startup of Abend and Dropshot. Additionally, Emin used to mine BTC and had also invested in ETH. He believes in the future of the currency. Marion Vogel is director and head of marketing and previously worked at Silicon Valley.
The team consists of various professionals in various sectors. The platform has software engineers, data science. The company might hire more experts, but currently, we have to upvote them for being transparent.
The platform aims to provide secure contracts execution that is possible to scale and contracts. The execution process should also be cheap. The founder of Aeternity has worked with Vitalik Buterin in the ascribe.io project.
Aeternity has partnered with notable companies like Erlang Solutions. They scale their network to ensure there is mass adoption. Swissland technical consultancy and provider known as Papers.ch implements the platforms micropayment solutions.
How Does Aeternity Work
The platform has an off-chain transaction that ensures speedy transaction of funds. Aeternity wants to ensure that it does not overload the main blockchain with a lot of work. Off-chain takes some of the transactions away from the main block. Hence, maintaining speed and security.
The platform has Raiden Network and Lightning Network that works with the off-chain technology. Aeternity has multiple features that make it an ideal coin. It has micropayment as well as Nano payments.
It can predict the markets and oracles features are impressive. Aeternity coin wants to attain a sustainable economy. It develops contracts to finance the crowdsales of public goods. Oracle utilizes smart contract technology and can initiate multiple parallel transactions.
Moreover, the platform’s side chain blockchain communicates securely and efficiently. Furthermore, if the Aeternity coin fulfills its objectives, it will be one of the best tokens in the market.
Can Aeternity be mined?
Aeternity coin can be mined. The mining of this token is based on the Cuckoo Cycle algorithm. The platform uses the BTC NG protocol. The key block is created after 180 seconds and has a PoW task. On the other hand, the micro block emerges after 3 seconds and has a transaction.
It takes 3 seconds to finish a transaction in the platform. The company rewards its miners after completing two operations. One is the key block mining, which increases the number of AEON coins.
The other is the integration of transactions into micro blocks, which is the transaction charge. The charges are shared in the ration of 40:60 between miners of the old and the new block, respectively. Moreover, investors can also use GPU hashrates to mine the token.
Advantages
- Aeternity Launched Erland and VM, which is safe and fast, causing execution.
- Decentralized
- Fast transaction execution
Disadvantages
How to Buy Aeternity
You can purchase Aeternity coin on various exchanges in the market like Poloniex. Aeternity wallet requires users to have two applications. The first wallet is for conducting transactions (AirGap Wallet), while the other is for privacy (AirGap Vault).
Final Verdict
Aeternity launched a superhero project, a decentralized P2P sharing initiative for patronage, tipping, sponsoring digital goods, and user content. The digital coin is promising and aims to resolve issues facing blockchain technology. Furthermore, the team that is behind the platform is qualified and skilled.
Aeternity
(AE)
