Aeternity: Delivering Efficiency, Transparency, and Global Scalability Through Blockchain Technology
Aeternity is a blockchain based open source decentralized distribution platform.The platform is designed to allow smart contract, decentralized oracles and transacting utilizing high bandwidth. The decentralized virtual machine is the key technology behind this. Using a large number of public nodes which are connected using state nodes, the virtual machine can perform scripts.
Aeternity delivers a more scalable smart contract system than Ethereum. It is said to be much more efficient too. Both bitcoin and Ethereum revolutionized the field upon their release. There not much in the Aeternity blockchain platform what Ethereum or bitcoin doesn’t offer. Since technology is evolving daily, this ecosystem requires to be updated day by day. It accomplishes much higher scalability because of the state channel technology incorporated on the protocol level, layer 1. It authorizes an unlimited number of transactions off-chain while the same high level of privacy is supported as when transacting on the chain.
Aeternity blockchain has revolved around its token called the Aeternity token. It can be transferred from one participant to another. When utilizing this token, the nodes are compensated for the calculations that they do. The Aeternity token is applied for buying more space and computation time on the virtual machine in the Aeternity ecosystem. Aeternity system also has a built-in anti-spam feature to each one of its coins.
Yanislav Malahov is the founder and also, the CEO of Aeternity. He is known as the ‘Godfather of Ethereum.’ He is the main source of the idea for the powerful algorithm with which Ethereum works. Marion Vogel is the director of Aeternity. She has several years’ worth of experience in the blockchain technology field. Emin Mahrt is the COO of the company. He’s been an active entrepreneur since 2008. He founded two startups, Abend and DropSpot. He also has one Media Company and a restaurant chain under his management. Nikola Stojanow is the CBDO of the company, while Sergei Evedekimov, serves as the Chief Developer of the network.
How Does Aeternity Blockchain Work?
The scalability is one problem in the blockchain area, and Aeternity intends to solve this concern. They have strived to solve the problem with decentralized providers of the real world data, oracles, security concerns in scripting and principally the overall governance. Even though Ethereum is developing in solving all of these, Aeternity directs to depend on its new and state of the art RAIDEN network system for resolving the existing issues.
Aeternity is executing a unique system of governance namely the Futarchy. In the Futarchy system, miners are also capable of voting, and the value holders will make all the decisions together. With the use of this system, a consensus can be attained using the Proof of Work (PoW) and Proof of Stake (PoS) algorithms.
The network is also recognized to be a unique cryptocurrency by many. It is because Aeternity has never been diffident towards breaking barriers or advancing the innovative limits. It has eliminated every single position of failure. Aeternity blockchain in this critics books, pass as one of the most effective and innovative blockchain based cryptocurrencies accessible in the market.
Starfleet Accelerator Program
Aeternity Ventures as the investment division of the decentralized smart contracts platform has announced another round of funding by its Starfleet Accelerator program. Starfleet Accelerator this time has chosen fourteen projects to support for a cash infusion, token economics, mentorship, and other support.
The initiative’s Genesis Week started this Monday in Sofia, Bulgaria and is targeting blockchain startups from globally. The selections are as follow:
*CapAgri in Kenya will aid farmers with blockchain-based mobile payments technology. The number of entries from blockchain startups in Africa has increased, but gratitude in part to the work of aeternity’s Africa Hub.
*In South America, the Venezuelan startup Instatrust intends to build a secure, multipurpose peer to peer exchange.
*In Germany, it is represented by various innovative projects that includes Heytax, a legal framework to facilitate crypto taxes; Abend, a distributed ledger ticketing system; Blockchain Fashion Project, a community of fashion designers using blockchain to generate a tokenized product selection; and Inupesa, a hosted wallet assistance for those in developing countries without internet access.
*Croatia has Cryptotask, a cryptocurrency-based freelancing market.
*Serbia offers Crypto Legends, a decentralized card game that places character ownership in the hands of its users.
*Iran’s Say project allows decentralized micro-donations across the world.
After Genesis week, the chosen teams will commence the four-week Starfleet intense training program. Next, to the program, they will have the chance to present their progressions to achieve up to $100,000 in funding.
According to Aeternity’s CEO, Nikola Stojanow, that the Starfleet Accelerator Program explains that, opposed to some of the bearish titles about investments in the blockchain space, funding is possible for the most promising and hardworking startup projects. They have held applications from around the world and have 14 startups from USA, Europe, Africa and South America bidding for funding that will help them collectively establish Aeternity as the principal global smart contract platform where blockchain startups grow. The network’s updates are seen on their official blog.