Aeternity is a smart contract platform designed to solve previous blockchain-specific challenges. In this article, as Kriptokoin.com, “What is Aeternity?” We will answer the question. In addition, we will touch on other questions about the project.
What is aeternity? What does it do?
Aeternity is a blockchain-based distributed computing and digital asset platform. The AE Token is Aeternity’s service Token that serves as “energy”, or in other words, a unit of account used to pay for transactions on the Aeternity platform (AE is similar to GAS on the Ethereum network). AE Coin is Aeternity’s native Token. The token was released as an ERC20 Token. However, when the Aeternity mainnet launched on November 27, 2018, ERC20 AE Tokens could be traded for AE Tokens on the Aeternity mainnet at a ratio of 1:1.
How does Aeternity work?
The Aeternity platform has three key components. These; state channels, a proof-of-stake, hybrid consensus algorithm, and the Aeternity oracle machine. Aeternity uses government channels to facilitate fast transactions. Status channels secure users’ private transaction data from the public. This allows them to transact off-chain. The only information recorded on the public blockchain is the amount of payment for each address. It is different from most Blockchain networks. Because it does not use a consensus algorithm that is only proof-of-work or proof-of-stake. Instead, Aeternity uses a unique hash consensus algorithm, which is a combination of proof-of-work and proof-of-stake.
Then blocks are created. The Aeternity Blockchain is being added via a Proof of Work consensus that includes a cuckoo loop. It is a practice that makes mining with ASICs inefficient and therefore encourages a higher level of decentralization. The proof-of-stake component used in Aeternity’s consensus is purely for governance.
AE Token holders control Aeternity’s on-chain governance system. Holders of AE Tokens are allowed to vote on proposals related to the Aeternity network or to delegate their vote to a third party. The more AE Tokens a user has, the more weight their vote will have in the election. Some smart contracts on the Aeternity network may require information from outside the Blockchain before they can be executed. Oracle are the entities on the network that bring this external data to the Blockchain for use by smart contracts.
What is aeternity? How to buy AE?
Aeternity is currently traded on a small number of cryptocurrency exchanges. The exchanges where AE is traded are listed as follows: OKX, MEXC, Gate.io and Huobi Global. People who want to invest in the project should open an account in one of the exchanges where the project is traded.
