(en)lightning smart contracts on a global scale
Hello IoT, IoV, FinTech, Video Gaming, The Unbanked, Trustless Exchanges, and instant Micropayments!
We believe in relentless evolution of systems and societies. æternity will push the boundaries of innovation and make blockchain technology ready for mass adoption.
Why is æternity so innovative?
æternity is the answer to current challenges in blockchain technology.
The design and implementation of the Æternity smart contracts focuses on making the execution of smart contracts safe, efficient and cheap. Æternity supports multiple virtual machines: The High Level Machine that allows for blindingly fast and cheap contracts with a known cost to be executed; The Functional Typed Warded VM that is used to efficiently and safely execute contracts written in functional language Sophia; Æternity Ethereum VVM that can execute Solidity smart contracts and provides simple way to migrate from Ethereum.
Consensus is achieved via a novel Proof-of-Work (PoW) algorithm. The "Cuckoo Cycle" PoW is more power-efficient and indirectly useful, as it encourages the development of better random access memory (DRAM) chips. Proof-of-Stake (PoS) is used for governance, which is done via (delegated) voting, weighted by the amount of tokens the account holds.
A network of state channels enables the exchange of value with anybody in the world in a trustless way. Participants interact privately with each other. Businesses have their records off-chain and not in public. Participants have infinite almost instant transactions. Participants can handle use cases that require very high volumes of transactions.
State channels make it possible to execute smart contracts off-chain. Only in case of a disagreement between the contracting parties does the smart contract code get enforced by the blockchain.
Why is that a breakthrough?
What if the fulfillment of a smart contract depends on weather conditions, a share price, or other public information from the real world? Oracles can provide tamper-proof data which contracts can act upon. Election results, the prices of assets such as gold, weather conditions and many other real-world values play a crucial role for many business applications.
æternity provides tools enabling participants to govern themselves effectively. It is essential to note that governance is very much a human problem that most likely cannot be "solved" purely by technical means. æternity's governance is implemented via delegated voting, weighted by the amount of tokens the account hold and provides both technical tools to permit governance and frameworks for human interaction for effective discussion.
æternity is governed by its stakeholders, meaning that miners, token-holders and others with a stake in the blockchain have the ability to make decisions together on proposed changes.
How does this work?
Entities native to most blockchain systems are addressed or identified by their hashes, which are generally n bit numbers displayed in a hex or base64/base58 notation, all of which are somewhat unfriendly to the humans trying to use these systems. Making the identities and addresses user-friendly improves the usability, reduces chances of an identity being misspelled and increases the adoption of the platform.
For many business applications it's crucial to have transactions which are not recorded in public. Smart contracts executed in state channels touch the blockchain only in the case of disagreement, acting like a self-arbitrating crypto court.
State-of-the-art cryptographic datastructures and unparalleled decentralization provide efficiency and eliminate single-point-of-failure.
By leveraging state channels as the default way to run smart contracts, æternity becomes the most efficient Turing-complete blockchain and thus enables new forms of commerce via it's low cost transactions.
Technology we use
Malahov's approach to decentralized processing elegantly addresses issues of scale, by taking the state channel approach to the nth degree.
co-founder and chief technology officer at BigchainDB
Overall, I think Aeternity shows much promise: the team is smart and well known in the space, their materials easy to understand and they eagerly listen to feedback.
Founder & COO Slock.it
The æternity ecosystem
Bridging the gap between technology and society.
æternity will spin off a foundation to support open-source developers, entrepreneurs and young businesses which build their projects on æternity.
æternity will deliver essential open-source æpps with the launch of the platform. This brings use to the blockchain from day one. Read the æternity whitepaper to find out more about the applications.
æternity puts an emphasis on web technology and has a mobile-first approach to bring blockchain technology to the next level of adoption.
Meetups and Conferences
We will be organizing meetups and conferences for the community in countries around the world. 你好 Hallå Здравствуйте Hola! こんにちは
On the technical side æternity will provide developer workshops and tutorials to make the technology easily accessible. æternity supports interested businesses and individuals to find a fit for their use case.
Research & Academia
æternity is continuously researching the newest technological standards and continuously expanding our cooperations with international research institutions to keep the technology safe and up to date.
æternity blockchain is bootstraped by aeternity establishment and incorporated in the Principality of Liechtenstein. Ongoing communication with respective regulatory institutions is key to keep blockchain technology and the æternity project in legally safe waters.
æternity is bootstrapping partnerships in different sectors to bring blockchain technology into real world use.
æternity enables numerous use cases
Access æternity blockchain via the AE token.
Similar to mobile dominating the web today, we expect that an average user will be accessing blockchain from her mobile device. That is why æternity puts strong emphasis on creating a platform that is very friendly towards developers of distributed apps or, as we call them, æpps. APIs, development tools, SDKs and support provided by the æternity team will help to bootstrap development of æpps that will create a vibrant ecosystem of distributed applications with use cases and business models we cannot even predict today.
How about crowdfunding using dominant assurance contracts? These specific smart contracts can be used to raise money for your projects and, at the same time, secure contributors against failure. If a project is unsuccessful, all participants get their contributions back.
Using an oracle, æternity can additionally ensure that the provider of the good or service only gets paid after delivery.
In the blockchain ecosystem gaming is a huge, steadily growing industry. The advantages are obvious. Users are in full control of their in-game transactions, which means fees are kept to a minimum with no intermediaries. A fraud resistant network and irreversible transactions provided by blockchain technology deliver trustless and secure interactions.
From simple games to high-end eSports titles, with æternity, users can rely on secure and instant transactions, sit back, and enjoy their gameplay.
Infinite scalability, instant payment functionality and Oracle feeds enable us to automate financial transactions, which involve large amounts of parameters with any number of concurrent users.
This allows for new ways to fund projects or even governments. A system, in which the funding is only unlocked upon completion of one or more selected events.
Additionally, funds can be unlocked, only if the outcome, which is to be reached with the funding, is resolved by an Oracle or voting.
The ability to exchange tokens is an essential part of a thriving ecosystem, providing for efficient cooperation and transfer between different blockchain projects.
aeternity allows for cross-chain, trustless atomic swaps, for example between AE tokens and Bitcoin as well as many other assets.
The payments market is highly competitive and, at the same time, offers countless innovation opportunities for streamlining today’s tangled and ineffective ecosystem.
æternity's unique way of handling transactions brings this to the next level by handling payments off-chain via state channels. Payments go through instantly, while retaining your privacy. You heard that right, instantly!
Imagine banking for the unbanked, content monetization, paid API calls, decentralized live video streaming and a lot more.