Aeternity is a blockchain network which allows for hosting smart contracts and dapp developments off the main network that makes it runs faster. Aeternity blockchain runs faster and seems to be more energy efficient than competing blockchains. It mainly deals with the scalability and offering extra securities for both smart contracts and dapps.
Aeternity Blockchain includes a "Decentralized Oracle Machine" that brings in data from outside sources to be used in smart contracts.
Aeternity was founded in 2017 by Yanislav Malahov, who famously calls himself the ‘Godfather of Ethereum’. He actually worked a lot for Ethereum, before it was named and he disagreed the process of ethereum. So, he started his own project under the name called " Aeternity " which had its white paper and initial coin offerings in April 2017.
The mainnet of Aeternity know as " ROMA " was launched in November 2018.
Smart contracts are built into the blockchain which takes up a lot of space and slows down. total working of blockchain. Aeternity network has solved the above issues by allowing smart contracts to place off the blockchain, or ‘off-chain’. The smart contracts are placed on the blockchain only in case of a dispute, allowing us to hide contracts that we need to hidden.
Aeternity blockchain provides faster service and increased security which many of its competitors fails to provide.
Aeternity blockchain uses a " Hybrid Proof of Work and Proof of Stake " consensus algorithm. We already know that Proof of Work requires high computational power, which results in a high consumption of electricity. PoW allows people to gain a chance for minning only when they have the most powerful computers.
Instead, Aeternity network uses the " Cuckoo cycle " that works on depending on computer memory bandwidth. This allows any laptops to tablets to mine AE tokens.
Aeternity blockchain governs the whole network by giving all stakeholder to know about in what happening inside the blockchain network. The more tokens or coins you have, the more weight or power you carry in the network.
Aeternity blockchain includes more features that set it apart from all other smart contracts and dapp blockchain platforms. It involves an Oracle Machine that brings data into the network from outside sources. This platform allows for the development of functional smart contracts and doesn't support for stateful programming.
Aeternity blockchain's smart contract runs in a language called Chalang that compiles to bytecode. To make, the process of building smart contracts on aeternity as developer-friendly, the team of aeternity is planning for creating JS libraries and JSON APIs for web development
In many blockchain projects, Oracle provides access to data hosted outside blockchain networks such as weather update or price of gold, etc. It also represents the security risks and point of failure, since makes it to be centralized.
The DApps developed on aeternity blockchain are called as "aepps" which are open source applications. Aeternity always prioritizes the mobile design and user interface or user experience while developing decentralized application on its platform.
Building useful aepps from day one is the focus of Aeternity to establish a foothold in the crowded DApps platform race. The launch of the mainnet of aeternity demonstrated the capabilities of the Aeternity network.