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Olumide
Olumide

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Blockchain for the Masses

How close is blockchain to being utilized on a daily basis? Blockchain has long been considered to have the potential to change the way financial services organizations operate.

Adoption is still a little way off for several sectors of the financial services sector.

Without a question, the real-time capabilities of blockchain and its capacity to serve as a public log of all transactions have the potential to revolutionize many aspects of financial services, among other things by lowering risks and generating cost savings.

In this article, we will walk through how æternity is revolutionizing the world of blockchain

What is æternity?

Æternity is a blockchain protocol and a smart contract platform that goes beyond what traditional blockchains do. It is designed to be fault-tolerant and perfect for cases with billions of transactions in DEFI and more.

Æternity is a smart contract platform and the blockchain technology that goes beyond what regular blockchains can offer. It is excellent for situations involving billions of transactions in DEFI and more since it is fault-tolerant in design.

Æ coin

The Æ coin, which powers everything constructed on æternity, provides its energy. A very tiny quantity of currency is needed for every transaction as a charge. Purchase some coins, get a suitable wallet, and begin doing transactions on the blockchain.
You can get the Æ coin on exchanges like Gate.io, HitBTC, CoinW, Bitrue, and Simplex(debit or credit card). You can also swap and get the coin on these DEX Superhero, Base æpp, Airgap, Trust Wallet, Venly, Box, Atomic.

Reasons to use æternity

There are so many reasons why you should use the æternity blockchain, but we will mention a few in this section.

  1. Secure: Security was a priority when creating æternity. The reference implementation was created using Erlang and adheres to all best practices for producing high-quality software.
  2. Scalable: In order to scale to billions of users and transactions, the æternity protocol provides trustless off-chain scalability using State Channels technology.
  3. Open Source: All necessary development tools and the æternity protocol are completely open-source with no exclusive licenses at all.
  4. Decentralized: The decentralized nature of the æternity protocol is built on Satoshi's heritage.
  5. Minimal transaction fees: Native transaction types for handling things like State Channels, Oracles, and Names are available in æternity. Regarding gas prices, they are all optimal. In State Channels, there are no costs associated with transactions or the execution of Smart Contracts. Less gas is required overall since all Smart Contracts are run in the incredibly effective FATE VM.

What distinguishes æternity?

  1. Smart contracts with Sophia: The programming of the æternity smart contract is distinctive: Sophia is an ML family typed functional programming language that uses formal methods for verification and minimizes side effects to make it simpler to construct proper programs.
  2. ÆNS- Dot chain names: As a component of the protocol, the æternity naming system replaces cryptic account addresses with human-meaningful names (NFTs) e.g shittu.chain, Erik.chain, making blockchain technology more approachable, error-resistant, and user-friendly. Dot chain name registration is now open at Superhero wallet.
  3. Interoperable On-Chain oracles: Oracles are maintained via unique forms of transactions on æternity. They may be configured to access information providers and APIs to request and deliver data, supplying real-world data for your blockchain apps.
  4. Advanced state channels: Only in disputes between the parties to the contract does the blockchain enforce the smart contract code. Aeternity's core protocol, unlike most blockchains, was specifically re-engineered to support state channels on the protocol and smart contract language levels, making it simpler to build applications for large-scale use cases requiring a large number of instantaneous and private transactions without sacrificing the security of a public blockchain.
  5. Hyperchains: With the æternity Hyperchains consensus upgrade (coming soon through governance), the æternity mainnet will be able to scale more efficiently on-chain, and anybody will be able to launch their own private (or public) sidechain in the æternity style without obtaining anyone's consent.

Opportunities

Social links

Conclusion

To warp it all up, we æternity talked about æternity, reasons why you should use æternity, what distinguishes æternity from other protocols, and we highlighted a few trending opportunities at æternity.
In case you want to join the community, you can join the discord channel and contribute. For developers, you can check out the Sophia programming language documentation to know more about it.

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