Aeternity Smart Contracts and more

There are already a number of blockchain solutions on the market now but one that you might have probably not heard of is Aeternity, and it is here to stay too. When this new blockchain first showed up and started making waves in announcements and press releases, it looked like just another one of those coins and blockchains that tried and strived but couldn't stand the test of time. Since there has not been a slowdown in the momentum at which this blockchain is being developed, so much that it is being let out in something of a beta stage now, it is worth a review. 

WHAT IS AETERNITY?

The Aeternity Project is one which was started by founder Yanislav Malahov, and this platform makes a lot of bold claims. One of the main selling points behind this project is the creation of a platform that would enable for both safe- and secure transactions in the real world via a system of smart contracts. It has also made the claim of being highly scalable, a promise which it is said to have achieved by using Turing state channels. This would make it way easier to analyze the smart contracts and also, keep the security of the platform top notch. 

HOW DOES AETERNITY WORK?

Well, if you have been conversant with blockchain processes before now, what Aeternity does is not really rocket science when compared to that. Although it has it's own edge, it still does build on the existing infrastructure of the blockchain market. on the Aeternity platform, the transactions are made with specialized tokens which are called alllaeons" (and denoted as AE). They also serve as the basis of any application which is implemented on the overall platform. The Aeternity platform would be managed by accounts which not only have a balance to it but an associated address. On top of that would be super-imposed an alias — a form of naming system to identify each and every account. 

WHAT MAKES IT SPECIAL?

Okay, we have been telling you how this looks like the basic blockchain programme, but not what makes it different. It'is not enough to want to launch a new project if it won't stand out from the rest, and Aeternity does this well too. For one, the smart contracts can only exist inside of the chain state channels, ensuring that the code of contract is enforced by the blockchain even when a disagreement arises. Likewise, there is a form of unique governance in play which ensures that miners can vote alongside value-holders when important decisions are to be made. 

"Like many other blockchain services, there is the issue of privacy, and Aeternity takes the game a step further for those that really want to stay anonymous at all costs.

Security has not been traded for anything and the developers hope their relatively low costs would be enough incentive to get people to do business with them instead." 

CONCLUSION

This is a new venture and we always want to look out for things to stand the test of time first before we delve in. Aeternity has been around for a while (although relatively little time when compared to other blockchain services) but still, that doesn't diminish the fact that it is making an identity for itself in the market. For now, we can just wait and see where the takes their A-game to the network of blockchain solutions on the market. 

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About Harry DeVries

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