Technically Advanced: æternity blockchain
Founded in Vaduz, Liechtenstein, in 2017 by blockchain pioneer Yanislav Malahov, the æternity blockchain is a decentralized smart contract platform designed to address and solve the limitations of existing blockchain technology, such as scalability, privacy, and interoperability, by using innovative technologies.
The æternity blockchain platform embodies security, stability, and privacy. Coded in Erlang, a battle-tested language from the telecommunications industry, the platform is designed for ease of use, and smart contracts can be used to automate complex business processes without requiring extensive technical expertise.
Engineered to scale and last, æternity is an easily accessible blockchain platform for the global public. With numerous innovative functionalities and performance far ahead of other blockchains, the æternity blockchain allows its users and community to seamlessly venture into the new era of society, economy, and digital interactions.
Malahov formed a relationship with HSH Prince Michael of Liechtenstein. HSH Prince Michael showed Malahov the opportunity of the small European principality’s favorable regulatory environment towards new technologies as a potential catalyst. Malahov focused on establishing the æternity Crypto Foundation in Vaduz, which also works on developing the æternity blockchain.
Key Features
Sophia Smart Contract Language
Sophia is a functional programming language designed specifically for smart contract development on the æternity blockchain. It allows developers to abstract more than other blockchain programming languages by including built-in higher-level concepts such as state channels, oracles, and .chain names. Sophia is strongly typed and has a restricted mutable state, ensuring security and reliability for your smart contracts.
State Channels
State Channels are a ground-breaking feature of the æternity blockchain that enables parties to communicate with each other and execute smart contracts off-chain, privately, and with the speed of light. It offers increased privacy, speed, and cost efficiency compared to on-chain interactions. With State Channels, two parties can open a channel and execute operations off-chain with no on-chain latency.
They mandate only two on-chain transactions; for opening and closing. It requires no further on-chain transactions in case the counterparties fulfill the contract. If either one doesn’t, the other one can still escalate on-chain, revealing the smart contract and getting the same result as if everything was on-chain from the origin.
Oracles
The Oracle system allows for secure and tamper-proof off-chain data to be fed into smart contracts, making it possible to use real-world data in decentralized applications.
Powered by the AE Coin
The AE coin, available on multiple exchanges, i.e. gate.io, powers everything built on the æternity blockchain and is at the center of its bloodstream. For example, the æternity protocol is governed by AE coin users, miners, and developers. Specifically, AE coin holders are invited to vote regularly about protocol changes – everyone’s voice in the ecosystem is heard and considered; node operators and miners operate the network, and developers work on writing and improving the software. Moreover, every transaction on the æternity blockchain requires a tiny amount of AE coins as a fee, currently less than AED 0.04.
Superhero
Built on top of the æternity blockchain, Superhero brings together the ultimate peer-to- peer cryptocurrency wallet, the Superhero wallet, empowering individuals to send and receive funds instantly and at near-zero fees and a next-gen decentralized exchange, the Superhero DEX.
Superhero Wallet
Superhero Wallet is an exemplary open-source project built on the æternity blockchain. It is non-custodial, meaning that users’ private key is never shared with anyone under any circumstances. With the Superhero Wallet, anyone can send AE coins to anyone else, anywhere, and receive funds straight to their wallet address – at virtually no cost and almost instantly.
Superhero DEX
Moreover, unlike centralized exchanges, Superhero DEX empowers traders to access projects earlier and try and obtain funding easily and frequently. It launched recently, with more tokens expected to launch shortly on the DEX. The Superhero DEX has no platform fees other than those that reward liquidity providers. No hidden nor subsequent fees exist.
Enabling Hyperchains
Fundamentally, scaling must be achieved to fully utilize the promise of blockchain technology, meaning that it must be possible to run an extremely high number of transactions simultaneously without sacrificing scalability for security. Until now, this has been a significant challenge.
Hyperchains rely on a new hybrid consensus model that combines Proof of Work (PoW) and Proof of Stake (PoS) to achieve fast transaction speeds and high throughput, allowing one blockchain to be hooked to another. For example, blockchains could be stacked on one another, ultimately grounded in a PoW parent chain such as Bitcoin, allowing for increased scalability while not compromising on security.
Hyperchains allow for even more transactions to run concurrently by enabling users to deploy their own network(s), benefiting from the security of the PoW parent chain and consequently increasing accessibility for all. With Hyperchains, the benefits of blockchain technology can scale immensely and securely, allowing everyone to launch their own private or public Hyperchains without asking anyone for permission.
“Empowering everyone to create their own blockchain is the next revolution” – Yanislav Malahov
Major Moves Incoming
CryptoCastle University
Based in the heart of Germany, CryptoCastle University is establishing itself as a research, education, meeting, event, and development center dedicated to using technology to create a better future for all.
It is a global hub for top minds and entrepreneurs, focusing on cutting-edge research in fields such as blockchain technology, AI, the Internet of Things (IoT), and sustainable technology.
By fostering an environment that encourages collaboration and innovation, CryptoCastle University inspires its visitors, participants, and scholars to push the boundaries of what is possible.
The æternity Universe Conference
Looking ahead, the æternity community is gearing toward its annual gathering – the æternity Universe Conference. This trailblazing event will occur from the 31st of August to the 1st of September, 2023, at CryptoCastle University – the historical Castle Burgscheidungen – in Germany.
The Conference will gather blockchain developers, researchers, entrepreneurs, designers, and technology enthusiasts, all seeking to engage in exciting knowledge transfers about the latest technological developments. Its goal is to build awareness around the æternity blockchain, open-source technologies, DeFi, Hyperchains, Real Estate tokenization, Oracles, and much more. With tickets for attendance on sale now, ensure you get your spot in time!
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