Aeternity blockchain is an Erlang-based decentralized scalable smart contract platform for the most important problems native to earlier blockchains.Get Wallet
What is Aeternity?
Aeternity blockchain is an Erlang-based decentralized scalable smart contract platform for the most important problems (scalability, network throughput, transaction speed etc. ) native to earlier blockchains. The Aeternity team has built a new blockchain technology that represents a public, open-source, distributed computing, and digital-asset network that creates an environment of transparent and trustless governance efficiency and global scalability for off-chain smart contracts and decentralized applications (dApps). Aeternity is trying to be a faster, better, and more scalable platform that can be applied to a wide range of individual, business, and government dApps and solutions. Aeon (AE) is the native cryptocurrency of Aeternity, which operates as the same as ETH in Ethereum. All smart contracts are settled in Aeon and all network fees on Aeternity’s blockchain are charged with AE.
Aeternity was created by Yanislav Malahov in 2016, who has worked in crypto for a long time and claims to have partnered with Vitalik Buterin, the founder of Ethereum. He also claims that he inspired Buterin and so he calls himself the “Godfather of Ethereum”. However, Malahov was not involved in the creation of Ethereum. Aeternity launched its testnet in early 2017. Aeternity’s Aeon (AE) token was introduced as an ERC-20 token before the Aeternity blockchain mainnet went live on 27/11/2018. Since the mainnet was launched, the ERC-20 Aeon tokens were transferred to the new blockchain on a 1:1 basis. ICO collected 224,935.3 ETH and 1,461.618 BTC (equivalent to ~$24.4 million). The total supply of Aeternity is 338,484,324 AE and the circulating supply is 292,663,381 AE.
Aeon (AE) is a smart contract utility token. All contracts are settled in Aeon and are used to pay for transaction fees on the network. AE is mined using a Proof of Work (PoW) mining algorithm. It is used to pay for space and computational time on a virtual machine running on another node on the network and operates like ETH in the Ethereum ecosystem.
There are a variety of use cases for the Aeternity blockchain. Privacy and scalability are suitable for many businesses and organizations. For example, it can be used in crowdfunding projects. The participants may use dominant assurance contracts that raise money and protect investors from any failures etc. The Aeternity ecosystem may also be used for decentralized financial (DeFi) technology. Through the trusted cross-chain atomic swaps, anyone can easily exchange two cryptocurrencies.
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