We have added Aeternity to MiningOptimizer.
Aeternity came into being at the beginning of 2017 and is backed by a team of longtime crypto pros. Their goal is to be a generalist smart contract solution that can be applied to any and all situations. To name a few, they claim their platform is fit for Internet of Things, FinTech, Video Gaming, serving the unbanked, trustless exchanges, and instant micro-payments.
Aren’t there already a ton of “generalist smart contract” solutions out there you might now be asking yourself, rightfully so. The answer is yes, but Aeternity wants to be the first platform having solved problems that have been troubling and challenging the Cryptoverse for many years now.
The 3 main Blockchain problems solved by Aeternity
From the very beginning the makers of AE have proposed solutions to problems that have been challenging older coins. The three main problems detected and addressed from the very first moment of Aeternity’s existence are:
Global scalability and stateful design – so far transactions or other operations have often been calculated on-chain making the systems slow, inefficient and problematic in terms of scalability.
By leaving only the bare essential information to the main chain and passing all other information onto an integrated side channel, Aeternity wants to minimize on-chain transactions and free up resources which then provides for a faster and more efficient system.
Integration of real world information onto the Blockchain in a reliable way. Blockchain cannot access data outside its own network. Therefore a technical component is needed to do so. That’s where oracles come into play (Note: we are NOT talking about the Oracle Database!). Aeternity uses oracles to connect real-world data with smart contracts thus opening Blockchain for many different use cases.
For a better understanding, let us have a look at a scenario where real world data in combination with smart contracts are essential, for example insurance cases. Let’s say weather data is needed as a proof for drought or hail damage in a certain region. Oracles connect these real world weather data to smart contracts, thus making insurance claims verifiable.
Consensus when it comes to developing the Aeternity Blockchain and ecosystem. Because many Blockchain projects have struggled with concerns and disagreements over mining centralization with Proof-of-Work algorithms or control being seized by those with more wealth in Proof-of-Stake models, Aeternity proposes a hybrid of both Proof-of-Work and Proof-of-Stake, in hopes that the two modes of consensus can counterbalance each other.
Keeping our fingers crossed
So far they have done quite a good job addressing problems from the very beginning and integrating viable solutions into their software. We are keeping our fingers crossed that the makers of Aeternity will achieve their goals and are quite curious to see what the future will bring.