Aeternity

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Discover Aeternity's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Aeternity?

Aeternity (AE) is a next-generation blockchain and development platform designed to enhance scalability, privacy, and transaction speeds. It offers open-source data-oriented capabilities, utilizing the AE coin, and builds upon the foundation of earlier blockchain technology. Key features include state channels for off-chain smart contract execution, a unique smart contract programming language called Sophia, and integrated oracles for real-world data integration. The platform is governed by miners, AE coin users, and developers through an on-chain governance system, ensuring a decentralized and secure environment.

How is Aeternity used?

Aeternity (AE) is the native cryptocurrency of the Aeternity blockchain platform. It plays a central role in the platform's ecosystem, serving several key purposes:

  1. Transaction Fees: AE is used to pay for transaction fees on the network. Every transaction requires a small amount of AE as a fee, ensuring that the network is incentivized to process transactions efficiently.

  2. Smart Contract Execution: AE is used to fuel the execution of smart contracts. This means that AE is necessary to facilitate the operation of decentralized applications (DApps) built on the Aeternity platform.

  3. Mining and Governance: AE is used as a reward for mining efforts and is also vital for the system's governance. AE token holders have a say in the future of Aeternity through the Proof-of-Stake (PoS) consensus mechanism, which allows them to vote on system values such as block size, fees, and forks.

  1. Decentralized Oracles: AE is used to manage decentralized oracles, which provide real-world data to smart contracts. This integration enhances the utility of smart contracts by allowing them to access external data.

  2. State Channels: AE enables the use of state channels, which facilitate off-chain smart contract execution. This approach significantly improves scalability and privacy by only requiring on-chain enforcement in case of disputes.

In summary, AE is the lifeblood of the Aeternity ecosystem, facilitating transactions, smart contract execution, mining, governance, and the integration of decentralized oracles and state channels.

How do I store Aeternity?

To store Aeternity (AE) tokens, you have several wallet options:

  1. Trust Wallet: A mobile wallet operated by Binance exchange that supports AE tokens.
  2. Atomic Wallet: A well-known wallet that allows you to store your AE coins.
  3. Base æpp Wallet: An Aeternity blockchain wallet on Android, enabling AE coin holders to receive, deposit, and send Aeternity tokens.
  4. AirGap Aeternity Wallet: A convenient way to store and transfer AE tokens while storing your private key offline.
  5. Ledger Nano S: A secure hardware ledger for creating an æternity account.

These wallets provide a safe and convenient way to manage your AE tokens.

How to buy Aeternity?

To buy Aeternity (AE) tokens, follow these steps:

  1. Choose a Crypto Exchange or Wallet:

    • Select a reliable and trustworthy crypto exchange or wallet that supports Aeternity (AE) purchases. Popular options include CoinEx, gate.io, MEXC, and KuCoin.
  2. Create an Account:

    • Register an account on the chosen exchange or wallet's official website or app. Verify your identity and secure your account with two-factor authentication.
  3. Fund Your Account:

  • Deposit fiat currency into your account using a supported payment method such as a credit card, debit card, or bank transfer. Some exchanges also offer over-the-counter (OTC) trading services for fiat-to-crypto purchases.
  1. Buy a Supported Cryptocurrency:

    • If the exchange does not support direct fiat-to-AE purchases, buy a popular cryptocurrency like USDT, ETH, or BNB using your deposited fiat currency.
  2. Transfer to an AE-Supporting Exchange:

    • If necessary, transfer your purchased cryptocurrency to an exchange that supports Aeternity (AE) trading.
  3. Buy Aeternity (AE):

  • Use your deposited or transferred cryptocurrency to buy Aeternity (AE) in the spot market.
  1. Store Your AE:
    • Once purchased, store your Aeternity (AE) tokens in your exchange wallet or transfer them to a personal cryptocurrency wallet for added security.

Remember to research the fees, security features, and supported currencies before choosing an exchange, and always follow best practices for securing your cryptocurrency assets.

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History of Aeternity

Aeternity (AE) is a scalable blockchain platform that was founded in 2016 by Yanislav Malahov, an Ethereum co-developer. The project was initially developed as an ERC-20 token to facilitate an ICO round in 2017, which raised $24 million. Following the ICO, the project transitioned into a fully implemented blockchain, launching its mainnet in mid-2018. The development process involved several planned hard forks to introduce new features and improvements.

Malahov, who is also known as the "Godfather of Ethereum," started working on blockchain algorithms in 2013. He was joined by Marion Vogel, who had experience in marketing and business development in Silicon Valley, and other developers who had contributed to the Augur project.

The Aeternity blockchain is designed to increase the scalability of smart contracts and decentralized applications (DApps) by executing contracts off-chain and only settling disputes on the blockchain. This approach is similar to the Lightning Network technology used to scale up transactions. The platform uses a unique distributed consensus model combining Proof-of-Work (PoW) and Proof-of-Stake (PoS) mechanisms, ensuring cost-efficiency and fast block times.

Aeternity has continued to evolve, focusing on improving its scalability and security. The project has introduced innovative features such as state channels, decentralized oracles, and an integrated naming system. The platform's native token, AE, is used for transactions, smart contract execution, and governance, allowing token holders to vote on system changes.

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How Aeternity works

Aeternity (AE) is a next-generation blockchain and development platform that offers open-source data-oriented capabilities for various users. It is powered by the AE coin and builds upon the foundation of earlier blockchain technology by enhancing scalability, privacy, and transaction speeds. This allows for out-of-the-box applications across the digital world and beyond.

Key Features
  1. State Channels:

    • Aeternity's core protocol is designed to support state channels on the smart contract language and protocol level. This makes it easier to create, design, and deploy applications that can scale easily in all directions.
    • State channels enable the execution of smart contracts off-chain, with the blockchain only enforcing the smart contract code in case of a disagreement between contracting parties.
  2. FATE VM and SOPHIA:

    • The æternity blockchain virtual machine, FATE VM, provides a safer environment by employing a higher abstraction level and instantly nullifying errors via type checking. This results in a simpler, easier, and safer programming environment.
    • SOPHIA, the æternity smart contract programming language, is unique and typed. It makes it simple and undemanding to write accurate, precise programs while minimizing side-effects and allowing for formal verification methods.
  3. Lightning Fast Blockchain:

  • Aeternity's blockchain separates leader election and block production. Key blocks are used for leader election and do not contain transactions, while micro blocks are produced in rapid succession (under 3 seconds) and are cryptographically signed by the current leader.
  1. Native Transaction Types and Low Fees:

    • The blockchain is fully optimized with native transaction types for managing State Channels and Oracles, leading to extremely low fees. Transactions and smart contract executions in State Channels do not incur any fees.
  2. Æternity Naming System (ÆNS):

    • The æternity blockchain utilizes the ÆNS on a protocol level to deploy human-readable names in place of cryptic strings. This elevates the accessibility levels of the blockchain, making it more approachable and less error-prone.
  3. Integrated Oracles:

  • Aeternity deploys integrated built-in Oracles that can request and provide information and data from outside providers and APIs. This enriches blockchain applications with real-world data and improves security by eliminating the need for third-party solutions.
  1. Generalized Accounts:
    • Generalized accounts provide higher levels of flexibility when it comes to transaction integrity, particularly in signing. This is achieved by moving nonce handling and signature checking to a smart contract attached to the account.
Mining and Governance
  • Mining:

    • Aeternity uses a unique distributed consensus model combining both Proof-of-Work (PoW) and Proof-of-Stake (PoS). The PoW mechanism is ASIC-resistant, memory-bound, and power-efficient, enabling faster block times.
    • Miners can contribute hash power and ensure the security and stability of the blockchain, earning rewards for their work.
  • Governance:

    • The PoS mechanism is used for governance, allowing every AE token holder to vote on system values such as block size, fees, and forks.
    • AE tokens are vital for system governance, and any AE token user has a say in the future of Aeternity.
Token and Ecosystem
  • AE Token:

    • The AE token is at the center of Aeternity's blockchain economy and ecosystem. It is used for transactions, smart contract execution, and as a reward for mining efforts.
    • AE tokens can be transferred between participants in the network and are essential for system governance.
  • Ecosystem:

    • Aeternity aims to provide an open-source, distributed computing platform that builds upon public blockchain technology. Its primary goals are to deliver unmatched efficiency, transparent governance, and global scalability.
    • The Aeternity Foundation supports and promotes the open-source development of the æternity protocol and surrounding parts of the æcosystem, rewarding technical excellence and user-friendly applications.
Use Cases and Development
  • Use Cases:

    • Aeternity is designed to tackle scalability and decentralized consensus issues, making it suitable for a wide range of decentralized applications and value transfers.
    • It can handle complex relationships for a large number of users, making it ideal for various use cases.
  • Development:

    • Aeternity provides useful developer tools and follows a mobile-first approach, aiming to produce easy-to-use, intuitive applications that the average user will feel comfortable interacting with.
    • The development of essential æpps such as an identity manager, blockchain explorer, voting app, and immutable proof generator is in progress.

Overall, Aeternity (AE) is a scalable blockchain platform that offers a unique combination of state channels, oracles, and a hybrid consensus mechanism to enhance scalability, privacy, and transaction speeds. Its open-source nature and focus on user experience make it an attractive option for developers and users alike.

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Aeternity's strengths

The token Aeternity (AE) has several strengths:

  1. Scalability: Aeternity's use of state channels allows for fast and private transactions, making it more scalable than traditional blockchain networks. This is achieved by executing smart contracts off-chain, which significantly increases the throughput of transactions.

  2. Hybrid Consensus: Aeternity's consensus algorithm combines proof-of-work and proof-of-stake, ensuring both security and decentralization. This hybrid approach allows for more efficient block creation and validation.

  3. Governance: AE token holders have control over Aeternity's on-chain governance system, allowing them to vote on proposals and participate in decision-making processes. This ensures that the network is governed in a decentralized and democratic manner.

  1. Oracles: Aeternity's integrated oracles provide a secure and efficient way to bring external data into the blockchain, enabling smart contracts to interact with real-world data. This enhances the functionality and applicability of smart contracts.

  2. Security: Aeternity's blockchain virtual machine, FATE VM, provides a safer environment for smart contract execution. It employs type checking and formal verification methods to minimize errors and ensure accurate program execution.

  3. Low Fees: Transactions and smart contract executions within state channels do not incur fees, making it a cost-effective solution for users.

  1. Accessibility: Aeternity's use of human-readable names through the Æternity Naming System (ÆNS) makes the blockchain more accessible and user-friendly.

  2. Development Team: Aeternity has a highly experienced and qualified development team, including Yanislav Malahov, who is known as the "Godfather of Ethereum." This team brings extensive knowledge and expertise in blockchain development.

These strengths make Aeternity an attractive platform for developers and users seeking a scalable, secure, and efficient blockchain solution.

Aeternity's risks

Aeternity (AE) is a high-risk investment due to its significant volatility. It should only be considered by investors who have a high tolerance for risk, are already in a strong financial position, and can afford potential losses. The cryptocurrency's price can fluctuate greatly, making it a risky choice for those who are not prepared to handle substantial market swings.

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Did Aeternity raise funds?

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Aeternity’s team

  • Yanislav Malahov: Founder of Aeternity, a veteran of the blockchain space who envisioned powerful algorithms on blockchains since 2013 and worked with Vitalik Buterin on the ascribe.io project.
  • Marion Vogel: Director of Aeternity, interested in connecting technology with the growing community and handling operations efficiently.
  • Nikola Stojanow: Chief Business Development Officer, experienced in strategy and business development with a background in working on international projects.
  • Emin Mahrt: Chief Operations Officer, an entrepreneur with experience in IT product and engineering management, and an early adopter of blockchain technology.
  • Sascha Hense: Lead Engineer, a software engineer and lead architect with a strong background in programming and blockchain technology.
  • Ulf Wiger: Erlang Developer, contributing to the development of Aeternity's unique distributed consensus model.
  • Craig Everett: Contributed to the Aeternity core, developed tooling and libraries for interfacing with the blockchain.
  • Dr. Lydia Atanassova: Mathematician and computer scientist involved in the æternity Crypto Foundation, with experience in designing and building reporting and accounting applications.
  • Sascha Valenta: Background in wealth management and private equity investment, supporting æternity's expansion and vision.
  • Lale Mahrt: Supports the æternity Crypto Foundation in accounting and marketing, with experience in online marketing and accounting management.
  • Dimitar Ivanov: Involved in the design, development, and optimization of the Aeternity platform, ensuring stability and security.
  • Peter Harpending: Works on tooling, libraries, and documentation to improve the user and developer experience.
  • Radosław Rowicki: Oversees the development of the Sophia language, its compiler, and low-level tooling.
  • Gaith Hallak: Contributed to the Sophia compiler and debugger, emphasizing high-quality and understandable code.
  • Jarvis Carroll: Works on tooling and automatic optimization for the FATE virtual machine.
  • Rogerio Pontual: Contributes to the Aeternity Middleware, focusing on scalable and fault-tolerant systems.
  • Sebastian Borrazas: Maintains the AEternity Middleware project.

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