What is Aeternity (AE)?

Jun 11, 2018 at 20:59

Coin overview

Aeternity is a blockchain-based project that focuses on scalability of smart contracts. It vows to offer “unmatched efficiency, transparent governance, and global scalability” through scalable smart contracts that can be interacted with real-world data.

It said its platform is fit for Internet of Things, FinTech, Video Gaming, serving the unbanked, trustless exchanges, and instant micro-payments, among others.

The Aeternity platform utilizes four technology to make those processes happen. Through state channels, it makes it possible to execute smart contracts off the main blockchain and enforce code on the blockchain only during settlement or in the case of disagreement between participants.

The project also uses oracle to connect real-world data with smart contracts. All oracles on the Aeternity blockchain are decentralized, making it tamper-proof.

Aeternity also combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithm, where in miners will mine blocks and, at the same time, verify transactions. It also introduces the “Cuckoo cycle,” which allow miners conduct the mining process even on low-powered computers like smartphones.

Finally, it works on a unique governance where stakeholders, meaning that miners, token-holders and others with a stake in the blockchain can make decisions together on proposed changes on the blockchain.

With all of these four technologies together, processes on the Aeternity blockchain are promised to be private, secure and done at a low cost.

It is also developing a state-of-the-art virtual machine for secure and efficient blockchain computations.

Behind the project is a team led by founder Yanislav Malahov, known as the “Godfather of Ethereum” as he was one of the first people to have envisioned blockchain algorithms as early as in 2013.

The company completed a successful crowd sale and initial coin offering of Aeon or AE tokens in 2017, with a total of $24 million raised. Its testnet was launched by end of last year.

AE tokens are used as for smart contracts and as transaction fees on its virtual machine.

 

Where to buy?

AE tokens are available in several exchanges which include Bittrex, Binance, HitBtc, Gate.io, IDAX, OOOBTC, DragonEX, Liqui, Mercatox, BigONE, Koinex, CoinBene, ZB.COM, LATOKEN, among others.

 

Is it mineable?

AE is initially an ERC-20 token while it is still in testnet. It has a total supply of 273,685,830 tokens, out of which 233,020,472 tokens are in circulation. It combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithm, allowing miners to mine blocks and verify transactions.