(en)lightning smart contracts on a global scale
Hello IoT, IoV, FinTech, Video Gaming, The Unbanked, Trust-free Exchanges, and instant Micropayments!
We believe in relentless evolution of systems and societies. æternity will push the boundaries of innovation and make blockchain technology ready for mass adoption.
Why is æternity so innovative?
æternity is the answer to current challenges in blockchain technology.
The design and implementation of æternity blockchain focus on making the execution of smart contracts safe, efficient and economic. æternity supports multiple virtual machines: a High Level VM that allows for blindingly fast and cheap contracts with a fixed execution cost; a Functional Typed Warded VM that is used to efficiently and safely execute contracts, written in the functional language Sophia; the Æternity-Ethereum VM that executes Solidity smart contracts to provide a simple way for migrating from Ethereum and more.
Consensus is achieved via a novel hybrid algorithm. The "Cuckoo Cycle" Proof-of-Work (PoW) is more power-efficient and indirectly useful, as it encourages the development of better dynamic random access memory (DRAM) chips. Proof-of-Stake (PoS) is used for governance, which is done via (delegated) voting, weighted by the amount of tokens each account holds.
A network of state channels enables the exchange of value with anybody in the world in a trust-free way. Participants interact privately with each other. Businesses have their records off-chain and hidden from public sight. Participants can have infinite real-time transactions and handle use cases that require very high volumes of transactions.
State channels make it possible to execute smart contracts off-chain. The blockchain enforces the smart contract code, only in the case of a disagreement between the contracting parties.
Why is that a breakthrough?
What if the fulfillment of a smart contract depends on weather conditions, a share price, or other public information from the real world? Oracles can provide tamper-proof data upon which contracts can act. Election results, the prices of assets such as gold, weather conditions and many other real-world data play a crucial role for many business applications.
æternity provides tools enabling participants to govern themselves effectively. It is essential to note that governance is very much a human problem that most likely cannot be "solved" by purely technical means. æternity's governance is implemented via delegated voting, weighted by the amount of tokens each account holds and provides technical tools to permit governance, as well as frameworks for human interaction and effective discussion.
æternity is governed by its stakeholders, meaning that miners, token-holders and other participants with a stake in the blockchain have the ability to make decisions together on proposed changes.
How does this work?
Entities native to most blockchain systems are addressed or identified by their hashes, which are generally N-bit numbers displayed in a hex or base64/base58 notation, all of which are somewhat unfriendly to the humans trying to use these systems. Through its Naming System, æternity enables user-friendly identities and addresses, improving usability, reducing chances of misspelling identities and increasing the adoption of the platform.
For many business applications it's crucial to have transactions which are not recorded in public. Smart contracts executed in state channels touch the blockchain only in the case of disagreement, acting like a self-arbitrating crypto court.
State-of-the-art cryptographic data structures and unparalleled decentralization provide robust efficiency and eliminate "single point of failure" (SPOF) issues.
By leveraging state channels as the default way to run smart contracts, æternity becomes the most efficient Turing-complete blockchain and thus enables new forms of commerce via its low cost transactions.
Technology we use
Malahov's approach to decentralized processing elegantly addresses issues of scale, by taking the state channel approach to the Nth degree.
co-founder and chief technology officer at BigchainDB
Overall, I think æternity shows much promise: the team is smart and well known in the space, their materials easy to understand and they eagerly listen to feedback.
Founder & COO Slock.it
The æternity ecosystem
Bridging the gap between technology and society.
æternity has spun off a foundation to support open-source developers, entrepreneurs and young businesses who build their projects on æternity.
æternity will deliver essential open-source æpps with the launch of the platform. This brings use to the blockchain from day one. Read the æternity whitepaper to find out more about the applications.
æternity puts an emphasis on web technology and features a mobile-first approach, to bring blockchain technology to the next level of widespread adoption.
Meetups and Conferences
We are continuously organizing meetups and conferences for the community in numerous countries around the world. 你好 Hallå Здравствуйте Hola! こんにちは
On the technical side, æternity is beginning to provide workshops and tutorials, including those addressed to developers, to make the technology easily accessible. æternity supports both businesses and individuals who are interested in finding a fit for their use case.
Research & Academia
æternity is continuously researching the newest technological standards and continuously expanding cooperations with international research institutions, keeping the technology safe and up to date.
æternity blockchain is bootstraped by æternity establishment and incorporated in the Principality of Liechtenstein. Ongoing communication with related regulatory institutions is key in keeping blockchain technology and the æternity project in legally safe waters.
æternity is bootstrapping partnerships in different sectors to bring blockchain technology into real world use.
æternity enables numerous use cases
Access æternity blockchain via the AE token.
Similarly to how mobile devices are currently dominating in the web, we expect that the average user will be accessing blockchain from her mobile device. That is why æternity places a strong emphasis on creating a platform that is very friendly towards developers of distributed apps or, as we call them, æpps. APIs, development tools, SDKs and support provided by the æternity team will help to bootstrap development of æpps that will create a vibrant ecosystem of distributed applications with use cases and business models beyond imagination.
How about crowdfunding using dominant assurance contracts? These specific smart contracts can be used to raise money for your projects and at the same time secure contributors against failure. If a project is unsuccessful, all participants get their contributions back.
Using an oracle, æternity can additionally ensure that the provider of the good or service only gets paid after delivery.
In the blockchain ecosystem gaming is a huge, steadily growing industry. The advantages are obvious. Users are in full control of their in-game transactions, which means fees are kept to a minimum with no intermediaries. A fraud resistant network and irreversible transactions provided by blockchain technology deliver trust-free and secure interactions.
From simple games to high-end eSports titles, with æternity, users can rely on secure and instant transactions, sit back, and enjoy their gameplay.
Infinite scalability, instant payment functionality and Oracle feeds enable us to automate financial transactions involving large numbers of parameters with an unlimited number of concurrent users.
This allows for new ways to fund projects or even governments. A system, in which the funding is only unlocked upon completion of one or more selected events.
Additionally, funds can be unlocked, only if the outcome, which is to be reached with the funding, is resolved by an Oracle or voting.
The ability to exchange tokens is an essential part of a thriving ecosystem, providing for efficient cooperation and transfer between different blockchain projects.
æternity allows for cross-chain, trust-free atomic swaps, for example between AE tokens and Bitcoin as well as many other assets.
The payments market is highly competitive and at the same time offers countless innovation opportunities for streamlining today’s tangled and ineffective ecosystem.
Get ready for the next level thanks to æternity's unique way of handling transactions, by handling payments off-chain via state channels. Payments go through instantly, while retaining your privacy. You heard that right, instantly!
Imagine banking for the unbanked, content monetization, paid API calls, decentralized live video streaming and a lot more.