Aeternity (AE) is a cryptocurrency that is used as a form of payment for all activities or services in the blockchain platform of the same name, Aeternity. Aeternity is the name of a new open-source blockchain project, created to enhance and strengthen the blockchain platforms of Bitcoin and Ethereum. It started operations in October 2016. The purpose of Aeternity is to make transactions faster and more secure through better-designed, more improved smart contracts.
What solutions does Aeternity provide?
The Aeternity development team has found key weaknesses of the current blockchain. First, smart contracts are developed on a platform that is difficult to analyze, significantly increasing the cost to acquire them. Secondly, the high commission fee to bring blockchain resources to the real world means that there will be many projects that have difficulty to succeed; besides that, the platform will also have limitations when it comes to updating.
The Aeternity project offers solutions to help improve these issues.
First, all data and resources are stored primarily on “State channels” instead of on the blockchain. And only use blockchain in the case of recording transactions on the platform. As a result, the scalability of blockchain is improved.
Second, Aeternity proposes that blockchain is only supported by decentralized applications that allow data to be stored outside the blockchain. This way the applications are saved on the platform for easier analysis.
Finally, Aeternity offers a consensus mechanism used to determine system parameters, allowing the network to adapt to changing factors.
Team
Aeternity is developed by a team of 36 members. Of which, more than 20 people participate as developers in the project. This shows that the project’s focus is on developing new blockchain technology, some of the key players in Aeternity’s demobilization:
Yanislav Malahov: He is the founder of the Aeternity project. He is a person working in blockchain technology for a long time and used to be a partner of Vitalik Buterin (who created Ethereum).
Marion Vogel: As the director of the project, she has noticed the magic of Blockchain technology since 2014. She is very interested in and does a good job of applying this technology to economic and social activities. Previously she worked in marketing and business development in Silicon Valley.
Emin Mahrt: You are the project’s business director.
Sergei Evdokimov, PhD: Sergei Evdokimov is a researcher in Mathematics and Cryptography. He received his doctorate in Berlin. Prior to joining AEternity, he worked as an IT architect specializing in the design of medical records management systems for millions of patients and built AI-based recommendation systems for hospitals.
There are also many other members such as: Nikola Stojanow, Erik Stenman, Thomas Arts, Hans Svensson, Ulf Norell, John Hughes …
Conclusion
Aeternity is a potential project in the future, right from the ICO round AE has shown that it is a project that is “worth looking forward to”. Raising $ 70 million is not easy, which shows that many investors believe in the project, including many large organizations and enterprises. Evaluation of technology ideas and weaknesses that Aeternity overcome is very good. Scalability and cost are very important for a cryptocurrency. Aeternity also owns a strong team, with a clear and realistic development roadmap.
You can check AE price here.
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