(en)lightning smart contracts on a global scale
Hello IoT, IoV, FinTech, Video Gaming, The Unbanked, Trustless 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.
A network of state channels enables the exchange of value with anybody on the world in trustless way. Participants interact privately with each other. Businesses have their records off-chain and not in public. Participants have infinite instant transactions, limited only by the speed of light. Participants can handle use cases that require high volume of transactions.
What if the fulfillment of a smart contract depends on weather conditions or other public information? The oracle can provide tamper-proof public data and execute accordingly to it. Election results, asset prices like gold, weather conditions play a crucial role for many business applications. With other blockchains an oracle is typically a single-point of failure, therefore bad for decentralization. æternity’s oracles are decentralized.
An oracle machine connects public real world data with smart contracts. Oracles are categorically more powerful than Turing-complete computational models.
How can an oracle be helpful?
Consensus is achieved via a novel hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithm. The "Cuckoo Cycle" PoW is more power-efficient and indirectly useful, as it encourages the development of better random access memory (DRAM) chips. The best part is that even smartphones can efficiently mine new tokens, achieving unparalleled decentralization. Proof-of-Stake is implemented via on-chain prediction markets, see governance.
Science has proven the use of prediction markets to aggregate information. In æternity on-chain prediction markets project the information available to the network to one single number between 0 and 1. This number is used to signal to the miners which version of the blockchain to mine on. This governance mechanism is also used to check the oracles for correctness. Further, certain blockchain variables (price of computation, blocksize...) will be determined by this mechanism.
For many business applications it's crucial to have their transactions not recorded in public. Smart contracts touch the blockchain only in case of disagreement, acting like a self-arbitrating crypto court.
State-of-the-art cryptographic datastructures and unparalleled decentralization provide efficiency and eliminate every single-point-of-failure.
Via leveraging state channels the default way to run smart contracts, æternity becomes the most efficient Turing-complete blockchain and thus enables new forms of monetization via it's 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 Aeternity 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 will spin off a foundation to support open-source developers, entrepreneurs and young businesses which 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-browser integration and a mobile-first approach to bring blockchain technology to the next level of adoption.
Meetups and Conferences
We will be organizing meetups and conferences for the community in countries around the world. 你好 Hallå Здравствуйте Hola! こんにちは
On the technical side æternity will provide developer workshops and tutorials to make the technology easily accessible. æternity supports interested businesses and individuals to find a fit for their use case.
Research & Academia
æternity is continuously researching the newest technological standards and continuously expanding our cooperations with international research institutions to keep the technology safe and up to date. Official partnerships to be announced soon.
æternity blockchain is bootstraped by aeternity establishment and incorporated in the Principality of Liechtenstein. Ongoing communication with respective regulatory institutions is key to keep 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.
Latest efforts within the field have seen many developers create decentralized prediction markets which combine the best efforts of what academics call a workable theory, in order to facilitate decision making and pointing outright where the markets heads to.
The technology allows prediction market smart contracts right out of the box. From simple gambling, up to monetized weather predictions and event contracts.
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 trustless 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 prediction enable us to automate financial transactions, which involve large amounts of parameters with any 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 predicted favorable by the Oracle.
The ability to exchange tokens is an essential part of a thriving ecosystem, providing for efficient cooperation and transfer between different blockchain projects.
aeternity allows for cross-chain, trustless atomic swaps, for example between aeons 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.
æternity's unique way of handling transactions brings this to the next level 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.