Aeternity (cryptocurrency)

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Aeternity (ticker symbol: AE) is a cryptocurrency . It was first announced on December 29, 2016. As of December 28th 2017, the circulating supply was 233,020,472 AE. [2]

Aeternity is a scalable smart contract blockchain technology, which interfaces with real-world data.

Using a scalable and trustless turing-complete blockchain, Aeternity combines proof-of-work with proof-of-stake for a peer-to-peer decentralized global network of nodes.

History

Aeternity started publishing content on December 28th, 2016 on their medium profile.

Later on May 29th, 2017 they launched their ICO which concluded on June 12, 2017.

On October 25th, they completed their first Aepp bounty followed by a release of their testnet in December and continued development today. [16]

The consensus in aeternity is done via a hybrid algorithm that combines proof of work (PoW) with proof of stake (PoS). In addition to being more efficient in terms of power consumption, this “Cuckoo Cycle” PoW is more useful by encouraging improved DRAM (random access memory) chips to develop. Even better, it is actually possible for smartphones to mine new tokens in an efficient manner, making aeternity more decentralized than the blockchain has been before. The PoS portion is done via on-chain prediction markets.

Aeternity’s Governance

Aeternity uses a type of futarchy, in which value holders bet and miners vote so the two groups can make decisions together. Scientifically speaking, prediction markets have been shown to be a good method of aggregating data. The on-chain prediction markets in aeternity project available information to the network in a single number from 0 to 1. That number lets miners know which blockchain version they should mine on. Additionally, the governance mechanism allows for checking the accuracy of the oracles. This mechanism will also determine variables of the blockchain, such as the block size and the price of computation.

Aeternity Ecosystem

The vast aeternity ecosystem has everything needed to connect society and technology. The Incubator Foundation will support open-source developers, young businesses, and entrepreneurs who choose to build projects on aeternity. Along with the platform launch, aeternity will also deliver essential open-source aepps. This allows the blockchain to be useful right from the start.

Part of the aeternity ecosystem is also integration with web browsers, plus a mobile-first approach. This will theoretically bring the technology to even greater adoption. To further foster a sense of community and encourage development, aeternity will be organizing conferences and meetups around the world.

To educate developers, aeternity will provide workshops and tutorials that make the tech more easily accessible. Aeternity will also be willing to work with individuals and businesses to figure out how the platform fits into their particular use cases. The team constantly researches the latest standards in technology and expands operations with various international research facilities, ensuring the tech is up to date and safe. Team members are working on developing partnerships in various sectors so the blockchain technology can see use in the real world, and they will soon announce those partnerships.

Aeternity is already incorporated within the Principality of Liechtenstein. The team engages in ongoing communications with the regulatory institutions there and around the world to ensure it remains legal.

Use Cases for Aeternity

The use cases for aeternity are vast, spanning all sectors. Prediction markets can take advantage of smart contracts without any effort on their part. Aeternity can make it possible to crowdfund with dominant assurance contracts to protect contributors against failure and raise money. Trustless exchanges are easy to create, including efficient, cross-chain, trustless atomic swaps. [17]

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