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Aeternity Blockchain
lhorgic
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2024-08-08 11:54:12
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Hi friends! how are you doing? Welcome to my blog, it's super good to have you back here. I trust you got value from my last post. I bring to you another interesting content, one that I believe you would find interesting as usual. In my previous post, we explored the concept "Slippage", you can check out my blog to read through if you haven't.
Today, we would be looking at **Aeternity Blockchain** in the crypto world... it's actually another topic of interest I stumbled upon and felt like sharing with y'all. I hope you guys learn one or two from this write-up.
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The Blockchain space is being explored every now and then and beautiful outcome are what we see. As it stands now, it seems to me that there is no limit to what people can do with it, well if they are limit, we are probably far from it because we keep seeing new things emerging from the Blockchain space.
Prior to this time, there were certain challenges faced with a typical Blockchain, especially those that used the earlier consensus models like the PoW consensus mechanism. One of the challenges it has is scalability issue. In a bit to solve this, one could expose the blockchain to security threat and all leading us to blockchain trillema.
Some new age blockchain has been able to come up with viable solution along this line even though not completely but to a remarkable extent. One of such chain that had also seen a breakthrough along this line is the Aeternity Blockchain which we would be discussing today.
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Aeternity Blockchain is a special kind of Blockchain which we can also refer to as an hybrid blockchain which leverages on the benefit of the PoW and PoS consensus mechanism to provide better services to her users especially in the area of scalability, security, transparency and network governance.
Being an hybrid Blockchain, users can enjoy the privacy that comes with a private chain and the heightened security that comes with a public chain, that's two in one advantage for those in the Aeternity Blockchain network.
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This doesn't end there one of the selling points for this new innovative Blockchain network that make is stand out among many others is that it allows for data processing off chain via smart contract which result into lower transaction fee, faster transaction and enhanced security.
In addition to this, it also uses decentralized oracle network which makes it possible for the smart contract to function effectively because the oracle is what help link the Blockchain network with the outside world around it. With oracle, external data can be transmitted into the network.
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I think it imperative to share a brief background about the Aeternity network.
It was founded in year 2017 by Yanislav Malachi a well known Blockchain enthusiast who gave himself the title "Godfather of Ethereum".
He has been around a very long time since the Ethereum network itself. He was part of the whole thing until he pulled out at some point due to disagreement...to start up the Aeternity project.
Aeternity mainnet was launched in 2018 with the name ROMA. It also has it own token called AE which initially traded on the Ethereum as an ERC-20 token. The AE smart contract runs on a language called Chalang which makes it more easier and efficient to build smart contract on Aeternity by developers
Another fascinating thing the Aeternity network focuses on DApp development, allowing developer to build DApps on it network. These DApp are referred to as "aepps".
They really want to be notable for mobile designs with good user experience . This is one of their core aim, they want to create a system where mobile and web developer would find every tool needed to come up with nice innovations.
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Aeternity aims to minimize transaction size on the blockchain by storing all transaction info on it side chain but keeps a small but important info on the main chain with this, data on the main chain is minimized and there would be much more space on the main chain.
Aeternity also aims to create a human consensus process where AE holders can vote when important decision are to be made or when there is a need for changes on the network. The voting is usually in form of a Yes or No.
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Aeternity network also aims to make crowdfunding more efficient, safer and transparent. They intend achieving this via a smart contract called "Dominant Assurance Contract", specially built for the purpose of crowdfunding for projects. This ensures crowd funds are locked up until targets are met and then distribution is done where and when necessary just as programmed in the smart contract.
Aeternity aims to solve one of the problem that comes with the good old consensus mechanism like the PoW...where users with more resources/mining equipment gets to be rewarded than those who aren't privileged to have. With the hybrid system of the AE network which combines PoW and PoS, users now have wider opportunity to be rewarded.
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I believe by now you understand what the Aeternity Blockchain Network is all about and the solution it's bringing to the Blockchain space. I also do hope you take advantage of the preventive measures. As my usual custom is, I would always encourage that you DYOR to be sure of every financial step you would want to take as I won't be liable for any form of loss encountered by you.
Feel free to share with me your thoughts in the comment section. Thanks for your time once again. Gracias!
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**Disclaimer: This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your own research and consult a financial advisor.**
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Regards
@lhorgic♥️
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