What is Aeternity Blockchain?
Let's find out Aeternity Blockchain meaning, definition in crypto, what is Aeternity Blockchain, and all other detailed facts.
Aeternity blockchain works on a hybrid PoW/PoS consensus protocol and aims to provide exceptional efficiency, solutions to scalability issues, and transparent governance. Aeternity provides its users with the efficiency of private blockchains and the security of the public ones. Besides, the hybrid approach used by this blockchain allows smart contracts and oracles to process data off-chain, resulting in enhanced privacy, lower fees, and faster transactions.
Aeternty blockchain is being developed by a team led by Yanislav Malahov, who has been involved in blockchain technology since its inception and was one of Ethereum's first contributors. The major aim of Aeternity is to address scalability and privacy issues. They use the hybrid approach that combines off-chain and on-chain solutions to do this. Further improvements on governance, privacy, and scalability are planned in the future development of Aeternity.
Besides, Aeternity happens to be one of the blockchains that use the decentralized oracle network. A decentralized oracle is a piece of software that serves as a link between the blockchain and the world around it. Smart contracts require oracles in order to connect with other networks like Bitcoin and Ethereum.
Smart contracts can’t access data from the outside of the blockchain due to the nature of blockchains. Therefore, oracles are used to access that external data (such as information about sporting event results, weather conditions, flight times, etc.) and submit it in the form of a transaction to a smart contract. Thus, oracles act as a gateway between off-chain data and on-chain applications.
For instance, if you use a smart contract to bet on a sporting event, you can use an oracle to automatically trigger payment after the event is over. The oracle would then go out into the real world and obtain the game's outcome, which it would then input back into the smart contract so that funds could be released accordingly.
The fast success of Aeternity is largely due to its mobile-first design approach. It is becoming an appealing network for DApps developers because it uses cutting-edge technologies to deal with blockchain scalability problems.