Aeternity (AE) is a blockchain platform that focuses on high bandwidth transacting, purely-functional smart contracts, and decentralized oracles. It was founded in 2017, and seeks to eliminate inefficiencies in the crypto market by increasing scalability of smart contracts and dApps, sharding, and off-chain contract execution. The Turing-complete smart contracts on the Aeternity chain allow for transaction execution without third parties or intermediaries. Aeternity also has state channels to enable off-chain smart contract settlements which only touch the blockchain should a disagreement in the contract arise, acting as a self-arbitrating crypto court. The Aeternity blockchain is also built upon state-of-the-art cryptographic data structures which give rise to robust efficiency, strong security, and the elimination “single point of failure” (SPOF) issues.
UNIVERSAL
The æternity protocol is capable of supporting anything that first-generation Smart Contract platforms can-and more.
DECENTRALIZED
With Satoshi’s legacy at its core, the æternity protocol is built to be decentralized.
SECURE
æternity was built with security in mind. The reference implementation is written in Erlang, following all standards of high-quality software engineering.
PUBLIC AND PRIVATE
While by default all on-chain transactions are public on æ mainnet with state-channels private transactions are possible. With the new Hyperchains upgrade private æternity-style chains (e.g. for consortiums) will become real.
SCALABLE
To scale to billions of users and transactions, the æternity protocol provides trustless off-chain scaling with State Channels technology.
With Hyperchains the scalability will be further improved.
USER FRIENDLY
The protocol-incorporated Æternity Naming System (AENS) enables users to point human-readable names to accounts, contracts, oracles, NFTs and more.
OPEN-SOURCE
The æternity protocol and all essential developer resources are fully open-source. There are no proprietary licenses whatsoever.
TRANSPARENT GOVERNANCE
The æternity protocol is governed by miners, AE coin users and developers. Æ coin holders can vote on a regular basis about changes of the software system. Everyone's voice in the ecosystem should be and is considered.
VERY LOW TRANSACTION FEES
æternity is equipped with native transaction types for managing State Channels, Oracles, and Names, among others. They are all optimized in terms of gas costs. Transactions and Smart Contract executions in State Channels don't incur any fees. Since all Smart Contracts are executed in the highly efficient FATE VM, less gas is needed overall. A FATE contract is only 10% of the size of an EVM contract.
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