blockchain three hundred sixty podcast
æternity is a fresh blockchain platform in the making, which aims to tackle current issues in blockchain, such as scalability, privacy, and transaction speed. æternity’s technology is meant to to be ready for mainstream adoption by using fresh features like state channels, oracle machine, and hybrid proof of stake and proof of work.
You can learn more about æternity’s blockchain technology in their whitepaper.
æternity’s very first testnet is now online, where you can check out some of the features. You can create an account and begin mining æon right away. Begin interacting with æternity by visiting GitHub.
æon are the access tokens to the æternity blockchain and act as a unit of account for the resources spent on æternity. æon are the energy (or “crypto-fuel”) used to power any application implemented on the platform.
Every activity (and even inaction) on the æternity platform costs something, even if only fractions of cents.
æon are the fuel for the fresh types of trustless apps that will be be enabled. For more information regarding applications, consult the æternity whitepaper, visit the website or proceed reading this FAQ.
- æternity enables a high transaction throughput. Broadly speaking, any type of application that requires high transactional speed will run slickly on æternity. Here are some of those:
Nano and micro payments.
Manifold factors contribute to æternity’s uniqueness! One major advantage of æternity wise contracts is the fact that they are created off-chain. This permits to — once created — to interact with other participating parties blazingly swift and has significant privacy implications. The users’ interactions stay off-chain and are kept secure. Only in cases of disagreement, a transaction will be submitted on-chain. The æternity blockchain will function as a crypto-court.
Furthermore, there is no limit to the volume of clever contracts that can be processed per 2nd, since æternity brainy contracts don’t share state, they can be processed in parallel.
In comparison to ‘legacy’ Ethereum, we switched from being goto-based to being function-based. Thus, it is a lot simpler to reason about and write more secure clever contract code.
æternity is building a state-of-the-art virtual machine for secure and efficient blockchain computations. For example, they’ve have added a implement for ‘merklizing’ the code, so that the users only publish the portion of code that actually gets executed.
æternity’s clever contracts can be massive, gigabytes to terabytes in volume, not a problem — as long as the part that gets executed is relatively petite.
The primary reason for using Ethereum-created tokens for the token sale is that æternity is not functional yet. Once æternity launches, tokens will exist on æternity. However even if æternity did exist, it wouldn’t give us the capability to do a decentralized token sale — Ethereum is good for this type of use-cases, that require a fully public index of things (e.g. tokens, …). æternity is focusing on scalable, real-world uses-cases. Most of those don’t require data to be openly collective all of the time.
æternity is incorporated in Liechtenstein and is in regular contact with regulators to keep track of the project’s legal status. The team includes a legal adviser and makes use of extra legal consultancy on an ad-hoc basis.
A wallet is a lump of software that is used to interact with æternity. It permits you to make accounts and channels. It will permit users to make channel contracts, to bet, to play games, to buy/sell assets, provides identity, communicate with other users, etc.
- Some knots will be providing liquidity to the lightning network. They will have lots of channels with lots of people, so if you make a channel with them, you will be able to establish state channel contracts with many users. Using a channel contract through such a knot will involve a fee.
- Some knots will run trustless exchanges for any asset. They will also collect transaction fees. We envision knots that let people use state channels to play games like Go, Monopoly, slot machines, or poker. Either single player, or with your friends, or with strangers. æternity enables trustless financial applications. They are not necessarily decentralized. Anyone can commence a “centralized server” and use our software to create trustless financial contraptions.
- There can be ‘servers/nodes’ which you can use to invest in stocks, derivatives or metals. You can gamble at sports in a fully trustless and efficient way. Other knots can specialize in recycling old accounts. There is a fee for having an account open. If the account runs out of money, anyone will be able to delete it and get a puny prize.
- Some knots will just run trading software. They will buy and sell assets suggested by market makers in order to make a profit. Some knots will specialize in participation in prediction markets, running the consensus mechanism. This will be profitable because transaction fees are the initial liquidity in these markets.
The very first testnet is now ready! We will be adding more features all the time. Embark interacting with æternity by visiting GitHub.
Your feedback will be very appreciated! Join their public talk on Gitter.
A detailed roadmap is also in the making. You can get an update on this by subscribing to their newsletter.