In April Crypto Insider published an interview with “Ethereum Godfather” Yani Malahov, creator of Æternity, a new blockchain for scalable smart contracts interfacing with real-world data. Phase One of the Æternity Initial Coin Offering (ICO), launched on April 3, raised 121,291.989 ETH and 323.5 BTC in only 72 hours. Phase Two starts later today.
Since Phase One of the ICO, the Æternity team have developed governance and oracle tech updates showing what Æternity is capable of and sets the platform apart from related projects like Gnosis.
According to the developers the Æternity blockchain, developed from scratch, provides unprecedented security and decentralization, improving governance, scalability, scripting safety, and access to data, as outlined in the Æternity whitepaper. State channels, decentralized oracles (independent data sources that can connect with the blockchain through an API), and consensus/governance mechanisms are among the platform’s strong points. Other key features include:
- Æternity incorporates a unique consensus mechanism to check the oracle, thus making the oracle very efficient, because it avoids layering one consensus mechanism on top of another.
- Æternity is able to make smart contracts easier to analyze and faster to process without substantial loss in functionality.
- Æternity’s decentralized oracle allows developers to build user-friendly “æpps” that utilize smart contracts to implement better prediction markets, insurance use-cases, crowdfunding projects, game micropayments, and more. The æpps built on Æternity use hash-locking to create explicit dependencies, e.g. for asset-swaps to be completed instantly and privately.
“We’re pleased with the rapid progress on development of the Æternity blockchain, and are continuing to dedicate our resources towards accelerating our highly-scalable solution,” said Malahov in a press release. “We’re excited for the community to see the outcomes of our oracle and governance system.”
To complement and update the technical whitepaper, the developers are publishing a series of posts about Æternity’s technology in the team’s blog. The first post defends the key design choice to base the Æternity technology stack on Erlang/OTP, the Erlang programming language designed for massively scalable soft real-time systems with requirements on high availability and the OTP suite of Erlang libraries and middleware.
Æternity will begin Phase Two of its contribution campaign later today, May 29, at 13:05GMT. “We’re very pleased that our vision for a scalable smart contract platform is shared by so many contributors so far, and look forward to introducing Æternity to a broader audience through our Phase Two contribution,” said Malahov. The table below summarizes the structure of the token sale:
- Week 1: 1 ETH = 750 AE token + 50 AE token (in the first 24 hours)
- Week 2: 1 ETH = 700 AE token
- Week 3: 1 ETH = 650 AE token
AE tokens are the access tokens to the Æternity network, acting as a unit of account for the resources spent on Æternity and powering the applications implemented on the platform. Phase Two will cap the number of contributions to 21 million Swiss Francs or CHF in ETH and BTC. When this cap is reached, contributions will be accepted for six more hours.
Image from Pixabay.