Aeternity introduces innovative smart contracts interfacing with real world data

Æternity is a new scalable blockchain platform designed for fast and secure smart contracts interfacing with real-world data via a decentralized oracle, secured through a hybrid of proof-of-stake and proof-of-work mechanism.

While many are trying to implement applications with real world data on top of a blockchain, the Æternity developers believe that storing the application’s state and code on-chain is not the best strategy, thus they designed a different blockchain architecture, which is well detailed in the Æternity Blockchain White Paper.

We present a highly scalable blockchain architecture with a consensus mechanism which is also used to check the oracle. This makes the oracle very efficient, because it avoids layering one consensus mechanism on top of another. State channels are integrated to increase privacy and scalability. Tokens in channels can be transferred using purely functional smart contracts that can access oracle answers. By not storing contract code or state on-chain, we are able to make smart contracts easier to analyze and faster to process, with no substantial loss in de facto functionality. – Zackary Hess, Yanislav Malahov, Jack Pettersson

Æternity technology is free to use and easy to incorporate. ​ MIT-licensed modules will allow easy implementation in blockchain consortiums and will enable free and open access for developers to be able to build on the Æternity platform. The core blockchain code is written in Erlang, which makes it easy to write distributed, fault-tolerant, soft real-time and highly available non-stop applications.

AE (æons) are the access tokens to the Æternity network and act as a unit of account for the resources spent on Æternity. Furthermore, æons are the energy for any application implemented on the platform. The initial amount of AE for the genesis block will be determined by a smart contract on Ethereum.

Last Saturday Yanislav Georgiev Malahov, founder of Æternity, revealed in a post on his blog the details on how to contribute to the development of Æternity blockchain. The plan is to get the global community involved as soon as possible, with benefits for early adopters.

We want to be as decentralized as possible, and don’t want to exclude anybody who believes in the technological proposition of the æternity blockchain, and who wants to support its development. We believe that this is essential for long-term growth. – Yanislav Georgiev Malahov

The contribution campaign will be split into two phases:

  • Phase 1 — Public “Friends, Family and Real Innovators” Round: Starting on April 3rd, 13:05 GMT and lasting for 3 days [72 hours] until April 6th, 13:05 GMT (during this period, 1 ETH contribution will receive 1000 AE tokens).
  • Phase 2 — Public “Early Adopter” Round: Target date is 45 days after first round; Duration: 3 weeks (Week 1: 1 ETH contribution receives 750 AE token, Week 2: 1 ETH contribution receives 700 AE token, Week 3: 1 ETH contribution receives 650 AE token).

There will be 45 days in between phase 1 and phase 2. During this incubation period the team will organize hackathons, meetups and at least one conference, bringing together the community in every continent of the world to hack on æternity. The best teams and projects will be supported by the Æternity Open Source Foundation, which is in formation process.

The post Aeternity introduces innovative smart contracts interfacing with real world data appeared first on Bitcoin Garden.

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