AETERNITY: The Oracle Machine | Amit Modi
- aeternity is a new type of Open-source, public, Blockchain-based distributed computing platform that innovates and expands upon existing platforms such as Bitcoin, Ethereum.
- Real-world data can interface with smart contracts through decentralized oracles. (An Oracle is a mechanism that tells the Blockchain facts about the real-world we live in e.g. the weather today, the closing price of Apple shares on a particular date, any sports event outcome or even humans life events (Death, birth, …). æternity’s oracle system uses the same consensus mechanism as the æternity Blockchain itself which means that it does not require a separate consensus layer on top of the æternity main-net).
- It provides a decentralized virtual machine which can execute scripts using an international network of public nodes all connected to the Blockchain and through state channels.
- æternity also provides a value token called “æternity token”, which can be transferred between participants and is used to compensate participant nodes for computations performed. “æternity token”, are used to pay for space and computation time on the Virtual-Machine and prevents spam on the network while allocating resources (Storage & Computation time) proportionally to the incentive offered by the request.
- Aeternity’s main mission right now is to become better Ethereum with faster smart contracts.
- æternity’s Blockchain architecture with a Hybrid Proof-of-Work (POW) & Proof of Stake (POW) consensus mechanism. is primarily built for privacy and scalability. The Blockchain here only intervenes if the verification in the channels fails, or there is a dispute, acting like a crypto-court.
- in order to become scalable, Aeternity will store a lot of data off-chain, in state channels.
- Aeternity wants to solve the problems of scalability, decentralized providers of real world data, oracles, governance, and scripting safety.
- It is like lightning network in Bitcoin or Raiden network in Ethereum. Also, they will use Chalang as the language of smart contracts.
- Aeternity will use hybrid version of POS and POW. POW will be based on the Tromp’s Cuckoo Cycle, which is a form of ASIC mining, it will be more efficient than current Bitcoin mining in terms of electricity consumed. POW will be responsible for block order and issuance of new Aeons.
- Aeternity will also be mined, so there is going to be inflation. The % is still not settled. Inflation leads to the erosion of value.
- Crowdsale: Aeternity has already had ICO in April on Ethereum, but at the end, those Aeons on Ethereum, as I understand, will be converted later into Aeons on Aeternity blockchain.
ICO, which happened in April, was phase one. It collected 121 thousand ethers, which is a lot now in USD terms. Project will distribute 82% to investors, and the ICO will end when it will reach 21 million francs. Founders will get 17% of tokens. Allocation of funds will be disclosed later but the founders want to concentrate on hiring a lot of new blockchain developers .