How will blockchain technology enter the mainstream?

in blockchain •  13 days ago

There is no doubt that we are living in a digital and a fast growing world, and blockchain is the world’s leading software platform for digital assets. Using new technology to build a better financial system, blockchain platform production is key, when it comes to decentralization, low costs, scalability, transparent. The cryptospace is currently filled with government officials, investors and different businesses moving over to a new mainstream.

We know cryptospace is still young and it might be lacking in some places, and if its not addressed it would not be evident, i have a good news for you, the aeternity blockchain is already solving those problems associated with the cryptospace, lets dive in, lets see what we can gonna achieve after going through it.

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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 its vision encompasses to eliminate inefficiencies in the crypto market by increasing scalability of smart contracts and dApps, sharding, and off-chain contract execution, because some blockchain have some problems with scalability and all the rest, and if this are not addressed would cause problem for the market. 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.

Aeternity is a new blockchain technology, designed to deliver unmatched efficiency, transparent governance and global scalability.

The aeternity blockchain is alo involved in crowdsourcing real Life solutions to address business and social problems and to build a blockchain developer community that generates sustained growth. The blockchain embraces everyone to come onboard, whether you are techy or not, so far you have something to offer, its welcome by the blockchain.
well, lets listen to what this guy has to say about aeternity.


Just a brief intro what Aeternity is all about



Aeternity Blockchain Technology

a blockchain architecture that is scalable, governable and programmable
(en) Learn more about our technology in the Æternity protocol repository on GitHub, we would be reviewing the technology of Aeternity and how it works.

Aeternity Technology
How it works
INDUSTRIAL CLASS CODE industrial-grade-code-base-01.pngThe source code of our blockchain is written in Erlang, which makes it easy to write distributed, fault-tolerant, real-time, and highly available applications. Erlang is the perfect choice to write a blockchain from scratch, allowing you to achieve stability and superior operational performance.
TOKEN AE ae-token-01.pngThe AE are the access tokens to the æternity network and act as a unit of account for the resources spent in æternity. In addition, æons are the energy for each application implemented on the platform. The initial amount of AE for the genesis block will be determined by an Intelligent Contract in Ethereum.
STATE CHANNELS state-channels-01.pngState channels allow highly scalable, non-trustworthy value transfers and purely functional and easily verifiable intelligent contracts. State channels support large volume of transactions without any effort. Execution and decisions occur outside the chain. In other words: They are running next to the main chain and the blockchain acts as a crypto cut in case of a dispute.
ORACLES oracles-01.pngA crucial characteristic for most contracts, whether encoded as text or as a code, is the ability to refer to environmental values. The æternity Oracle Machine delivers information from the real world to the blockchain. Each user can ask questions about the environment. Everyone can respond. The consensus mechanism comes into play in case of disagreement.
SCRIPTING LANGUAGES scripting-languages-01.pngAeternity has a high-level, OCaml based scripting language, Sophia, which can be formally verified, and a simpler language, Varna. Both natively support aeternity's first-class objects, such as contracts and oracles. While Sophia is more sophisticated, the gas usage of Varna contracts can be estimated at compile time. Powerful, sophisticated contracts can be executed in both languages.
NAMES (DNS) ns-01.pngOn the same Namecoin line, Aaron Swartz's work, æternity features a user-friendly system that is decentralized and secure, while supporting humanly friendly and easy-to-remember names. The state of the blockchain includes a link between humanly readable text strings and arrays of bytes of specific size, which are individually modifiable.
ACCOUNTS AND IDENTITY accounts-and-identity-01.pngThe æternity accounts are without permission, but still allow modifications through the schema.org semantic web scheme.


How do æternity’s tech features and æpps enable mainstream success?

Scalable Tech & Aepps

For bitcoin and ethereum to compete with more mainstream systems like visa and paypal, they need to seriously step up their game when it comes to transaction times. While paypal manages 193 transactions per second and visa manages 1667 transactions per second, Ethereum does only 20 transactions per second while bitcoin manages a whopping 7 transactions per second! The only way that these numbers can be improved is if they work on their scalability.

Scalability, right now, is the largest problem that Bitcoin and Ethereum and some other blockchain are facing right now. They have lighting and sharding where as æternity has state channels which are essentially peer to peer private transactions that happen off the blockchain. Which means no transaction costs and immediate transfers. And the way I see this is that, lighting and sharding are something bitcoin and ethereum are adding to their network while æternity will have it available from day one. With state channels there’s no limit to the amount of transactions that can happen at once.

A very usefull æpp within bæse is the Proof æpp. It allows you to timestamp documents, pictures, music or videos on the æternity blockchain. This way you can always prove your ownership of your intellectual property through the hash which is included on a mined block on the blockchain. You can prove it by repeating the same process and showing that exactly the same hash is created. If there is anything different in the hash, the original file you timestamped was modified or manipulated.

Some use cases of Aeternity blockchain

Tokenized trust infrastructure based on machine learning
Electricity network governance for supply companies and cooperatives
Intellectual property management for artists and creators
Tokenized trust infrastructure based on machine learning
Electricity network governance for supply companies and cooperatives
Intellectual property management for artists and creators

Decentralized Nature.

A network of state channels allows us to exchange value with anyone in the world without having to entrust the money to anyone. The participants exchange privately with each other. Businesses have their records outside the chain and not in public. The participants have infinite instantaneous transactions, limited only by the speed of light. Participants can handle use cases that require high volumes of transactions.

State Channels
Smart contracts only exist within state channels outside the blockchain. The code of intelligent contracts is only executed by the blockchain in cases of disagreements.

What happens if compliance with an intelligent contract depends on weather conditions or other public information? The oracle can provide tamper-proof public data and execute it accordingly. Results of elections, prices of assets such as gold, weather conditions play a crucial role for many business applications. With other blockchains, an oracle is a point prone to failure. The oracles, which were previously bad for decentralization, in æternity are completely decentralized.
An oracle machine connects smart contracts with real-world information. The oracles are categorically more powerful than the Turing-Complete computational models.

Consensus
The Aeternity consensus is achieved through an innovative hybrid algorithm between Work Test (PoW) and Proof of Ownership (PoS). Science has proven the effectiveness of the use of prediction markets to aggregate information. The consensus is achieved through an innovative hybrid algorithm between Work Test (PoW) and Proof of Ownership (PoS). The "Cíclo Cuckoo" Work Test algorithm is more energetically efficient and indirectly useful, as it encourages the development of random access memory (DRAM) chips. The best part is that even smartphones will be able to mine new tokens efficiently, achieving unprecedented decentralization. The Proof of Ownership (PoS) is implemented through prediction markets in the blockchain, see Governance.

Unique Governance
æternity implements a form of futarchy, where miners vote and value holders bet to make decisions together. its not biased.

Privacy
In many business applications it is crucial not to keep your records in public. The Intelligent Contracts only touch the blockchain in case of disagreement between the parties, acting as a self-arbitrating cryptocorte.

Security
Our state-of-the-art cryptographic data structures and unrivaled decentralization deliver efficiency and eliminate every point prone to failure or hack, our developers are working 24/7 to ensure security on the aeternity blockchain.

Low Cost
By using state channels as the default way to execute Smart Contracts, æternity becomes the most efficient blockchain Turing Complete and thus allows new forms of monetization through its low cost transactions, many users prefer a blockchain with lost cost for them to execute their transactions, and aeternity steps in here.

User Friendly Aepps:
The Daepps are easy to use, even someone who is new to blockchain technology can use it and carry out some transctions, nice interface, graphics, available to download

Overall, I believe æternity shows much promise: the team is smart and well known in the space, their materials easy to understand and they eagerly listen to feedback. with all this technologies and daepps, we are ready for the mainstream, we are still looking for other problems and we are eager to solve them all, and we cant do all on our own, we need your help. join us today, join aeternity blockchain.
The Bæse æpp will be the first decentralized application executed on top of the æternity blockchain. It will include your æternity wallet, a voting æpp for governance decisions based on Proof-of-Stake, an identity manager to choose real names for your public key, your smart contract or an oracle, as well as as messaging service and a blockchain explorer for the æternity blockchain.


References:

1 https://www.aeternity.com/
2 https://www.aepps.com/
3 Aeternity whitepaper

Aeternity social media channels:
https://www.facebook.com/aeternityproject/
https://twitter.com/aeternity
https://www.reddit.com/r/Aeternity/
https://telegram.me/aeternity
https://www.linkedin.com/company/10988166/

The best way to contact us is on our forum:
http://forum.aeternity.com/

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Check Https://dev.aepps.com for anyone interested in starting to develop smart contracts and æpps on æternity.

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