What is Aeternity Blockchain?

Aeternity Blockchain Meaning:

Aeternity Blockchain - a blockchain network that operates on a hybrid PoW/PoS consensus protocol.

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Let's find out Aeternity Blockchain meaning, definition in crypto, what is Aeternity Blockchain, and all other detailed facts.

Aeternity blockchain works on a hybrid PoW/PoS consensus protocol and aims to provide exceptional efficiency, solutions to scalability issues, and transparent governance. Aeternity provides its users with the efficiency of private blockchains and the security of the public ones. Besides, the hybrid approach used by this blockchain allows smart contracts and oracles to process data off-chain, resulting in enhanced privacy, lower fees, and faster transactions.

Aeternty blockchain is being developed by a team led by Yanislav Malahov, who has been involved in blockchain technology since its inception and was one of Ethereum's first contributors. The major aim of Aeternity is to address scalability and privacy issues. They use the hybrid approach that combines off-chain and on-chain solutions to do this. Further improvements on governance, privacy, and scalability are planned in the future development of Aeternity.

Besides, Aeternity happens to be one of the blockchains that use the decentralized oracle network. A decentralized oracle is a piece of software that serves as a link between the blockchain and the world around it. Smart contracts require oracles in order to connect with other networks like Bitcoin and Ethereum.

Smart contracts can’t access data from the outside of the blockchain due to the nature of blockchains. Therefore, oracles are used to access that external data (such as information about sporting event results, weather conditions, flight times, etc.) and submit it in the form of a transaction to a smart contract. Thus, oracles act as a gateway between off-chain data and on-chain applications.

For instance, if you use a smart contract to bet on a sporting event, you can use an oracle to automatically trigger payment after the event is over. The oracle would then go out into the real world and obtain the game's outcome, which it would then input back into the smart contract so that funds could be released accordingly.

The fast success of Aeternity is largely due to its mobile-first design approach. It is becoming an appealing network for DApps developers because it uses cutting-edge technologies to deal with blockchain scalability problems.

blockchain technology<\/strong><\/a> has posed the perfect example of a positive adoption curve. Prototypical technology of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptography/">cryptographic security<\/strong><\/a> modeled as a chain has been available since the 1990s.<\/p>\nHowever, the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-whitepaper/">whitepaper for a blockchain that the current model is based on was written and published by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-satoshi-nakamoto/">Satoshi Nakamoto<\/strong><\/a> in 2008. The <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-genesis-block/">genesis block<\/strong><\/a> of this blockchain model was mined in 2009.<\/p>\nBlockchain technology progressively became more widely known and available to users who started adopting it for a variety of utilities. By 2022<\/strong>, about 90% of <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a>, the cryptocurrency built on the initial blockchain, has been mined.<\/p>\nThousands of other blockchains have been developed and launched using this technology, demonstrating the increasing pace of the adoption curve. As of March 2022, the total number of blockchain-based cryptocurrencies exceeds 18,000. This demonstrates the tremendous pace of the blockchain adoption curve.<\/p>","definition":"the pace and difficulty required to adopt a new technology.","status":"published","updated_at":"2024-04-08T10:53:41.000000Z"}" :model="{"id":837,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Blockchain","level":"medium","section":"A","keyword_en":"Aeternity Blockchain","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","slug":"what-is-aeternity-blockchain","title":"What is Aeternity Blockchain?","keyword":"Aeternity Blockchain","content":"Aeternity blockchain<\/strong> works on a hybrid <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">PoW//PoS consensus protocol and aims to provide exceptional efficiency, solutions to scalability issues, and transparent <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-governance/">governance. Aeternity provides its users with the efficiency of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-blockchain/">private blockchains<\/strong><\/a> and the security of the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-public-blockchain/">public ones. Besides, the hybrid approach used by this blockchain allows <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-oracles/">oracles to process data off-chain, resulting in enhanced privacy, lower fees, and faster transactions<\/strong>.<\/p>\nAeternty blockchain is being developed by a team led by Yanislav Malahov, who has been involved in blockchain technology since its inception and was one of Ethereum's first contributors. The major aim of Aeternity is to address scalability and privacy issues. They use the hybrid approach<\/strong> that combines <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-off-chain-transaction/">off-chain and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-on-chain/">on-chain solutions to do this. Further improvements on governance, privacy, and scalability<\/strong> are planned in the future development of Aeternity.<\/p>\nBesides, Aeternity happens to be one of the blockchains that use the decentralized oracle network. A decentralized oracle is a piece of software that serves as a<\/strong> link between the blockchain and the world around it. Smart contracts require oracles in order to connect with other networks like Bitcoin<\/strong> and Ethereum.<\/p>\nSmart contracts can’t access data from the outside of the blockchain due to the nature of blockchains. Therefore, oracles are used to access that external data (such as information about sporting event results, weather conditions, flight times, etc.)<\/em> and submit it in the form of a transaction to a smart contract. Thus, oracles act as a gateway between off-chain data and on-chain applications<\/strong>.<\/p>\nFor instance, if you use a smart contract to bet on a sporting event, you can use an oracle to automatically trigger payment after the event is over. The oracle would then go out into the real world and obtain the game's outcome, which it would then input back into the smart contract so that funds could be released accordingly.<\/p>\nThe fast success of Aeternity <\/strong>is largely due to its mobile-first design approach. It is becoming an appealing network for <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-applications-dapps/">DApps developers because it uses cutting-edge technologies to deal with blockchain scalability problems.<\/p>","definition":"a blockchain network that operates on a hybrid PoW\/PoS consensus protocol.","status":"published","updated_at":"2024-04-08T10:55:28.000000Z","author":{"id":1,"user_id":1,"image_id":2641,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-02-29T07:19:25.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.<\/p>\nWith close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\nAaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\nAaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","referral_token":"05TMu2NysXOCn525","referred_by":null,"last_connected_at":"2024-04-09T08:14:54.000000Z","created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-04-09T08:14:54.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"is_updated":null,"image_url":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","image_url_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"created_at":"2024-03-29T15:17:14.000000Z","updated_at":"2024-03-29T15:17:14.000000Z","title":"Blockchain","crypto_book_sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published"},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published"},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published"},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published"},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published"},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published"}]},{"id":2,"is_updated":null,"image_url":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","image_url_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"created_at":"2024-03-29T15:17:14.000000Z","updated_at":"2024-03-29T15:17:14.000000Z","title":"Cryptocurrencies","crypto_book_sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published"},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published"},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Analysis","crypto_book_sections":[{"chapter_id":8,"order":1,"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","status":"published"},{"chapter_id":8,"order":2,"slug":"best-technical-analysis-indicators-for-crypto","title":"Crypto Technical Analysis Indicators You Must Know About","status":"published"},{"chapter_id":8,"order":3,"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","status":"published"},{"chapter_id":8,"order":4,"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","status":"published"},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published"},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published"}]},{"id":9,"is_updated":0,"image_url":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","image_url_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"created_at":"2024-03-29T15:17:14.000000Z","updated_at":"2024-03-29T15:17:14.000000Z","title":"Mining","crypto_book_sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published"},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo Mining?","status":"published"},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published"},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published"},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published"}]},{"id":10,"is_updated":0,"image_url":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","image_url_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"created_at":"2024-03-29T15:17:14.000000Z","updated_at":"2024-03-29T15:17:14.000000Z","title":"Crypto Terms","crypto_book_sections":[]}]" current-chapter="A" current-section="what-is-aeternity-blockchain">

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