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What Is Aeternity?

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Jan 20, 2023
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5 min read
what-is-aeternity

This blog post will cover:

  • What is Aeternity (AE)?
  • Where did Aeternity (AE) come from?
  • What are the advantages of Aeternity (AE)?
  • What are the disadvantages of Aeternity (AE)?
  • How to exchange crypto on SimpleSwap?

What is Aeternity (AE)?

Aeternity is a scalable blockchain platform that allows increasing the speed of transactions, also includes functional smart contracts and decentralized oracles. The goal of the project is to increase the scalability of smart contracts and DApps. This is achieved due to the fact that smart contracts are carried out beyond the boundaries of the blockchain and executed in private state channels, and only participants of the same contracts have access to them. The concept is similar to the Lightning Network technology used to scale up transactions.Similarly, Aeternity creates an add-on over the standard blockchain, which will significantly increase the throughput in the processing of smart contracts. The Aeternity development team, using an innovative approach to storing Turing complete contract code in state channels, was able to facilitate the analysis and reduce the processing time of a smart contract. This technology improves scalability because all transactions become independent and can be processed simultaneously. Aeternity uses the Turing virtual machine with MAST (Merklized Abstract Syntax Trees) to process smart contracts. In Aeternity, smart contracts are represented by simple functions in the form of financial agreements that distribute funds in accordance with established rules. MAST allows you to secure in the blockchain only that part of the smart contract that is necessary to enable its work, which makes it possible to increase scalability and privacy.Users need Aeternity (AE) coins to work with the Aeternity blockchain. In addition, platform-based financial applications are based on the AE coin. All commissions and settlements in smart contracts are carried out in AE coins.

Where did Aeternity (AE) come from?

The founder of the Aeternity project is an Ethereum co-developer, Yanislav Malahov, who started in 2013 developing algorithms for blockchains.Marion Vogel, who used to work in the field of marketing and business development in Silicon Valley, is the Director of Aeternity.In addition, the development team includes people who helped to develop the Augur project.In 2017 the successful ICO of the Aeternity coin (AE) was held. 24 million dollars were raised.The project was started as an ERC-20 token to facilitate the round of ICO funding, but it became a fully implemented blockchain when the network was launched in mid-2018. Each step was followed by a planned blockchain hard fork that carried coins and introduced improvements and new features. For transparency of this migration process, developers provided a special smart contract.

What are the advantages of Aeternity (AE)?

  • Actual development environment
    
    Smart contracts are in demand and are becoming more widespread.
  • Highly qualified team
    
    The Aeternity team has already had the experience and a reputation in the Crypto community.
  • Active integration of new ideas
    
    Developers are constantly trying to improve their platform.
  • Support for mobile devices
    
    Only a few platforms can offer cryptocurrency mining on smartphones.
  • Decentralized and safe work environment
    
    All conditions for successful transaction processing are provided.
  • Network scaling
    
    It increases the opportunities for working with smart contracts.

What are the disadvantages of Aeternity (AE)?

  • The long period running
    
    The project during the development period lost the benefits of an innovative pioneer. More than 3 years have passed since the launch of the project, competing projects don’t slow down the pace of development.
  • Temporary lack of ecosystem use
    
    Currently, the project is not used at full capacity.

How to exchange crypto on SimpleSwap?

Interested in cryptocurrencies and want to purchase some? You could use SimpleSwap. Here is a short instruction on how to do that:

  • For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
  • Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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