Aeternity

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Aeternity is аn open-source decentralized apps platform utilizing next generation, highly scalable, public blockchain technology. Its off-chain smart contracts use real-world and real-time data by interacting with built-in oracles.

Aeternity is envisioned to be an open-source, distributed computing platform that builds upon public blockchain technology. æternity’s primary goals are to deliver unmatched efficiency, transparent governance, and global scalability. Its decentralized consensus mechanism is being developed considering cost-efficiency.


Contents

ConceptEdit

æternity is a scalable blockchain platform that enables high bandwidth transacting, purely-functional smart contracts, and decentralized oracles. [1]

HistoryEdit

æternity was founded by Yanislav Malahov in 2016.

æternity’s technology aims to tackle some of the most pressing issues current blockchain systems are facing, namely scalability and decentralized consensus.

Technical featuresEdit

Programming complex relationships for a large number of users, æternity can handle a large number of decentralized applications and value transfers with ease. It scales by using a unique state channels approach that enables off-chain execution of transactions and smart contracts.

State channels
The outstanding scalability of æternity is achieved with state channels technology. It allows for transactions and smart contracts to be executed off-chain and thus not overloading the network. It is not necessary for a smart contract to exist on-chain for it to be enforceable and secure. At the same time, millions of transactions can be processed much more efficiently, since they are executed off the blockchain. State channels allow micro- and nano-payments to be executed much more quickly and cost-effectively. Moreover, only the peers involved in the value transmission or who own the smart contract code need to know any details about the transaction, thereby significantly increasing the level of privacy. Any dispute between the parties can be quickly settled by announcing the last mutually agreed state of off-chain interaction on the main chain (on-chain).

Aerernity logo.png

Moving load away from the blockchain also allows for parallel and even partial execution of smart contracts, increasing system scalability and flexibility dramatically.

Based on Erlang
æternity is being built on Erlang, a functional programming language that has been used in telecommunications for more than three decades. Erlang has proven to be well suited for distributed systems with high-fault tolerance, running highly available applications. It excels in scalability, stability and is easy to upgrade, even on running systems. These characteristics make Erlang uniquely suitable for blockchain.

New smart contract programming language
æternity introduces a new smart contract language that supports formal verification and allows the writing of simpler and much safer code. The virtual machine accommodates compiled Solidity smart contracts, so Ethereum-centric developers can easily start building decentralized applications for æternity.

Unique consensus mechanism and governance
æternity has a unique distributed consensus model, combining both Proof-of-Work (PoW) and Proof-of-Stake (PoS). It utilizes an ASIC-resistant, memory-bound and power efficient PoW called Cuckoo Cycle, enabling faster than 15 second block times. The PoS mechanism is used for governance and allows every AE token holder to vote on system values such as block size, fees, and forks.

Oracles
With a view on increased smart contract utility, æternity is implementing integrated oracles, which can be used to request and access real-world data from various providers. The PoS consensus mechanism is used to check the validity of answers and imbue them in the blockchain, making them available to anyone.

Integrated naming system
æternity features an integrated naming system that could revolutionize the user experience when dealing with wallet addresses in much the same way as human-readable website addresses revolutionized the internet.

æpps
æternity is being built with the user and developer in mind. Following a mobile-first approach, something uncommon to most blockchain projects, the team aims to produce easy-to-use, intuitive applications that the average user will feel comfortable interacting with. To help developers feel more comfortable with æternity, useful developer tools will be available on mainnet launch. The goal is to make devs build decentralized apps on top of æternity and contribute code to the core blockchain. The development of essential æpps such as an identity manager, blockchain explorer, voting app, and immutable proof generator is in progress.

AE token
æternity’s underlying value token is the AE. It is at the center of æternity's blockchain economy and ecosystem. The token can be transferred between participants in the network and used as a reward for mining efforts, as well as fuel for smart-contract and transaction execution. AE is also vital for the system governance. Any AE token user has a say in the future of æternity. AEs are considered votes in the PoS decision-making process that fine-tunes fundamental system variables. This allows for transparent on-chain governance and enables æternity to evolve technologically, matching the speed of user demand.

Finally, all components mentioned above are native features of the æternity system. They are not meta layers on top of a blockchain (like Lightning, Raiden, Plazma, Oraclize, etc.), but parts of the core protocol. This ensures unmatched efficiency and significantly reduces the cost of running smart contracts and facilitating transactions.

The launch of the æternity mainnet is scheduled for Q2 of 2018.

Team of the projectEdit

Yanislav Malahov - Founder
Having exchanged ideas and pursued blockchain endeavors with many of the greatest minds, Yanislav is a true veteran of the blockchain space. He envisioned to have powerful algorithms on blockchains back in 2013. Having worked together with Vitalik Buterin on a project now called ascribe.io - now, with the advent of æternity, another of his visions is becoming reality.

Marion Vogel - Director
Being intrigued by the magic of blockchain technology since early 2014, Marion is especially interested in connecting the dots between technology and the growing community. Research on the socioeconomic impact, spreading the word and taking care of handling æternity's operations efficiently is where she performs best. Previously she worked in marketing and business development in Silicon Valley.

Nikola Stojanow - Chief Business Development Officer
As a multi-national Business Development Executive with experience working in Germany, Eastern Europe, MENA, Asia and Pacific, Nikola is the go-to person for strategy and business development. For almost a decade he has developed and consulted numerous international projects and has recently been introduced to the unlimited possibilities of blockchain technologies.

Emin Mahrt - Chief Operations Officer
As the founder of the publishing media company Proud, a Restaurant named Beuster and two tech start-ups called Dropspot and Abend, Emin has been an active entrepreneur since 2008. He is a C-level IT product and Engineering Manager. Within the blockchain space, he is an early adopter, an ex-Bitcoin miner, and investor in Ethereum. Emin is the CPO and operations manager for æternity blockchain.

Sascha Hense - Lead Engineer
Sascha began programming 20 years ago and has spent the last 10 years working as a software engineer and lead architect. He was introduced to Bitcoin in 2011 and was immediately captivated by the diverse range of fields converging in blockchain technology. He has been absorbing as much knowledge as possible about blockchains and decentralized systems ever since.

Ulf Wiger - Erlang Developer
Ulf Wiger became one of the first commercial users of Erlang when he bought a license in 1993. In 1996, he joined Ericsson and became Chief Designer of the AXD 301 development, arguably the most complex system ever built in Erlang. In recent years, Ulf has been involved in products based on the AXD 301 architecture and has been an active member of the Open Source Erlang community. In February 2009 he became CTO of Erlang Solutions and is currently working to develop the æternity blockchain.

Erik Stenman, PhD - Erlang Developer
Erik has been programming for fun since 1980, and for profit since 1989 when he started his first development company. One of the driving forces behind the High Performance Erlang project (HiPE) from its start in 1996, in his Ph.D. work he implemented an efficient native code compiler, compiling from the Erlang VM BEAM code to native machine code. Erik built up the Engineering Department at Klarna from the start. In his limited spare time, he is writing a book about the Erlang Runtime system.

Tobias Lindahl - Erlang Developer
Tobias is an Erlang expert with experience ranging from architecting and implementing large scale high availability systems to deep diving in the Erlang language implementation. Formerly a researcher in program language design and static analysis at Klarna, Tobias pushed the boundaries of what an Erlang system can do to keep up with extreme growth. Tobias is a member of the core development team, implementing the Ethereum VM in Erlang to run Solidity contracts on the æternity blockchain.

Thomas Arts, PhD - Erlang Developer
Thomas is a senior scientist and Erlang expert. He worked together with Joe Armstrong, the inventor of Erlang, at Computer Science lab in the 1990's. He holds over 20 years of experience in programming Erlang, as well as strong scientific experience, accompanied by an ability to read and understand scientific papers in theoretical computer science. Thomas has the ability to translate scientific theory into practical applications. He is one of the main developers of the QuickCheck testing tool.

Hans Svensson, PhD - Erlang Developer
Hans has more than 15 years experience in Erlang programming. He is the author of multiple papers with concurrency as the theme. He holds a PhD in testing leader election protocols. Hans is an Expert in model checking concurrent programs. He implemented CAN and LIN protocols. He is a QuickCheck expert: Tested SSL, Riak, automotive protocols, telecom protocols and distributed systems and also implemented the semantics of Erlang and knows the VM corners.

Ulf Norell, PhD - Developer
Ulf is an expert programmer and the brain behind the Agda programming language. He has over ten years experience in Erlang and implemented several challenging parts of Quickcheck and tested Riak, Ejabberd, TCP/IP, sidejob as well as distributed systems, deemed difficult to test. Ulf holds a PhD in computer science and is an expert in reading scientific papers, understanding the concepts in them and implementing them in any language.

John Hughes, PhD - Developer
John received his PhD from the University of Oxford for his thesis "The Design and Implementation of Programming Languages" in 1984. He is a member of the Functional Programming group at Chalmers, does research in the field of programming languages and is the author of many influential research papers on the subject, including "Why Functional Programming Matters". John is one of the developers of QuickCheck, as well as co-founder and CEO of QuviQ.

Michal Zajda - Erlang Architect
Michal is a hands on engineer with a successful track record working on the hottest projects of the last few years. He has been responsible for the architecture, scalability, and performance in systems behind RTB markets, Mobile Chat apps, and IoT systems that currently serve hundreds of millions of customers. He will support our effort to use Erlang technology in order to deliver a state of the art blockchain.

Emil Wagner - Æpps Lead
Emil is the founder of the design and development studio Ape Unit and has been realizing app and web-app projects for companies such as Sony, Telefonica, VW and Montblanc for several years. Thrilled by the opportunity to make blockchain technology accessible for everyone, he is currently creating the foundation for new business models and applications based on the disruptive potential of the æternity blockchain.

Stoyan Vasilev - Design Consultant
Stoyan is a seasoned entrepreneur, whose specialty lies at the intersection of technology, design, and business. To date he has co-founded 4 startups, lead his own digital agency for 5 years in NYC, and held roles as Director of Technology, Product Lead, and CTO. Having worked on projects in San Francisco, New York, Los Angeles, and Berlin, Stoyan is lured by the disruptive potential of blockchain technology and its implications for globalization.

John Newby - Æpps Developer
John has been working with the internet since the mid-90s. Initially as a programmer, then as the technical director of BeatThatQuote.com, until its sale to Google. After leaving Google, John formed LShift Berlin, which was sold to Oliver Wyman. Over the years he has coded in C, C++, Perl, Java, Ruby, Visual Basic, PHP, and more. John is now taking care of æternity's developer tools and needs.

Phillipp Piwowarsky - Erlang Developer
Phillipp is a long time blockchain enthusiast and software developer. He loves bringing his passion and knowledge into developing scalable and innovative solutions, as well as educating others about blockchain technology.

Anton Andonov - Developer
Anton has a background in Theoretical Physics and extensive experience in IT. He is the Head of the Computer Science Laboratory at IAPS and has a wide range of interests in Informatics and Physics.

Vladislav Dramaliev - Marketing and Community Manager
Vlad is a digital marketing analyst and Bitcoin entrepreneur. He is the founder of BitHope.org, CryptoCrowd.org, and the Bitcoin/Blockchain meetup in Sofia, Bulgaria. He co-founded the Bulgarian Bitcoin Association and the first website for bitcoin exchange in the country. Fascinated by technology, Bitcoin, blockchains and the future, Vlad is also a member of MENSA.

For a full list of team members, please visit æternity’s website.

Community linksEdit

Coming eventsEdit

A list of upcoming events can be found on æternity’s blog: https://blog.aeternity.com/past-and-future-events-list-7eaec9dd6253

Interesting factsEdit

Æternity’s founder is considered the “Godfather of Ethereum”. [2]

See alsoEdit

ResourcesEdit

ReferencesEdit


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