Aeternity Blockchain is a public, open-source blockchain platform that was launched in 2017. It is designed to address some of the scalability and usability issues associated with existing blockchains. The Aeternity platform focuses on three main areas: oracles, smart contracts, and state channels.
Oracles are software programs that can be used to connect real world data to the blockchain. Oracles allow developers to create applications that interact with off-chain resources such as APIs or web services. By connecting these external sources of information, developers can create more secure, reliable smart contracts as well as build innovative dApps (decentralized apps).
Smart contracts are self-executing agreements between two parties written in code on the blockchain network which guarantee certain outcomes when conditions are met. Smart Contracts enable users to exchange money and other assets without the need for an intermediary party like a bank or lawyer since all terms are automatically enforced by computer code run through consensus algorithms on the Aeternity Network .
State channels are secure two way communication networks between multiple participants built directly into Aeternity’s protocol layer. This allows users to securely communicate with each other while also ensuring trustless execution of transactions without needing every transaction broadcasted onto the blockchain itself — thus increasing transactional speeds significantly over traditional blockchains while maintaining security measures implemented in them .
Finally , Aeternity implements its own native token called “AE” which is used for staking (in order for nodes to maintain consensus), facilitating transactions across its network , and rewarding miners who add blocks onto it’s chain .
