Exploring the Aeternity Blockchain
Aeternity Blockchain is a blockchain network based on a hybrid consensus approach; both Proof of Work and Proof of Stake.
What is Aeternity Blockchain?
Aeternity blockchain is a hybrid PoW/PoS protocol that aims to provide high efficiency, transparent governance and solve scalability problems. The system will allow millions of users to take advantage of the best features of decentralized architectures, including the security of public blockchains and the efficiency of private blockchains.
One of Aeternity’s main goals is to solve a number of blockchain scalability and privacy problems. A team led by Yanislav Malakhov, who has been involved in blockchain technology since the early days and was one of the first Ethereum developers, is working on this.
Aeternity aims to improve some of the limitations of existing blockchains, especially related to scalability. It uses a hybrid approach that combines the capabilities of both on-chain and off-chain solutions. The team building the project also plans to introduce new features that will improve scalability, privacy and governance.
Aeternity is one of the blockchain networks using a decentralized oracle system. A decentralized oracle is a piece of software that acts as an interface between the blockchain and the outside world. Oracles are necessary for smart contracts to interact with other networks, such as Bitcoin and Ethereum. Because of the nature of the blockchain, smart contracts usually cannot access data from sources outside the blockchain.
Oracles serve to take data from the real world and transmit it directly to smart contracts on the blockchain (e.g., weather, flight times, sports scores). They mine external data and transmit it to a smart contract as a transaction. In doing so, they act as a link between the data outside the chain and the applications on the chain. For example, if you bet on a sporting event using a smart contract, you can use the oracle to automatically pay at the end of the event. The oracle will then go out into the real world, learn the outcome of the game and return that information to the contract so it can withdraw funds accordingly.