Aeternity Platform’s Crypto Mined With Smartphones
Aeternity is a platform utilizing new blockchain technology that was founded by Yanislav Malahov and developed in 2016. Aeon (AE), the cryptocurrency used on the platform, hit markets in June 2017 and now has trading volume of several million dollars every day and a market cap of $328 million. This makes it the 38th largest crypto in terms of market cap, suggesting it is very popular and important to know about if you are a trader, investor, or crypto-enthusiast in general.
Aeon originated as a token on the Ethereum blockchain that was distributed via a smart contract initial coin offering (ICO). But after this genesis block, Aeternity began its own blockchain, which is maintained and secured by proof- of-work (PoW) and proof-of-stake (PoS) mining. The PoW mining uses a special variant called Cuckoo Cycle, which allows even smartphones to mine Aeon, thus helping to increase decentralization of the network even more.
Integrating Oracles Onto A Blockchain
The popularity of Aeternity and the value of its cryptocurrency Aeon stems from its unique blockchain-based technology. It is perhaps one of the first blockchains to integrate oracles, which are objects that are connected to real-world data and can be questioned to determine the settling of smart contracts. Oracles can know things like commodity prices, stock prices, election results, weather, and anything else in the world that has a live data feed.
By combining smart contracts with oracles, Aeternity provides the framework for its own futures market and gambling platform. So, users can bet on future events and earn money if they are correct. The futures market and gambling that will occur on Aeternity is decentralized, giving users peace of mind that their profits will always come through and can’t be tampered with. This is far better than decentralized platforms, where the person running the platform can manipulate the data stored in it and freeze funds.
Off-Chain Smart Contracts
Another new technology introduced by Aeternity is that smart contracts are conducted off chain, allowing rapid back and forth between parties. When there is a dispute, it is handled on the blockchain to ensure no one gets ripped off, and payments are only released if both parties agree during an automated process that allows enough time for each party to respond.
An unregulated and decentralized futures market like this has the potential to be a major boost to the economy and should gain widespread use. Moreover, it provides more freedom and opportunity compared to centralized futures markets that are already established. As activity on this platform increases, the price of Aeon will likely increase in the long run. That’s because Aeon is needed to pay for using the network and is the only accepted form of payment for smart contracts.
Please note that the purpose of this article is not to give investment advice or influence any investment related decisions. It’s only meant to inform crypto enthusiasts and promote awareness. Always consult a qualified investment professional before investing.