Æternity, a Liechtenstein-based startup which recently won an award for its new blockchain for scalable smart contracts, has set its AE token sale to launch on March 31. AE are the access tokens to the network, acting as a unit of account for the resources spent and providing the energy for applications implemented on the platform.
The developers say that Æternity’s built-from-scratch blockchain provides unprecedented security and decentralization, improving governance, scalability, scripting safety, and access to data.
In contrast with the approach of Ethereum, Æternity believes that storing all the application’s code and state on-chain does not work for the internet. It presents a highly scalable blockchain architecture with a consensus mechanism that is used to check the oracle, which is a term used to describe any independent data source that can connect with a blockchain through an API (which they call an ‘ÆPI’) .
They explain that this makes the oracle very efficient, because it avoids layering one consensus mechanism on top of another. State channels are integrated to increase privacy and scalability, while tokens in channels can be transferred using purely functional smart contracts that can access oracle answers. By not storing contract code or state on-chain, Æternity can make smart contracts easier to analyze and faster to process without substantial loss in functionality.
Æternity also aims to offer a set of applications (‘æpp-store’) where developers can use the decentralized oracle to build æpps that utilize smart contracts to implement better prediction markets, insurance, crowdfunding projects, game micropayments, and more.
“Æternity enables decentralized prediction markets on a global scale with a uniquely integrated oracle and governance system, which is something that’s never existed before,” said Yanislav Malahov, founder of Æternity. “We’re excited to demonstrate the powerful Æternity concept to the community through our upcoming AE token sale, and we look forward to collaborating with developers and organizations in the near future.”
The AE token on the Æternity blockchain will be pre-distributed via a smart contract on Ethereum, before the launch of the Æternity mainnet. Third parties enabling Bitcoin and fiat support are expected.