Æternity, a Liechtenstein-based startup developing a blockchain for scalable smart contracts, today starts phase two of its contribution campaign. Beginning at 13:05 GMT, it is capping the number of contributions at 21 million Swiss francs (CHF) in ETH and BTC. Once this cap is reached, contributions will be accepted for just six more hours.
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“We’re very pleased that our vision for a scalable smart contract platform is shared by so many contributors so far, and look forward to introducing Æternity to a broader audience through our Phase Two contribution,” said Yanislav Malahov, founder of Æternity.
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 of 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 of functionality.