About Aeternity (AE)weiss-badge

Overview

Aeternity (AE) is a smart contract platform designed to process transactions 'off' the blockchain with high efficiency, transparent governance, and global scalability. Aeternity seeks to answer the current challenges blockchain technology faces with unique governance in the form of a futarchy, hybrid consensus, state channels, and decentralised oracles.

Technology

Aeternity smart contracts are used only inside off chain state channels, which allows the exchange of value with anybody in a trustless way. Users interact privately, and businesses have their records stored off-chain (not open to the public). Decrentalised oracles connect public real-world data with smart contracts. If a smart contract depends on information, the oracle can provide tamper-proof public data and execute the smart contract accordingly. Consensus is achieved via hybrid Proof-of-Work (Pow) and Proof-of-Stake (PoS) algorithms. The 'Cuckoo Cycle' PoW promotes the advancement of better, random access memory (DRAM) chips. Further, hybrid consensus enables smartphones to mine new tokens, delivering unparallelled decentralisation efficiently. Aeternity's futarchy governance is unique, where miners vote and token-holders bet to make decisions together. On-chain market predictions project information available to the network as one single number between 0-1. This number is used to suggest to miners which version of the blockchain to mine on, the same mechanism is used to ensure the information publicised by the oracle is correct.

Future Focus

Aeternity looks to continue focusing on ensuring privacy for users and businesses, with private transactions and off-chain smart contracts. Security and decentralisation are two factors Aeternity want to provide for its users moving forward, with the goal of eliminating every possible point-of-failure. Finally, Aeternity intends to ensure leverage over state channels to run smart contracts to become the most efficient blockchain. For more information regarding Aeternity visit their official site or Whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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