Æternity Blockchain Developers Plan to Take On Ethereum With Final Hardfork – Handing over Governance to the Community

boss

Popular open-source blockchain protocol Æternity is going forward with its LIMA hard fork, releasing the latest software to miners and handing over governance to the community. Æternity is one of the most active blockchain developer communities measured by code activity.

advertisementToken Agency

“æternity grew from a team of core developers to an ecosystem built by its community, for its community, which makes this protocol upgrade a step forward in the project’s mission. The launch of the on-chain governance system also marks a new era for æternity blockchain,” said Yanislav Malahov, Founder of æternity. “In addition, the FATE VM and improved state channels are part of the æternity community’s ongoing goal to create a user-friendly blockchain platform for building decentralized applications that scale.” 

The third major æternity protocol upgrade this year, LIMA adds a sophisticated, improved Virtual Machine, governance, and naming system to challenge Ethereum and other blockchain platforms.  Core developers proposed hard fork, LIMA software release to miners, who will mine or not mine fork of aeternity blockchain.

The LIMA protocol upgrade introduces the Fast Æternity Transaction Engine, or FATE, a Virtual Machine optimized for æternity smart contracts. This powerful Virtual Machine outperforms other blockchain networks with better efficiency and 10 times less gas consumption, giving developers the advantage of low fees, even when scaling quickly. 

This upgrade delivers improvements to state channels, in which the æternity network relies on power scalability. Built into æternity’s first layer, opening a lightweight state channel is a simple transaction, with computation completed by a trusted node. Once set up, state channel users do not need to pay fees or spend gas to execute smart contracts and transactions. All communications are private until published on-chain in the case of a dispute or after the closing of the channel. 

In addition, LIMA introduces æternity’s next level of decentralized governance and the completion of its full migration from Ethereum to the æternity blockchain. Initially created as an ERC-20 token on Ethereum, the AE token has now fully migrated to the æternity Mainnet. This was made possible in part by Generalized Accounts, which make æternity highly flexible and let developers create smart contracts that can verify transactions. 

The LIMA upgrade introduces an improved on-chain governance aepp. Since weak voter participation is a major challenge for many blockchain projects, the æternity community has introduced a delegated voting system to allow token holders to download or host a simple, mobile-optimized blockchain application to propose votes or participate in the voting process. 

Lastly, the LIMA upgrade launches the official æternity naming system, .chain. Names will be auctioned and can be mapped to any address on æternity blockchain, in the network and beyond. They do not rely on a second-layer solution like other platforms and can be used within smart contracts to point to accounts that represent accounts, oracles, and state channels. 

æternity is a public, open-source blockchain protocol that enables a platform for next-generation decentralized applications and high scalability. Its core components are written in the functional programming language Erlang, and its smart contracts are also functional. Unlike other blockchain platforms, the æternity protocol itself incorporates several essential technological features, including a recently upgraded virtual machine, off-chain scaling solution – state channels, on-chain governance mechanism, and naming system. æternity also features SDKs in Javascript, GO, Phyton, Java, as well as a middleware and a development suite that streamlines smart contract development. For more information, please visit https://aeternity.com/.  

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem – Honorary Ph.D. and is Chair Professor of Blockchain at China’s first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford’s Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website

View All Articles


Also published on Medium.

CryptoX Portal

Spread the love

Related posts

Leave a Comment