Aeternity, a new technology with limitless prospects combines the technology of blockchain, oracles and state channels. The boundless real-time transactions Aeternity offers is achieved by the use of “Turing smart contracts” and “state channels” technologies. Furthermore, smart contracts enable secure data exchange with the physical world. Aeternity is founded on trust, and thanks to automation and blocking, Aeternity promises the solid work of data logged in the cordon in anticipation and unaffected, with lack of apparent errors and influence.
Decentralized oracles offer a powerful tool for linking to the real world, and also a unique management system, which takes Aeternity to the next level. Nonetheless, most blockchain technologies have the drawback of being a closed structure, functioning on data delivered entirely by inside developments. But due to the Oracle Technology used by Aeternity, this will be no more an issue in Q2 – 2018. Oracles can easily exchange data with blockchain and the other world.
Owing to state channels, Aeternity delivers a hybrid form of blockchain where transactions replicated in the first chain can be achieved, in addition to private transactions, accessible only to users. Processes in the vital network are done in quick time and at a reduced cost. Aeternity still stays true to decentralization, one of Bitcoin core values. By executing valid contracts with blockchain, the necessity for third parties in the process is left out. Aeternity also aids in optimization. In effect, everything required, from the public domain to the real world, can be used as data input to the oracle.
Aeternity remains to be decentralized with the combination of cuckoo cycle mining, growing transparency and trust in an area that has continuously stayed closed and difficult to monitor. Faster transactions are just the beginning of the several prospects coming from the use of Aeternity. Aeternity is here for you, and here to finally stay.
Competition article written by o221e
https://www.aenews.io/aeternity-oracles-and-the-truth-machine/