Aeternity (AE) is a blockchain based service which covers a wide range of digital services. From simple payment transactions, to smart contract creation, digital asset creation, supply chain management, and prediction markets, Aeternity aims to bring multiple blockchain services under the same umbrella. AE tokens, or aeons, are used to compensate network participants and carry out smart contract transactions.
The Aeternity project began in 2017, with their ICO running from May til June. The founder of the project is Yanislav Malahov – the proclaimed Godfather of Ethereum. Aeternity’s list of features suggest an eventual direct competition with Ethereum. The AE token is ERC20 based, but Aeternity’s scalability could pose a future challenge to the Ethereum network.
Aeternity’s State Channel system allows both parties to a smart contract to transact their business off-chain, without the need of waiting for confirmation times on the main blockchain. The final result of the interaction (i.e. balance changes) is recorded on the blockchain for posterity.