æternity’s blockchain focuses on increasing scalability of smart contracts and DApps by moving smart contracts off-chain in private state channels between parties. More notably, the blockchain is supported by a decentralized oracle machine connecting data from outside sources for usage in the smart contract. In addition to usage of prediction markets for various voting and verification purposes, these main features are where æternity (AE) stands out from other blockchain platforms.
So how does it work?
Known as their State Channel solution (communication between parties in a smart contract) AE allows the communication off chain and only connects to the blockchain for actions of adjudication or transfer of value.
This is effective compared to other chains for two main reasons. Firstly, they don’t need to pay the network every time these parties compute. In addition to better privacy, the two parties in the contract only need to see the contract’s information. This brings higher scalability and privacy to the network users.
AE’s Oracle machine really has them standout and here is why. An oracle provides outside data to the blockchain, more specifically to the smart contracts. By having the oracle move data to AE’s blockchain, the data set becomes unchangeable and immutable within the contract. The oracle in fact collects centralized data and moves it to a decentralized system.
Lets say a freelance DApp using AE’s blockchain allows parties to hire content writers. The smart contract is programmed to read the oracles data to approve or disapprove a payment. The smart contract has rules for doing the job, such as, the article needs to be 800 words, uses 10 keywords for SEO purposes, and includes an image. The oracle can check if these rules were met after the article is produced and then tell the smart contract to make the payment.
Now for your task:
What’s your first impressions of AE?
After seeing one example, come up with a use case idea where an oracle can be used with AE smart contracts. This will allow AE to utilize these ideas as they work closely with their Aepps (AE’s Dapps).
Top 5 voted use cases will receive a Ledger Nano S with æeternity branding from æternity blockchain.
Please make sure to create your AE wallet (browser-based wallet) or download using iOS or Android and place your AE public key, CH username and address (for potentially being top 5) in the Survey. We then will send out the tokens every two weeks for all the participants. In the future, we plan to integrate AE blockchain, so stay tuned!
We look forward to your feedback!