Aeternity (AE): Who should govern a blockchain? Aeternity solves the governance issues that have been present since the advent of internet 3.0, blockchains.
Since the end of a horrific Q1 for all cryptocurrencies across the board, April presented the hope of a bull run in the near future. During the month, over 90% of the coins and tokens in the top 100 largest cryptocurrencies have seen daily gains after Bitcoin’s ‘Hour of Miracles’ in the first week of April. Aeternity (AE) in particular, saw its price rise from a low of $1.50 at the start of April to currently trade at $2.57, a monthly gain of 70%. The coin has also seen its 24 hour trading volumes quadruple during the period as the daily volume traded this week Thursday stood at $16 million USD, 8 hours into the day.
Aeternity was built to solve the problems facing current blockchain systems such as transaction speeds, scalability and most importantly governance of the blockchain. As more and more tokens surface with their sales-speeches of solving problems on blockchains, only a handful actually solve the real world application problems. Aeternity is one of the projects that falls in the latter category.
Governance on Aeternity
Aeternity (AE) works through state channels to provide the user with an off-chain that ensures privacy is utmost paramount in transactions made through AE network.
“Governance would not be considered an application but it is by far the thing that currently interests me the most. Governance is, at a very high level, about different approaches to solving the problems of different entities trying to coordinate with each other.”
The hybrid proof of work (PoW) and proof of stake (PoS) consensus mechanisms creates a unique governance ecosystem where miners, token holders and other stakeholders to make decisions together on the platform. The governance feature is by far the most interesting feature on the blockchain according to Saccha Hanes, the lead blockchain engineer on Aeternity.
With over 40 professionals and crypto enthusiasts, the Aeternity development team is well qualified to lead the project to the next level. Yanislav Malahov, the CEO and founder of the team was one of the Godfathers of Ethereum and has worked on various crypto project since 2013. Yanislav was appointed head of the company after Zack Hess resigned from the company in late 2017.
Marion Vogel holds the role of Aeternity director and is highly experienced on socioeconomics research and hence handles operations within the blockchain company. Emin Mahrt is the chief operational officer of the company. Emin became a serial entrepreneur after completing his studies on C-level IT and engineering management. The rest of the development team comprises of experts in computer science, data science and cryptographers.
The AE token
Aeternity (AE) coin was launched in Q1 2017 and later held its public sale in May. The ICO reached its hard cap by raising $12,500,000 through the two months of sale. Each coin traded at an average discount price of $0.5. The coin has seen its price sky rocket to over $2.5 this Thursday signifying a 500% increase since inception. The Ethereum based token is currently traded on over 25 exchanges with Gate.io and Binance AE/USDT and AE/BTC pairs trading the highest daily volume at 30% and 22% respectively. The token is placed 38th on the Coinmarketcap listing with a total market capitalization of $600 million USD.