Aeternity is a platform that supports open-source, decentralized apps (DApps). It uses highly scalable, next-generation, and public blockchain technologies. The platform’s smart contracts utilize real-time and real-world data by interacting with other applications and built-in oracles. Smart contracts are computer protocols that facilitate and verify contract performance. Aeternity focuses on enhancing the scalability of DApps and smart contracts. It increases scalability by moving smart contracts off-chain.
Aeternity runs smart contracts using private state channels between the people or parties affected by the contract. The platform has several features other than DApps and smart contracts. Notably, it uses a decentralized oracle machine that uses outside data sources for use within smart contracts. Also, it utilizes prediction markets for particular verification and voting purposes within the platform. The project has grown into one of the most significant projects globally by market capitalization.
History of Aeternity
Yanislav Malahov founded Aeternity in 2016. He developed the platform to solve some of the problems facing blockchain. The main challenges were decentralized consensus and scalability. The main objectives of the platform are global scalability, integrity, transparent governance, and unmatched efficiency. It enables decentralized functions, functional smart contracts, and high bandwidth transacting. Its technology allows it to handle a large number of users.
Aeternity monitors various predefined state components. When using Aeternity, users are required to spend AEON. AEON is a token used as a transaction fee for resources consumed within the platform. The token also acts as a basis for financial applications within the platform.
All Aeternity accounts have a balance and address of AEON. It has a nonce that appreciates after each transaction and according to the level of its last update. There is a small fee that each Aeternity account pays according to the amount of time a user has logged in.
Its name system is secure and decentralized. However, it still allows human-friendly names. The names can be used to refer to account addresses on the platform.
It facilitates smart contracts. It involves implementing credible transactions without intermediaries or third parties.
The network’s governance is controlled by network shareholders. Coin holders, miners, and other stakeholders have an impact on decision-making processes.
The platform uses oracles to connect smart contracts with real-world data. The process offers first-class objects on the platform.
Coin holders need a wallet to store cryptocurrencies. Also, it allows users to receive and send coins. A wallet is a software program that stores public and private keys. Aeternity wallet is different from other wallets in the market. Instead of one app, users require two apps. One app is for transactions, while the other store’s private keys. Users should first install a Vault. The vault signs transactions and stores private keys. However, developers request users to use an extra smartphone for the platform. The vault does not go online.
The second app is a Wallet. It facilitates transactions and gets online. The Wallet and Vault are linked through codes. To make a transaction, users must verify transactions with both apps.
Atomic Wallet provides an innovative solution to scalability in blockchain networks. It uses a system that supports faster transaction confirmation time. It also facilitates low transaction fees. It guarantees chain finality, security, and stability of the platform. It reduces network congestion and offers low transaction time. Low transaction time reduces transaction fees.
Atomic Wallet offers all user needs in one application. Its secure platform does not need an extra application for security. It solves the need for decentralized consensus and scalability.
Aeternity Wallet Security
Atomic wallet offers security features to protect their transactions. Also, Private keys are not stored on the platform or any server. Users can easily and safely control token and coins in their account. Access to private keys is limited to the account holder.
Account owners can restore their funds. Data within the wallet is encrypted for security reasons. Account-holders can add additional security features, such as fingerprint scanning and PIN.
It supports a wide variety of tokens. This feature is beneficial for users who participate in Initial Coin Offerings (ICO).
Atomic wallet offers users full control over their private keys. It preserves user anonymity to protect account holders on the platform. The platform allows cryptocurrency exchange over Changelly and Changenow. It makes it easy for account holders to buy cryptocurrencies.
How does Atomic Wallet Work?
Atomic wallet has inbuilt features that allow cryptocurrency swaps or exchange. It allows users to have full control over their transactional data, crypto funds, and private keys. Transactional data and private keys are stored on the user’s personal computer or mobile(PC). The wallet is compatible with most operating systems, such as Debian, Windows, Fedora, Mac OS, and Ubuntu. Its compatibility with different systems makes it easy to use on different devices. It combines simplicity and different features for easy access and usability. It supports over 500 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and many others.
There are no fees for using or downloading the app. There are services that may attract transaction fees, such as:
- Atomic swap fees
- Cryptocurrency purchases
- In-wallet currency trade or peer-to-peer trade
Transactions have no fixed conversion prices. However, senders can highlight mention their preferred fees. Transaction fees often increase during high network traffic.
How to Open an Atomic Wallet Account
Download the wallet. Install the app to your PC or mobile.. After installing the wallet, select the ‘Open Wallet’ and identify a strong password. A strong password protects user accounts from malicious activities.
After setting up the password, the wallet creates a mnemonic phrase. The mnemonic phrase is a 12-word backup phrase. The user should make a copy and store it securely. The phrase is beneficial when restoring a wallet if the PC is stolen or crashes.
After copying and storing the phrase, the wallet is ready for use. Notably, each atomic wallet address for crypto coins is created from the phrase. If a user loses the seed, one cannot recreate or restore a wallet if a PC fails or gets lost.
Where to keep Aeternity?
Atomic wallet provides high-security features that keep crypto funds secure. It has a custody free solution. The serverless solution does not require a registration process from account holders. Also, it does not record or store private user information. Atomic does not depend on third parties to support or facilitate transactions. Such actions have boosted the platform’s security.
Notably, private keys are stored on a user’s device. Therefore, it gives users complete control over their private information. The information is not stored on the platform’s servers. Instead, keys are stored in the user’s personal computer. The backup phrase ensures that the account holder has special access and control to their wallet. It adds an extra layer of protection on a user’s wallet. Furthermore, all the information stored in the device is fully encrypted.
There are many wallets in the market, and it is essential to evaluate your needs. Instead of spending a lot of time evaluating hundreds of sites, Atomic wallet is the best solution.
It is a wallet that combines simplicity with several features. It will allow you to conduct various transactions on a single application. Atomic wallet offers instant support 24/7, user-friendly interface, accepted bank cards, optimal privacy, built-in exchange, security, decentralized, no deposit, and multi-currency.