The project develops a next-generation platform for smart contracts which features off-chain solutions for their operation known as state channels, and an oracle machine integrated in the Blockchain to use the same consensus mechanism.
The Aeternity team believes that those solutions would efficiently tackle the problem of smart contracts scalability ensuring their Turing completeness, privacy and agility at the same time.
The developers also intend to deploy prediction market governance, meaning that token holders will make bets to determine the project’s future development instead of just voting. Thanks to the oracle machine, it will make the entire platform respond and gauge to market expectations automatically.
Aeternity has already held Phase One of the contribution campaign, which attracted nearly $5.2 million in Ethereum and Bitcoin from over 2,000 contributors from around the globe.
“We have been very busy between the two phases, arranging new partnerships, on-boarding developers and expanding the æternity team and community globally,” Aeternity founder Yanislav Malahov said.
Phase Two of the contribution campaign will kick off on May 29th, 2017 at 13:05 GMT and will last for three weeks. The contributions cap is set at 21 million Swiss Francs (around $21.6 million). The campaign will stop 2 hours after the intended cap has been reached.
The tokens will be distributed accordingly with the following schedule:
- Week 1: 1 ETH = 750 AE tokens + BONUS of 50 AE token (for the first 24 hours)
- Week 2: 1 ETH = 700 AE tokens.
- Week 3: 1 ETH = 650 AE tokens.
“We will continue to work hard in order to realize the æternity vision during and after Phase Two,” Mr. Malahov added.
In order to participate, campaign participants should make their contribution in Bitcoin or Ether. The team, however, provided an option for those who concede making a fiat contribution. For that purpose, the team says, they should contact the platform’s partner Bitcoin Suisse. Due to regulatory uncertainties and the complexity of U.S. financial regulation, U.S. citizens will not be able to make their contributions.
The main net is expected to be deployed approximately in 2018 Q1 after a thorough test run and security audit.