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Introducing Aurora

The unmistakable growth of the blockchain industry over the years has thrown open more glades of innovative opportunities for the digital market and beyond. No doubt. At first, in its nascent stage, blockchain was regarded as just a mere public ledger or store room for Bitcoin which enables peer-to-peer transaction pull-ups without the interference of middlemen or third-party authentication. But, as years rolled by and crypto enthusiasts peaked in explosive numbers, investors and creators came to realize that blockchain might also serve many other purposes outside the cryptocurrency niche, and could be repurposed to amalgamate certain spaces from the political climate to healthcare system to trade finance to insurance–a revelation of some sort.

This would eventually lead to the separation of blockchain from Bitcoin and the creation of Ethereum (the second largest cryptocurrency in the market) in 2013 by Vitalik Buterin, not only to serve as a cryptocurrency, but also as a navigable tool to enable developers build decentralized apps on blockchain, incorporating a feature known as “smart contracts” that would allow the applications swap assets or anything of utmost value. Like magic, new inventories sprang up, and are still springing up; each a firm stride towards the growth of the crypto economy. According to Deloitte’s 2020 Global Blockchain Survey, 55% respondents have viewed blockchain as a top strategic priority.

However, the outcome of this innovation was counterproductive. In one part, it was inarguably a notary springboard for great innovations. In another part, there was a problem of scalability. Not only were transaction speeds frustratingly slow due to the numerous computers in the blockchain network that might be processing transactions at the same time. Exchange rates were incredibly higher than normal, and, in turn, swayed many interested users away from tapping from the miracle of the growing platform. This caused many developers and providers to tread the course of finding a solution to the boggling need. But, in mid-2018, an ultimate solution rose from NEAR Foundation–a swiss-based independent platform that sponsors developers who share in the same goal of raising the bars of the blockchain industry–in the name of AuroraChain, and they have, since its creation, tremendously evolved into a sufficiently advanced version of Ethereum 2.0 protocol.

Why should the world be talking about the AuroraChain network?

There’s a need for the cryptocurrency world to evolve into a cross-chain ecosystem, and developers are always on the move to actualizing it. But, even though milestones have been covered in that accord, there exists at the centre a great challenge to the whole journey: the overbearing stress and difficulty that emerge from having to create applications across blockchains with multiple dissimilar development technologies. For example, it’s a hard feat for clients who have pioneered a project on Ethereum using smart contracts from Solidity to refactor to another blockchain language if they also want to launch on another platform. Not only that, they also have to put into consideration the technological risks that come with the new protocol. These arms of difficulties, either way, have nudged providers and application creators into sticking with a single, familiar blockchain technology, thereby hindering the supposedly innovativeness of the industry. Notwithstanding, Aurora, to a certain degree, has come to make a difference.

Aurora is one of the smart contracts built on NEAR Protocol. It’s an Ethereum-compatible virtual platform where developers can easily launch their applications on the efficient and scalable infrastructure of NEAR Foundation, topping it with transaction speed as low as a second and transaction rate as low as a cent,

without facing dire technological vulnerabilities. They also serve as a Rainbow Bridge that sustains the transfer of ERC20 tokens and ETH between Aurora and Ethereum, and have also launched their native token to sustain the platform which, according to Crypto Briefing, has a total supply of 10,000,000,000 AOA, with its peak price so far at $0.060106 as of July 18, 2018. At the moment, they are even adding multiple built-in features to their ecosystem to accommodate different application creation indexes such as Automated Market Makers, NFTs and price markers. Even though the Aurora Network is quite at its early stage, their future is predictably great and non-negligible. Because many popular projects are launching on the platform, including CrossFi, the new Filecoin’s first and foremost lending and liquidity sharing platform.

How Aurora is building the future of blockchain technology.

On a scalability framework, Aurora remains a series of blockchains that use the same coding methodologies as Ethereum and Bitcoin, and are yet faster and seamless than both in terms of transaction rate. This means that a decentralized application creator on Ethereum need not worry about the technological rigorousness of a new, unfamiliar ground when launching on the Aurora ecosystem, a more efficient platform with modern layer-2-speed and user-friendly adaptations. On stability framework, AOA now uses Proof-of-Stake distribution and BFT consensus model (Byzantine Fault Tolerance) to wrestle out of notable errors found in popular blockchain protocols. On sustainability framework, Aurora charges very-little transaction rates compared to other popular platforms like Ethereum, which makes it inarguably a better and sustainable developer platform. And, to sum it all up, they are now targeting industries within the ambits of gaming, banking and the rest to initiate into their amazingly growing blockchain world. There are no longer “all muscles and no power,” as one crypto analyst had said during their first launch. Now they are kicking down old doors and replacing them with new ones–who know what might be standing next?

Conclusion

It’s true that many crypto analysts have come forward to say that Aurora did not come to the market at a better time. That it’s late to the party. Their reason being that the blockchain technology has grown accustomed to the errors, that some providers are no longer interested in trying out new inventories. But, at a critical glance, that’s not a true assessment. Because, at the moment, Aurora has attracted quite a whooping sum of builders, and the pages are still counting. Which makes one wonder the uninterested ones the analysts were talking about. Or are we to even talk about the new, trooping partnerships with other blockchain-based applications? You see, there’s no denying that the future of Aurora will be an utterly intriguing one. And everyone should be waiting. Because AuroraChain seems to be saying through their actions, “it’s no longer a muscle show, we are kicking open the doors of innovation,” and what else do you need to believe in their seemingly mighty dreams?

CrossFi is a cross-chain protocol that provides liquidity to you for Filecoin staking and rewards.

CrossFi Official Website: https://crossfimain.com

CrossFi DApp Address: dapp.crossfimain.com

CrossFi Official Twitter Account: https://twitter.com/globalcrossfi

CrossFi Official Discord Group: https://discord.gg/UKGSX3VBY3

CrossFi Official Global Telegram Group: https://t.me/crossfimain_en

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