Aeternity is an open-source decentralized computing and digital asset platform which aims to improve upon cryptocurrency governance, scalability, scripting safety and cheap access to real-world data on the blockchain.
Aeternity plans to solve the issue of network scalability by keeping transactions off the blockchain and on what they refer to as “state-channels,” until there is a discrepancy or the data needs to be enforced.
The real-world data is processed through Ethereum smart contracts and what Aeternity refers to as “smart oracles.” These oracles are meant to reduce some of the high costs and inefficiencies which Aeternity believes are complicating or even preventing the realization of many applications.
Aeternity argues that other projects which are attempting to bring real-world data into the blockchain will fail because they are building the consensus mechanism inside of the smart contract itself, which in turn jeopardizes security and sacrifices efficiency.
Aeternity looks to solve this problem by creating an improved consensus mechanism designed to process information pulled from outside the blockchain, in addition to what is inside.