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The wait for Aeternity has taken, well, a little. After the blockchain platform, which promises scalability and smart contracts that can interact with real-world data sets, has started its business testnet in the spring of 2017, missed the launch date of mainnet of July, 2018 due to security problems. However, starting from 9:19 am on November 27th, the mainnet, known as Rome, is now active.
While the currency itself lies outside the top 20 coveted market cap, Aeternity has a somewhat cult following. While most projects are still grappling with where to file smart contracts, both off and on-off, Aeternity is progressing forward with two-level, intelligent and hybrid proof-of-play / gaming proof consensus protocols . However, while Aeternity of bells and whistles have attracted plaudits, there are also critics: whose focus is precisely on how centralized the network intends to be. But the CEO of Aeternity, Yanislav Malahov – who refers to himself as the godfather of Ethereum – states that the old systems simply will not work.
"One thing that can not really work is to keep every intelligent chain of the contract – it's impossible," says Malahov. He takes aim at Ethereum to build smart contracts on his blockchain rather than taking them out of the chain. Eternity, on the other hand, uses the status channels, a system in which the records are kept out of the chain and only the final version of the contract is loaded, to minimize the load on the network. Malahov claims that Ethereum has become too bloated to integrate state channels, where, like Aeternity, "it's small, nimble and moves faster to adopt technology".
We must stress that Malahov's disdain on Ethereum goes back to before the net was even a spark in Vitalik Buterin's eye. Malahov claims to have been part of the Ethereum inspiration in the first place. But apparently, all the wise advice that may or may not have imparted remained unheard, and Aeternity was born to correct its shortcomings.
But in this move to correct all the wrongs, Aeternity seems to have left the community behind. According to Malahov, only 30 percent of tokens have been migrated to the mainnet, where the owners of Aeternity of The ERC-20 token can exchange their old tokens for the equivalent on the new blockchain. For those who have not yet migrated, they will have to wait until the next fork February, 2019 because token migration requires a change in the blockchain to be agreed by most miners.
Exchanges have also been slow to accept the new tokens. Malahov says that no exchange has announced that it will support the main move. This means that users must manually edit their tokens themselves, which may explain the low rate of adoption. He claims that the blockchain should not be rushed through these services as it needs to be treated for "like a child". So what is it, Malahov, small and agile, or small and fragile?
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