Aurora is intended to be a smart contract platform, which effectively combines Byzantine Fault Tolerance and delegated Proof-of-Stake (dPoS). The team behind Aurora has brought together these two seemingly different consensus mechanisms to create lightning-fast contracts, which can link different industries such as big data, gaming, artificial intelligence, and IoT. AOA is Aurora’s native crypto that was originally developed as ABitchain (ABTC).
This short guide will explain what Aurora is designed for, the team behind it, the way it works, and the various uses and applications.
What Is Aurora Designed For?
The Aurora team is ambitious in its expectations. They created this blockchain platform as an alternative to all existing applications, which allow smart contracts to be hosted. They also hope to speed up the execution of smart contracts significantly.
Aurora was designed to address the key points of Ethereum blockchain, namely upgradeability, scalability, and congestion. The team believes that the P2P stereo network employed in Aurora is the right way to get this done.
While the main purpose of Aurora is to enable simplified, fast, and efficient execution of smart contracts – the team is working hard towards expanding it beyond the mere creation of digital assets. They are attempting to create the perfect smart contract while improving the throughput of blockchain tech.
Who Is The Team Behind Aurora?
Aurora was founded in late 2017 by Aqua Zhao and Bo Zhang. Zhao is the current CEO of the blockchain platform with Zhao acting as Director of Business Development. There is another silent co-founder of Aurora called Arthur Qiang. There is not much information about the entire team, except that it is committed to partnering with enterprises and businesses in several industries for using AOA towards increasing the speed and usage of their idea mechanism.
How Does Aurora Work?
Aurora is created by utilizing BFT (Byzantine Fault Tolerance) in combination with the DPOS consensus mechanism to enable a smart contract platform, which allows the holders of AOA to perform extremely fast transactions. It also allows for the immediate execution of smart contracts.
Aurora is a young project and is already drawing massive attention from industry experts. The smart contract tech is one of the fastest, which is made possible using multi-chain operations running alongside DPOS. This allows the platform to perform the way it is intended.
The platform also offers increased safety in the form of Intelligent App isolation. Transactions are sent to “isolation” where each aspect of a contract is monitored closely for improved safety. Aurora is a peer-to-peer network, which enables all AOA users to operate simultaneously on different chains. This prevents clusters that can bog down the network and slow transaction speeds without compromising on security.
What Are Current and Future Applications of Aurora?
The basic function of AOA tokens is for rewarding participants that work towards improving the overall system or ecosystem. Aurora participants can earn AOA by promoting the project, locating bugs, and improving the codebase. There are dozens of other activities that can enable a user to receive AOA.
Presently, the total supply of AOA tokens is at 10 billion, which are distributed manually by the Aurora team. However, soon the distribution of these rewards shall be written in the blockchain. The token is accepted by CoinEgg, Kucoin, Bitinka, and Indodax currently. However, Aurora is constantly looking to secure more exchange partnerships.
The blockchain platform is a unique project that is geared to change the face of smart contract deployment, utilization, and the technology behind crypto. There are multiple interesting features in the project that are expected to push the token to new heights in the coming months.
The team behind Aurora is trying to change the future of blockchain tech and its native token, by ultimately allowing blockchain tech to be incorporated into various industries. The team is placing special attention on big data, fintech industry, gaming, artificial intelligence, finance, and IoT.
However, Aurora has not limited its scope to just hoping for the mass adoption of cryptos and blockchain. The team behind it has another goal in the form of speeding up smart contract development and transaction times. They are also hoping to provide valuable solutions to seeming problems, such as scalability.
It is expected that an open platform and a low transaction fee on Aurora shall attract a new community of developers, which would build a variable Dapp ecosystem for attracting consumer users and enterprises. The only drawback is the lack of focus that has led many analysts to believe that AOA may just be all buzz and no brawn.