Dec 31, 2018 23:30 UTC
Jan 2, 2019 at 04:49 UTC
What is Aurora Cryptocurrency? A Guide for Beginners
In a previous article about the cons and pros of Aurora cryptocurrency, we have discussed in brief what the Aurora cryptocurrency actually is.
However, a short definition can hardly be enough to piece together the essential information about the said crypto coin.
Hence in this article, we present a quick guide for the beginners as to what the Aurora cryptocurrency is all about.
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What is Aurora Cryptocurrency?
The Aurora cryptocurrency, which goes by the ticker symbol AOA in the market, is the crypto coin that is associated with the Aurora platform.
Now, we all know how blockchain smart contracts have proved themselves to be a rather remarkable tool of blockchain world. The Aurora platform tries to provide a platform whereby these smart contracts may be implemented and executed in a cohesive fashion.
Although a lot of blockchain networks, especially Ethereum, already host and handle smart contracts, Aurora was, from the very outset, a platform designed to speed up that process. The cryptocurrency itself obviously exists to make transactions within the network possible.
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How Does Aurora Cryptocurrency Work?
Aurora Cryptocurrency is based upon a peer-to-peer platform that makes sure of speedy, extremely smooth transactions and smart contract execution in a number of ways.
The first of those ways definitely involves the consensus protocol that is put to the use of this platform. It uses a Delegated Proof of Stake or DPOS consensus protocol, which is often deemed to be quite energy-saving, democratic and effective.
In addition, it combines this with the Byzantine Fault Tolerant (BFT) mechanism. This ensures consensus is reached at extremely quickly. This in turn makes sure that transactions are confirmed and smart contracts are adequately executed smoothly and speedily.
Aurora’s platform has also put in place multichain operations to make sure that one or a few chains are not overloaded with information. This results in a smooth flow of transactional traffic without the route being clogged.
In addition to this, Aurora has also made use of the Intelligent App isolation tool that also serves to reduce the amount of burden or pressure on a given chain. Any overload of information is accordingly redirected to save both time and energy, among various other resources.
Future Scope of Aurora
The future scope of the Aurora Cryptocurrency depends on how well the platform is accepted and adopted by the crypto insiders as well as laymen.
On that front, Aurora seems to have a lot up its sleeve that is good enough to win hearts in the crypto space.
Having said that, what we must also keep in mind is that when it comes to smart contracts or even dApps (decentralized applications), people have a deep-rooted trust in the Ethereum network. In such a situation, Aurora must push doubly hard in order to make a name for itself.
Dabbling in other emerging technologies that will be a part of the fourth revolution: like the Internet of Things (IoT) or Artificial Intelligence (AI) might help Aurora’s case in that regard.
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