æternity to scale to billons of users

Partner

Erlang

Client

æternity

Industry

FinTech

Year

2018

The Background

æternity is an open-source, distributed computing platform that builds on decentralised cryptographic P2P technology. æternity has partnered with Erlang Solutions to scale its distributed system and peer-to-peer network and bring its blockchain technology to the masses.

Founded in 2016 by Yanislav Malahov, known in some circles as “the Godfather of Ethereum”, æternity is designed to deliver productivity, transparent governance, and global scalability.

We are thrilled to be collaborating with Erlang Solutions to strengthen our work towards overcoming these challenges and are eager to bring our ground-breaking tech to billions of users worldwide.

Yanislav Malahov

Founder of æternity

The Need

æternity raised approximately 29 million CHF in its campaign to offer blockchain technology with a consensus mechanism that is as efficient and cost-effective as possible.

Programming complex relationships for a global user base, æternity needed to handle large volumes of products and information in parallel. They also wanted to design a unique state channel to enable the off-chain verification of data and smart contracts, allowing for all transactions to be independent of each other, thereby increasing transaction speed and scalability while also ensuring increased privacy.

The Approach

æternity reached out to Erlang Solutions for support in scaling æternity’s distributed system and peer-to-peer network by providing fault tolerant systems capable of scaling to billions of potential users. For this æternity intends to utilise Erlang, the domain specific language, to drive the mainstream adoption of blockchain technology.

The partnership between æternity and Erlang Solutions will also strive to tackle consensus mechanism-related challenges, which are widely identified as problematic for blockchain developers.

As scalability issues continue to plague modern blockchains, innovative, comprehensible, and truly revolutionary solutions must be pursued if æternity was ever to achieve widespread adoption.

Yanislav Malahov

Founder of æternity

The Result

By partnering with Erlang Solutions, æternity has fast tracked its specialisation in its programming language of choice, Erlang. Today, æternity’s runs proof of concepts for most of its key concepts in Erlang. This includes the blockchain itself, the contract language and VM, the oracle and governance mechanisms, as well as an old version of the consensus mechanism.

æternity continues to use and value Erlang/OTP because it allows their team to write code that can respond to many requests in parallel and without crashing. The servers with the highest uptime in the world are based on Erlang. It has been used for industrial applications for 30 years, proving itself to be a reliable and stable product.

Beyond Erlang, æternity also has a growing Elixir team who are exploring blockchain development in Elixir. Erlang Solutions has integrated its expert Erlang consultants and architects into the æternity team to support them in building a truly scalable blockchain technology.

Read more about Erlang Solutions Fintech projects here: https://www.erlang-solutions.com/industries/finance.html

Additional Material

PDF with information about the case

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Head of Marketing at Erlang

Magdalena Pokorska