What is Aurora?
Aurora (AOA) uses a novel blockchain design to provide lightning-fast transactions with a high degree of scalability. By combining the Delegated Proof of Stake (DPOS) consensus mechanism along with Byzantine Fault Tolerance (BFT), Aurora strives to provide a cryptocurrency platform that is not only more adaptable to a large user base but can also be implemented by a wide degree of businesses and industries. Their goal is to create a dependable platform that offers lightning-fast contracts which link industries together, such as gaming, big data, artificial intelligence and Internet of Things (IoT).
History of Aurora
Aurora was first announced to the public on June 8, 2018, built by a multi-national collaborative of software engineers and blockchain experts. Aurora bypassed the usual ICO process in favor of directly selling coins on exchanges, being listed on its first major exchange only 3 weeks after the announcement of its launch. It quickly obtained a tremendous degree of success and had obtained a market capitalization of more than $100 million by August 2018.
How Aurora Works
Aurora’s blockchain security mechanism, DPOS, is based around the idea that network transaction verifiers are elected by users of the system, with inefficient verifiers occasionally voted out in order to allow new verifiers the opportunity to serve the network more adequately. The integration of BFT as it applies to cryptocurrency allows certain components of the network, or “actors,” to fail without shutting down the entire network, and that network operations can continue normally even in the presence of a “bad actor.” By dividing network operations into multiple layers, consisting of parallel blockchains that only communicate with each other at certain intervals, Aurora can provide a robust, highly-scalable cryptocurrency platform that is also dependable.
Aurora offers a wide degree of improvements upon classical blockchain architectures. They include:
DPOS-BFT Consensus Mechanisms: On the basis of fast consensus, risks of forking can be kept to a minimum.
P2P Stereo-net: Using a decentralized, peer-to-peer framework and a novel process called “network lamination,” Aurora intends to offer faster and safer communications than pre-existing blockchain models.
Intelligent Isolation of Applications: Using a system of self-contained “zones,” the Aurora network can offer “intelligence control” which acts to make sure that different DApps won’t affect the performance or actions of one other.
Multi-asset Launching: The Aurora platform features an easy-to-use “asset launching” service. Assets using Aurora as its platform enjoy the speeds and capabilities of the main chain, able to expand to proportions similar to the main chain as well.
Multi-chain Parallel Operation: The Aurora platform will make use of multi-chain parallel processing in order to not only assure a high degree of scalability but a consistently-high number of transactions per second for its network as well.
Upgradable Blockchain: With the code for Aurora’s multi-faceted blockchain stored within its main chain, upgrades to the code approved by its consensus mechanism become a possibility.
Cluster Grouping: Auroral nodes feature the ability to group into clusters spontaneously. Different groups participate in different network functions, including transaction verification and storage, allowing transaction and storage fees to be minimized.