Aurora blockchain has become extremely popular since it makes decentralized apps more usable by the general public. It was built by the same team that created NEAR, and this is widely considered to be one of the greatest crypto technologies to ever exist. That means users shouldn’t expect bugs or other tech flaws on the network. The base cryptocurrency of the network is ETH, so you will have to hold some of these tokens to pay transaction fees. You should note that the fees on this network are extremely low, and transactions are processed almost instantly.
Briefly about Aurora Blockchain
This network was started by Alex Shevchenko, along with the team at NEAR. The main goal of this project is to make blockchain-based applications easily adaptable by the general public. To reach this goal, the network helps to lower transfer fees and improve transaction times significantly. It works on the NEAR Protocol and is used to develop Ethereum-compatible decentralized apps. Although it was built on the NEAR Protocol, Aurora exists as an independent entity and is governed by a DAO.
Aurora blockchain provides Ethereum compatibility, NEAR Protocol scalability, and amazing user experience through affordable transactions. CryptoLists.com
Aurora network is made up of the Aurora Engine or EVM and the Bridge. The Bridge facilitates the transfer of ETH and other ERC-20 tokens across this blockchain and the main Ethereum chain. This system helps to create an interoperable system, where gaps between blockchains, developers, and users are bridged. Aurora blockchain runs on the NEAR Protocol and is fully compatible with Ethereum. That means developers who have been using the old chain don’t need to re-write their applications.
Utility of Aurora Blockchain?
Aurora blockchain is meant to be used by developers, especially those who have been creating their apps on Ethereum. Since it is an EVM, developers using the old blockchain don’t need to rewrite their code and can simply transfer them to Aurora. By using this blockchain, developers will make their apps accessible and usable by more people. This is because Aurora is highly scalable. Also, anyone using the applications will enjoy paying very low transfer fees.
Aurora Blockchain
Aurora Blockchain Consensus Method: Other
Release Date: May 10, 2018
Advantages at Aurora Blockchain
+ Aurora transfers are completed nearly instantly.+ The Aurora transaction fees are extremely low.
+ Aurora network is constantly ready for upgrades.
+ The network is compatible with Ethereum.
Disadvantages
- There are many similar blockchains that offer stiff competition.- The Aurora network hasn’t been tested adequately as it is still new.
- Proof of stake may not be the most secure system.
- Is Aurora blockchain decentralized enough?
Costs
▪ Rated at 10/10Aurora chain allows users to make payments using Ether as this will make it more compatible with the old blockchain. At the moment, the transaction fee on the Aurora blockchain is $0.02, which is extremely low. In comparison, the fees on Ethereum typically go far above $20 for every transaction.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
Aurora blockchain is extremely popular among developers of dApps. Most users have noted that it has made their apps more useful as clients don’t need to pay outrageous transfer fees. The team behind the network is also highly reputable, especially because they developed the NEAR Protocol. The main issue people have with the network is that it is still very new, and some issues may not have been revealed yet. The official Twitter page of the blockchain has more than 85,000 followers.
FAQ
Who created Aurora Blockchain?
Aurora network was created by Alex Shevchenko, as well as the members of the NEAR development team. It is important to note that NEAR is considered one of the most important technologies in the crypto world. This gives some credibility to the team behind this network.
Is Aurora Blockchain proof of stake?
Yes, the Aurora network uses the proof of stake 2.0 system for security. This mechanism was developed by the team at NEAR and better aligns the interests of professional validators and the ecosystem projects.
Will Aurora Blockchain overtake Ethereum?
Aurora network is extremely useful, but it is unlikely to become one of the top blockchains. This is because Ethereum has the first-mover advantage and is already used by a wide range of developers and crypto enthusiasts.
Can I transfer ERC-20 tokens across Aurora and Ethereum blockchains?
Yes, you can transfer these tokens across Aurora and Ethereum blockchains. To ensure high levels of security, transfers to Aurora are completed in 10 minutes, and transfers back to Ethereum can be completed in a day.
Which is the native cryptocurrency of this blockchain?
The native token of the Aurora network is AOA, and it is used to make general payments in the ecosystem. It also works as the foundation for the rewards system of the network. The coin also works as the bridge between communities and developers using the network.
Screenshots from Aurora Blockchain
