Aurora is an Ethereum Virtual Machine (EVM) that operates as a smart contract on the NEAR Protocol, essentially bridging the familiar Ethereum 1.0 development environment with advanced performance akin to layer-2 solutions. Providing a breath of fresh air into the crypto world, Aurora introduced next-generation DeFi protocols, faster transaction finalization, and a promise of a more transparent developmental pathway.
Aurora - shooting for the stars, aiming for the galaxy
Aurora stands as an innovative solution within the crypto world, specifically crafted to enhance the Ethereum development experience by integrating with the NEAR blockchain—a modern, layer-1 blockchain known for its rapid transaction finalization times of 2-3 seconds, scalability, and carbon-neutral footprint.
The technical foundation of Aurora is robust, comprising the Aurora Engine—a high-performance EVM—designed to execute Ethereum-compatible applications more efficiently. It supports scalability, low fees, and the Aurora Bridge, which enables the trustless transfer of ETH and ERC-20 tokens between Ethereum and Aurora, ensuring users have access to a familiar asset ecosystem. The accounts and balances within Aurora maintain parity with Ethereum, denominated in ETH, creating a sense of continuity and ease for those transiting between the two platforms.
Calling all developers & stakers!
The transition for developers from Ethereum to Aurora is seamless, requiring only a simple switch of the RPC endpoint they interact with, allowing them to utilize the comprehensive toolkit they are accustomed to, such as MetaMask, Truffle, Hardhat, and Remix, ensuring that the development process is as uninterrupted as possible. With Aurora, developers can deploy their applications on an Ethereum-compatible platform that boasts high throughput, future-proofing, and most importantly, lower transaction costs for users, thus elevating the user experience significantly.
The governance structure of Aurora is designed to be a hybrid model. The AuroraDAO, a Decentralized Autonomous Organization, works in conjunction with a traditional entity to guide the platform, ensuring that the development trajectory aligns with the interests of a broad range of stakeholders. This decentralized approach aims to preserve a democratic and transparent governance system, empowering community involvement and mitigating risks of centralization that have historically posed challenges in the blockchain space.
From an ecological standpoint, Aurora's dual consensus mechanisms are designed to be energy-efficient. By circumventing the energy-intensive Proof of Work (PoW) model that Ethereum 1.0 relied upon, Aurora eliminates the need for miners, instead favoring stakers—participants who lock up tokens to secure the network—significantly reducing the platform's energy footprint. This shift not only aligns with the increasing environmental consciousness within the tech community but also enhances the efficiency of the network.
$AURORA, and its economic model
Moreover, the economic model of Aurora presents a strategic approach to transaction fees. It has crafted a smart contract execution environment that is far more cost-effective than its predecessors, incorporating features like gasless meta-transactions. This innovation relieves the burden of high transaction fees and congestion-induced delays, which plagued Ethereum 1.0, thus propelling Aurora as a viable and attractive platform for smart contract execution.
For users and developers seeking to partake in the network, Aurora also offers the potential for passive income through staking. Participation in securing the network is rewarded with $AURORA tokens, creating an ecosystem where stakeholders can continuously augment their returns on investment.
In addition, you can pay with $AURORA for jobs, tasks, or offers on our platform! We have integrated almost 200 tokens so you have got a looot of options to choose from, if $AURORA did not catch your eye!
Before we jump into the next section, make sure to add the contract address of the $AURORA token into your digital wallets for payments.
Lastly, the functioning of Aurora is intertwined with the NEAR protocol's high-performance attributes, allowing the ecosystem to provide a superior experience for both developers and users. The central component, the SputnikVM, ensures compatibility and efficiency in executing Ethereum-based applications. In conjunction with the critical role played by the Aurora Bridge and $AURORA, this encourages active participation and community-driven governance.
More from HYVE!
A dev update, a new blockchain - what comes next? Well, there is a lot in store that we have prepared in the next couple of months, from tokens to blockchains and more infrastructure partners. Do you have anything in mind - drop us a comment on X and we will do it, no challenge is too big for us!