The Aurora Chain provides an Ethereum L2 like experience.
It's developed by the team at NEAR protocol and enables users to securely and cost-effectively execute decentralized applications and transactions.
Built on smart contracts, the Aurora Chain allows developers to create apps that can interact with other digital assets stored on the chain’s distributed ledger. With its low fees and fast transaction times, the Aurora Chain promises developers of all sizes an efficient way to build and deploy decentralized apps quickly and securely.
Proof-of-Stake (dPoS) and Byzantine Fault Tolerance
Running on the NEAR Protocol, Aurora takes advantage of the protocol's unique features including sharding and reduced gas costs. By leveraging these advanced tools, developers are able to scale their businesses without sacrificing economic efficiency.
The core components of Aurora include a NEAR Protocol interface and Rainbow Bridge which makes it easy for developers to harness Ethereum smart contracts directly from the NEAR Network.
This provides users with an Ethereum layer-2 experience for blockchain applications and helps eliminate gas prices that restrict user participation in DeFi and NFT ecosystems. With its launch on mainnet, more developers can now benefit from faster transactions times at a fraction of the cost compared to Ethereum networks.
Aurora is a smart contract implemented on the NEAR blockchain and is designed to take advantage of all the current and future benefits of this platform.
The primary benefit of the Aurora architecture is its simplification of early-stage maintenance, upgrade, and governance processes for better response times in case of security vulnerabilities or other emergencies.
Aurora plans to maximize its utility through the use of SputnikDAO version 2— a customizable DAO framework on NEAR that enables comprehensive ecosystem governance mechanisms like no other.
Overall, Aurora's architecture is comprised of a range of efficient tools and protocols such as Random House Signing (RHS), Cross-Chain Transfer Bridge (CCTB) and Lockdrop programs which allow users to invest their token into any project under the umbrella with just one transaction.
Each application using the Aurora network will be assigned a unique ERC721 NFT that bestows voting rights assigning wallets on chain authority as well as allowing developers to create a permissioned permissionless dynamic gatekeeper module.
The Aurora Chain on the NEAR Protocol contains several fees, depending on the type of transaction.
All transactions require a .50 NEAR fee to be used as payment for miners processing power and as an incentive to stay secure.
Additionally, there is also a small amount of fees paid for storage, which varies proportionately with the data size.
Surface calls to contract accounts have associated fees that depend on the gas price used inside them. To make sure the smart contracts function properly, there needs to be money in the contract wallet for paying those fees.
Yes, Aurora has it's own token which is, unsurprisingly, called Aurora.
Launched on Nov 18 2021, 1 billion Aurora tokens were allocated from this launch, with 48% used for future projects by AuroraDAO, 20% allocated for community incentivization, and 32% attributed towards DEX offerings (IDOs), dApps integrations and other partnerships.
As of October 2022 only 7% of AURORA tokens were in circulation, leading to speculation over how many will be released in total.
The DAO remains wary of inflationary practices that devalue their token but also need to ensure adequate liquidity in the market place. This figure will likely remain subject to change as AuroraDAO work towards a balanced decentralized autonomous organization model whilst maintaining economic value.
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