Aurora - What it is & How to Buy

Where do you find the best crypto platform for developers? How can you guarantee scalability while minimizing transaction costs? Scaling an app based on Ethereum shouldn’t be difficult – that’s the mantra of the team at Aurora.

Let’s take a look at how this crypto platform is enabling developers and making Ethereum transfers more straightforward.

aurora

What is Aurora?

Aurora is an EVM (Ethereum Virtual Machine) that provides a simple turnkey solution for developers looking to build their apps on the Ethereum blockchain. It’s the brainchild of the team behind the NEAR Protocol – helping developers improve their apps’ functionality has always been the goal.

Aurora facilitates the transfer of assets between the Ethereum blockchain and the NEAR blockchain. This creates a bridge between these economies and lets developers work together across protocols.

The “Aurora bridge” is also called the “Rainbow Bridge”. The Rainbow Bridge allows users to move tokens between the 3 networks (Ethereum, NEAR, and Aurora) more easily and with fast transaction speeds when moving tokens to Aurora or NEAR. The team is still working on improving speed and gas fees across the board, aiming to eliminate maximum gas per transaction soon. Transactions can involve either ETH or ERC-20 tokens. 

The crypto platform uses a proprietary token for governance purposes. Much of its value is still locked and will be released over the coming years. The community treasury uses $AURORA to fund Kickstarter-style projects and proposals that are voted on by the community.

How Does Aurora Work?

Developers can submit proposals for projects that are supported using a turnkey-style system. Proposals are authorized by the AuroraDAO (Decentralized Autonomous Organization) and while projects based on this crypto platform aren’t necessarily endorsed, they’re selected to represent some of the most exciting developments requiring an EVM.

It also provides a marketplace for users to find well-designed apps that have low transaction fees, and operate using Ethereum.

Building a Project on Aurora: A Step-By-Step Guide

1.    Developers submit proposals to the platform.

2.    The community and AuroraDAO decide whether the project has merit and can be supported by the EVM.

3.    Ethereum developers will be glad to know that the protocol is fully compatible with Ethereum, and they can simply build on their existing application.

4.    Upon approval, apps that use this protocol will have ultra-fast running times and low transaction costs.

Who is Aurora for?

The team behind the NEAR Protocol aims to enable small app developers to make their projects more streamlined and interoperable with other networks. That’s why the Rainbow Bridge is such an important part of the setup, as it allows uninterrupted transactions between the NEAR Protocol and Ethereum.

If you want to use this crypto platform for your app, you’ll need a solid pitch, as proposals must be approved by stakeholders and the DAO. Developers who primarily work with Ethereum might consider this platform as one of their best options, given that Aurora is fully compatible with Ethereum and no modifications are needed.

Who is Behind Aurora?

The NEAR Protocol was founded by Illia Polosukhin and Alexander Skidanov – Aurora is the latest project from this team. They work with leading developers to improve UX and interoperability between crypto applications.

What Makes Aurora Unique?

This crypto platform’s most notable feature is its Rainbow Bridge, which is a key part of how it helps developers attain scalability. By making transactions faster, cheaper, and more accessible, the Rainbow Bridge allows applications built on Aurora to scale efficiently and provide a better user experience.

Final Verdict

Ethereum developers looking for a supportive framework and powerful EVM might benefit from using this platform. Likewise, users looking for exciting, well-designed crypto apps will find plenty of attractive options – get started today.

FAQ

Is Aurora legit?

The platform is developed by the team behind the NEAR Protocol, an established and well-regarded part of the crypto world. It’s transparent and well-managed.

What is the Aurora token used for?

The platform’s proprietary token is mostly used for governance.

How fast is the NEAR protocol?

The NEAR Protocol can handle around 100,000 transactions per second – it’s very efficient.

Customer Reviews

5
0%
4
0%
3
0%
2
0%
1
0%
0
0%
    Showing 0 reviews

Leave a Reply

Your email address will not be published.

Thanks for submitting your comment!

Other Crypto News