Aurora is a blockchain-based smart contract platform that allows Ethereum contracts to be executed on the NEAR protocol, which is a fast, scalable, and carbon-neutral layer-1 blockchain. It’s an Ethereum Virtual Machine (EVM) that’s being run as a smart contract on NEAR. It intends to assist developers in scaling the Ethereum protocol so that they may run their apps on an Ethereum-compatible, high-throughput, and future-proof platform.
Aurora is a scaling solution for Ethereum. It is a sidechain of the NEAR blockchain that takes advantage of various unique network capabilities such as sharding and developer gas fee reimbursement. Although it provides the Ethereum 1.0 development experience, its capabilities like as speed and scalability are comparable to those of a Layer-2 environment. Aurora coin is the network’s native token that is also utilised for governance. However, the network’s gas prices are paid in Ether (ETH).
Aurora is a fast network, with a block time of 1.03 seconds on average and a finality of 2 seconds. It is also a low-cost network, with transaction costs of $0.02. It processes transactions using the NEAR consensus method.
Aurora is built on top of the NEAR blockchain yet provides developers with the experience of working on the Ethereum blockchain. It enables developers to deploy their Solidity smart contracts (written for Ethereum) on Aurora and take advantage of NEAR’s low-cost and rapid confirmation speeds.
Aurora Engine and Aurora Bridge are part of the Aurora ecosystem.
Aurora Engine is a high-performance Ethereum Virtual Machine (EVM) that allows developers to smoothly deploy Solidity and Vyper smart contracts.
Aurora Bridge is based on the rainbow bridge technology developed by NEAR. The Aurora Bridge project attempts to establish interoperability between the Ethereum, Aurora, and NEAR blockchain networks, allowing users to move assets and data between the three blockchains.
Mechanism of Consensus
Aurora is a solution built on NEAR, not a blockchain. As a result, it lacks its own consensus mechanism and relies on NEAR’s Proof-of-Stake consensus. Aurora also has a powerful consensus process known as ‘Doomslug.’ It does not validate blocks off-chain; instead, it does it on the Ethereum and NEAR networks.
Scalability and high throughput
Transaction costs are low.
Compatibility with Ethereum
Bridge-building without trust
Founders use ETH as the basic currency
The CEO of Aurora Labs is Alex Shevchenko.
Aurora is a different entity that is built on the NEAR protocol. Its ecosystem grows and improves as a result of the Aurora DAO token holders’ actions. These token holders submit and vote on new protocol ideas or updates. Anyone with an Aurora token can participate in the Aurora DAO and help to enhance and build the Aurora network.
Aurora is one of the major leading blockchain protocol networks. As we know that there are multiple Web3 ecosystems that may confuses the developers and industries to choose the best one according to their need and compatibility. Check Aurora Rating and review to learn about its major components, SDK, shortcomings and feedback given by the top blockchain experts that may help you to choose the most suitable blockchain network.