Getting Started with Aurora: Aurora Basics for Every Nigerian
Aurora is an Ethereum virtual machine(EVM) built on Near protocol that serves as a scaling solution for Ethereum.
Being EVM compatible makes it possible to deploy contracts from other EVM chains like Ethereum, Polygon, Binance smart chain, Avalanche.
In simpler words, it is a smart contract on Near that benefits from the unique features of Near such as low transaction fees, scalability and security.
One of the features it inherits from Near is sharding, also known as Nightshade.
Sharding involves splitting the blockchain into smaller parts called Shards. Each shard produces its own data and has its own set of validators.
The sharding process allows for horizontal EVM scaling with asynchronous communication between various Aurora shards. This further speeds up transactions by lessening congestion and further enhancing security since more people are involved in securing the network.
The Aurora bridge( Rainbow bridge)
The Rainbow bridge is a trustless bridge that connects Ethereum and Near. The bridge permits seamless transfer of assets between Ethereum and Near, allowing Ethereum users to conveniently have access to Near and reap its benefits.
How to use the Rainbow bridge
- Prepare ERC-20 in your non-custodial wallets like metamask
- Access https://rainbowbridge.app/transfer
- Connect both Near wallet and metamask
- Choose begin new transfer and select tokens you wish to transfer
- Approve the transaction and click transfer, the gas fees will be in Eth
- Approve the transactions
- Click on go to my transfer to see your pending or finalized transfers
For More details watch: https://www.youtube.com/watch?v=zbmnITYLE-M
Aurora competitive advantages
- Aurora allows developers to build and operate in an Ethereum compatible environment, for developers already familiar with Ethereum
- For developers, they don’t need to re-write their codes since they can simply deploy their solidity contracts on Near.
- 50 times faster than Ethereum 1 on the average.
- 1000 times cheaper than Ethereum.
- Faster than other L2 side chains with a transaction confirmation time of about 2 seconds and an average block time of 1.03 seconds.
- Also safer than other L2 side chains, this is owing to the fact that Aurora does not validate transactions off chain like most side chains, it mounts on the security of Ethereum and Near protocol making it exceptionally secure.
Aurora DAO
Aurora operates the DAO system, if you are new to DAO’s check out our article on exploring DAO’s.
The Aurora DAO governs the protocol by voting on decisions needed for growth and development of the protocol.
The Council: the members of the council will vote on decisions related to operations and incentives of the network
Proposals: The AuroraDAO council will deliberate and vote on proposals that are raised in relation to Aurora protocol and the community.
Staking on Aurora
Users can earn a great deal of rewards by staking on Aurora plus. The APR is encouraging and security is assured.
All that is required is to set up your Aurora wallet and sign up to Aurora plus.
The Aurora Network
With hundreds of new and exciting projects currently built on Aurora already, there has been massive growth in the Near community.
Most of the decentralized applications built on Near protocol run on Aurora.
These projects are diverse and range from decentralized exchanges to launchpads, Dao’s, Defi, and Indexers.
A recent overview of the Aurora ecosystem revealed:
Market cap — $81,45M
24hr volume — $802,790
TVL — $183.87M
Total transactions — 61.79M
Total projects — 206
From these figures it is clear the ecosystem is flourishing.
Aurora is undeniably a space to explore and benefit from.
Reference
https://jamesbachini.com/aurora-near-protocol-trisolaris/
https://guide.ref.finance/getting-started/transfer-erc-20-assets-using-rainbow-bridge
https://coin98.net/aurora-12m-dollar-raised
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