Wigwam is the best Aurora blockchain crypto wallet

Aurora Blockchain review

Aurora Blockchain is a scalable blockchain platform that uses Delegated PoS consensus algorithm and offers high transaction speed and low fees. Also, it enables developers to write, port, and launch decentralized applications (dApps) and smart contracts in Solidity, an Ethereum programming language.

History of the Aurora Blockchain

The Aurora blockchain journey began in May 2021 with Aurora Labs. The technology company launched this platform on a fast and scalable layer-1 solution called NEAR Protocol, allowing application developers to improve and use Ethereum features securely on NEAR.

This blockchain team raised $12 million in equity fundraising to expand its ecosystem and operations after its launch. Aurora began significant updates in 2022 and more than 248 projects joined this blockchain after, including UnoFarm, Shitzu, and Apollo42.

Aurora in a partnership with Proximity Labs launched a $90 mln fund that incentives dApps developers on the Ethereum Virtual Machine. It is another notable milestone in 2022 because it improved the speed of development of decentralized finance applications.

Technical Overview

Aurora Chain is a digital ledger that blends Byzantine Fault Tolerance (BFT) features and delegated proof-of-stake (DPoS) to validate blocks and increase network reliability.

Aurora implemented dual mechanisms to validate contract terms between traders, unlike Ethereum. Also, it has over 100 active NEAR nodes and a gas fee of $0.02 on average per transaction.

Aurora blockchain solves versatility and speed issues with dynamic resharding. The solution splits the network into smaller parts to help the platform manage large transactions simultaneously.

Also, one of the most important features that blockchain has is a Rainbow bridge - the first trustless bridge that allows to transfer tokens among Ethereum, Aurora and NEER protocol.

The players at the backbone of this technology are the application developers, end users, stakers, and validators. To participate in Aurora blockchain you may use any web3 wallet that supports EMV blockchains, we recommend the Wigwam crypto wallet. 

Economic Significance

ETH is the gas token for this blockchain but its native crypto token is AOA (Aurora) and is used for staking and funding projects. The AOA token circulating supply is 371 million out of a maximum of 1.00B.

Aurora allocates a portion of its token to the Community Treasury. Current allocation developments as of 2023 are as follows:

1. Community treasury receives 35.2%
2. Incentives for Aurora Labs could reach 16%
3. Aurora Labs private investors get 9%
4. Validator delegators receive 3%
5. The platform offers early contributors a 2%
6. Aurora Labs’ growth round gets 3%
7. Ongoing grant programs receive 3.1%
8. Staking rewards get a 5.9 % allocation.

Aurora helped  developers to create Aurora DeFi apps, such as UPvsDOWN, Aurigami, and Synapse. Digital creators and artists can trade assets in AURORA NFT marketplaces like MoonFlower Farmers and the Ape Club. You may easily interact with Aurora NFT marketplaces by using the Wigwam NFT wallet.

Conclusion

The Aurora Blockchain was released to relieve application developers when there was network congestion on ETH and provided a reliable alternative. Having the same as Ethereum EVM allowed programmers not to rewrite applications and relaunch them on Aurora quickly.