Aeternity is a scalable blockchain architecture with a consensus mechanism which is also used to check the oracle. Efficiency is gained by avoiding layering one consensus mechanism on top of another. State channels are integrated to increase privacy and scalability. Tokens in channels can be transferred using purely functional smart contracts that can access oracle answers. By not storing contract code or state on-chain, the smart contracts for the project can be easier to analyze and faster to process, without any excess loss of functionality. Aeternity also seeks to make markets for synthetic assets and prediction markets efficiently implemented at global scale. Several parts have proof-of-concept implementations in Erlang. Development tools and application essentials such as a wallet, naming and identity system will also be provided.