In the crypto market, Aelf (ELF) manages to be one of the most scalable blockchain meaning that is has a customizable operating system for the blockchains. Currently, it is implementing a program that is aimed at sensitizing the world about its sturdy features. It has a dream, of being the Linux of the entire community of blockchains.
The blockchain systems are being adopted and more innovations made to them day after day. The very first crypto which gave way to the digital peer to peer currency was Bitcoin. Let’s think about it as an app. Next in line was Ethereum which brought in the crypto world the concept of dApps (decentralized apps) through the smart contracts systems.
In some way, it was also an app platform. Even with the effort,made by these two initial cryptocurrencies, they still did not manage to come up with the operating systems available in our everyday uses like MacOS, Windows and Linux.
Currently, the operating systems that we have cannot support the dApps and the blockchains too have their own drawbacks that are parallel with this issue. This is because they are non-scalable, they cannot execute smart contracts effectively and they also lack in a good consensus protocol which can support the new technology. The Aelf comes in to give a solution to these problems.
With that briefing about Aelf, the rest of the article will major on the founders and History, its features, wallets, exchanges and its future. This information will be aimed to enhance your understanding of this crypto by the end of this article.
History and Founders of Aelf (ELF)
The idea behind Aelf was founded by Ma Houbo who was the founder as well as the CEO of Hoopx and Gemplay. The advisory board is directed by J. Michael who was a founder and a CEO at FGB Capital and TenCrunch. The investments of Aelf project have been accumulated from multiple venture capitals. This includes other investments firms who also participated in the token sale of this project like Draper Dragon, FGB Capital and Blockchain Ventures.
This project has gained so much popularity such that, after reaching their goal of 55,000 ETH they had to turn down some of the interested investors in this blockchain. Within the first two weeks of launching the sale, they had made it to their targeted goal.
All in all, Aelf is still rather a young project in the crypto space but has managed to still compete with some of the big projects. Actually, some of the most notable competitors with the Aelf are NEO and Ethereum based on the development progress. Although ICON and Lisk seem to be the most similar projects to Aelf, in this case they are being used just as side chains which are aimed at expanding the dApp systems.
Aelf has its focus on two major innovations which are aimed at curbing some of the problems that are being experienced with the blockchain technology that is in use currently. The two major points of concern are the provision of unique governance systems and the other one is the side-chains. Through the use of side-chain, they are able to make improvements on the issue of scalability. On the other hand, the dPoS (Delegated Proof of Stake) is being used as the rightful consensus system for bringing in a more convenient governance.
The Side-Chains – Aelf has one major chain and other multiple sidechains which are used to facilitate the running of smart contracts on the platform. This major chain is the one that supports all other chains and has also the capability of interacting even with other chains from outside. The side-chains in this case are needed to pay their focus to specific smart contracts.
However, the side-chains have no means of interaction with one another other, in case of any information that need to be passed between the side-chains, it must be done through the main chain first.
Through a certain index set in place for the side-chains, the side-chains are connected with the main-chain. This index system can be categorized into two groups;
- The internal Aelf OS side chains
- The external High importance chains. This one includes Ethereum and Bitcoin
A good representation of this concept is; The main-chain is capable of having a branching of let’s say Ethereum, it can also support another branching chain for available type of assets and another for exchanges of assets. These side-chains could then be further subdivided in to other sub chains. This can continue even further with the asset types and so on.
This strategy is similar to the Ethereum’s sharding meaning that is effective for scaling down the network. These side-chains are put in place to ensure that when bloating happens in one specific area, it has no effect on the rest of the chain.
The Tokens – For indexing to take place, all the side-chains are required to pay a certain amount of transaction fees to the main-chain. When a side-chain is more effective in the ecosystem, it pays less fees for transaction purposes. For instance, Bitcoin isn’t charged because it has a wide scope of adoption. For the side-chains too, they can decide to charge a certain amount of fees to all the sub-chains that are attached to it.
The Consensus Protocol – The nodes in the side chains are required to record all the gathered information onto the main chain. This therefore calls for a more advanced algorithm like the dPoS for them to be able to manage the network.
The ELF token holders have the authority to vote for the nodes they want to be in the mining sector. These nodes then distribute the bonuses to the stakeholders and other nodes too.
Aelf is a focused competitor in the dApp systems and it is getting a lot of support from even the big capital firms. It has unique protocols which is making it stand out among its competitors. Investors are really hopeful about this crypto coin but let’s see what the future has on hold for us.