We all love blockchain technology. It represents freedom of money and freedom from control.
But our current blockchains have problems. Not the regular kind of problems like double spending of a cryptocurrency, but problems that prevent new users from coming on the blockchain seamlessly.
Enter Aelf. Aelf aims(and succeeds) to solve many of these problems posed by current blockchains. By the end of this post, you'd have understood what exactly Aelf is, how it works and what you can do with it.
What is Aelf?
Simply put, Aelf is a customisable operating system, that is built specifically for blockchains.
As we all know, Bitcoin paved the way for blockchain technology by being the pioneer digital currency to embrace the power of blockchain technology. From the inception of Bitcoin, Ethereum was born to correct Bitcoin's mistakes, and add a very wonderful feature: Smart contracts which enabled the use of Decentralised apps, or DApps. However, there is a problem with these DApps, which is that they can't run efficiently on Windows, MacOS and Linux, our current operating systems.
So how do we implement blockchain tech that can be run easily on our current operating systems?
Easy. With Aelf!
To answer that question, we'll have to know how Aelf works.
How does Aelf work?
Aelf has envisioned to solve the problems of current blockchains by implementing two innovative properties into the blockchain. These innovative properties are side chains and a very unique governance system. These two will be explained in detail in the following lines.
SIDE CHAINS: Aelf consists of two chains: The main chain and the side chain. The main chain is the backbone of all operations. The main chain can equally communicate with all other chains in the network.
The side chains however are where things get interesting. The side chains have each one dedicated to s specific smart contract, which makes everything run very, very smoothly. It's like having one RAM chip for every process you want to implement on your mobile device.
However, each side chain cannot communicate with another. They have to go through the main chain to be able to communicate with each other.
All side chains are connected to the main chain through a side chain index system. The system categorises side chains into the following groups:
- External chains of very high importance
- Internal chains within the Aelf OS itself.
THE UNIQUE GOVERNANCE SYSTEM
Aelf makes use of a unique consensus system to record information from all the side chains to the main chain. Because of the complexity of this network, a regular proof of work or proof of stake consensus system won't work. Rather, the Aelf main chain makes use of the Delegated Proof of Stake consensus system.
As an Aelf holder, you have a say in which nodes become miner nodes by exercising your ability to vote for them. As a reward for this vote, the elected nodes then decide how to share the bonuses they obtained form mining to the nodes that voted them in.
The Aelf network determines how many miners are on the network through the formula: Miners = 2N + 1. The integer "N' starts at 8 and increases every year.
Just like miners on the bitcoin blockchain, the mining nodes on the Aelf network are responsible for confirming transactions, adding transactions to blocks and transferring data across the blockchain.
Aelf Token: Tokenomics and Supply
Back in December 2017, the Aelf team held a token sale for its inside investors. The team distributed 25% of the total ELF token supply to the investors, with the remaining 75% of tokens reserved for special use.
The tokens were shared as thus:
- 250,000,000 (25%) goes to the Aelf Foundation with 3 years vesting period
- 160,000,000 (16%) goes to the Aelf Team with 2 years vesting period
- 120,000,000 (12%) is earmarked for Marketing and Airdrops over a 3 years period
- 120,000,000 (12%) is allocated for mining reward over a period of 100 years
- 100,000,000 (10%) goes to the project Advisors and Partners with 2 years vesting period
The team behind Aelf, and Aelf development
Aelf has a lot of great minds behind its development. Aelf was developed by Ma Haobao, who is equally the CEO of Hoopox. The team's advisory board comprises of Michael Arrington (who is the CEO of TechCrunch). The team is planning on releasing the blockchain's potential to be put to use in industries.
The team also promised to improve other chains in the ecosystem by providing a template for interaction among all side chains in the network.
The team has also partnered with a great many famous startups and companies, including AlphaBit, BitMain and Hashed, to mention a few.
Aelf Token(ELF): Trading and Storage
ELF is an ERC-20 compliant token, and can be stored in any wallet which supports ERC-20 tokens, such as the Trust wallet and Atomic wallet. You can equally store it in the Exodus wallet on desktop and the Ledger and the Trezor hardware wallets.
The ELF token can be purchased from Changelly with credit it debit cards through an integration with Simplex.
ELF is also traded on all major spot exchanges like Binance and Huobi. It has numerous trading pairs, and has performed well over the years.
ELF token past history
As of today, the Elf token has a market cap of over 30 million dollars with a maximum supply of 180 billion tokens.
The token was launched at a price of just $1.10, and within a month rose by 161% to be traded at $2.61. Many renowned analysts say the price may rise to as high as over $100 in 2023, when there is an increased demand for the features it provides, and I don't doubt that because of its useful features.
How is Aelf different from other cryptocurrencies?
The Aelf protocol differs from other cryptocurrencies in the following ways:
- Transactions on the Aelf protocol are processed quicker than on other blockchains because of the presence of parallel processing on which the main nodes run on.
- Aelf has a customisable consensus protocol which adapts to changes in number of users and transaction increments through self evolvement.
- Every smart contract runs it's own blockchain which ensures smooth processing and resource segregation. This feature isn't available on the bitcoin and Ethereum blockchains.
That's all your need to know about Aelf! Thanks for reading. You can visit the Aelf website through this link.
Have a nice day!