AELF EXPLAINED - AELF "Linux eco-system" for Blockchain

AELF EXPLAINED - AELF "Linux eco-system" for Blockchain

By Jitheshwar | Crypto Noob | 17 May 2020


Before going through article I want you to make sure that I'm not explaining about this elf (pun intended).

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(Pic credits: https://favpng.com/ )


aelf is a cryptocurrency project with potential to scale down the blockchain technology to every possible enterprise that you can think of. It has functionalities like ability to interact with other chains like Bitcoin, ETHEREUM, etc (cross-chain interaction), parallel processing unlike traditional linear processing of transactions for speedy confirmation.

aelf intends make blockchain technology even more useful by building solutions from scratch to solve current problems that are holding it (blockchain) back.

Below I listed some aspects that were appealing to me.

aelf Blockchain

1.THE VISION

aelf's vision is clear and straight forward, it intends to scale down blockchain integration for real world use case scenario.

For this they developed a versatile Operating System designed to meet commercial needs. Which is addressing the following challenges

1. Current Blockchains are not scalable, as the performance of one single node/mining machine determines the performance of the whole system.

2. Current Blockchains do not segregate resources for different Smart Contracts, which causes to interference between Smart Contract executions.

3. Current Blockchains do not have pre-defined Consensus Protocol to adopt updates or adapt to new technology.

2.FOR DEVELOPERS (the visionaries)

aelf claims that their OS is what "Linux eco-system" to a computer OS for Blockchain.

The system allows developers to customize chains to meet their own needs, particularly commercial requirements for various industries. It will contain the following main features:

1. Main Chain and multi-layer Side Chains to handle various commercial scenarios. One chain is designed for one use case, distributing different tasks on multiple chains and improving processing efficiency

2. Communication with external Blockchain systems, such as Bitcoin and Ethereum, via messaging

3. Parallel processing for non-competing transactions and cloud-based service

4. Basic components of minimum viable Block and Genesis Smart Contract Collection for each Chain to reduce data complexity and achieve high customisation

5. Permission for stakeholders to approve amendments to the protocol, including redefining the Consensus Protocol; Permission for Side Chains to join or exit from Main Chain dynamically based on Consensus Protocol, and therefore introduce competition and incentive to improve each Side Chain

3.AELF's MAIN CHAIN

aelf Main Chain is a blockchain run by the aelf OS, and acts as the backbone of the whole system. The Main Chain consists of a Side Chain index system, Token system and DPoS Consensus Protocol.

4.AELF SIDE CHAIN

Chains that are indexed by the aelf Main Chain are considered Side Chains. aelf is a dynamic system where all Side Chains are attached to the Main Chain. The Main Chain contains the index of the system boundaries and records where the Side Chains are. They interact with each other via the Main Chain. aelf allows Side Chains to be added to or excluded from the aelf system.

aelf TOKEN

aelf token is listed on many exchanges including Binance, Huobi Global, etc.

aelf token incentivizes honest behavior in the system. All aelf Side Chains accept the aelf Token as storage of value and a means of value transfer. It can be transferred across any Chains that accept the aelf Token.

When a Side Chain applies to be indexed by the Main Chain, it receives some locked-in Tokens from the Main Chain. When the Side Chain receives transaction fees, it partially shares them with miners of the Main Chain. When the Main Chain finds indexing a Side Chain is economically unfavorable, the Main Chain has the right to terminate indexing, or permitting competition of two Side Chains providing the same services.


You can read full text of aelf Whitepaper and aelf Economic & Governance Whitepaper for better understanding and deep diving into the project.


You may join aelfexplained contest by publishing your article and grab your share from pool of $300 in DAI.

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