Before we get down and dirty with the nitty gritties of this project let’s lay out some of the key fundamentals of this project.
Project Name: ælf - Decentralized Cloud Computing Blockchain Network
CEO: Ma Haobo
Token Max Supply: 880,000,000
Token Price (17th May): $0.071067
With countless crypto projects getting launched by the day, the next natural question I had was what exactly is so special about Aelf, and does it offer any use case which is not already well addressed by the existing crypto initiatives.
Going through their site and whitepaper I realized their project is focused towards addressing the following 3 key challenges faced by the crypto world and which seems to be getting worse with new tokens entering the market, which are often not mutually compatible.
- Challenge 1: Current Blockchains are not scalable, and performance usually deteriorates as concurrent transactions go up
- Challenge 2: As different tokens follow different operational model, there are interferences between Smart Contract executions.
- Challenge 3: Lack of protocols to adapt with new technologies being launched
What do they plan to do?
Next thought I had was – OK, they have interesting challenges to address but what exactly do they plan to do about it?
Their implementation plan is built upon the principle of creating a "Linux eco-system" which will enable the following functionalities:
- Concept of multi-layer Side Chains to ensure efficiency while raising scalability
- Communications with external systems including Bitcoin
- Parallel processing of transactions to avoid blockchain jams
- Consensus protocol, which basically means all changes need to be approved by stakeholders before being implemented. Democracy Rocks!
What exactly is this Side Chain?
Most of the concepts in their whitepaper are familiar if you are up to date with the common blockchain based projects. What was new was – we know what a blockchain is, but what do you mean by Side chain?
They maintain the main chain similar to how block chains are run but they have introduced side chains via a tree concept which will have branches corresponding to each external platform it interacts with. This model is key to ensure that efficiency levels are maintained and network jams are avoided even when the blockchain is interacting with several platforms at a time. The tree structure can be visualized by the graphic below which is included in their whitepaper.
Did you say they have their own OS?
All crypto projects outline detail how their blockchain will be structured and running mechanism, but I was intrigued when they mentioned Linus Eco-system OS as their foundation. Why does a blockchain need OS?
Did they say they will run in the cloud?
You might ask -why do they need to go to cloud?
Well, one issue facing all miners and masternode operators is the rising cost of hardware and infra related costs. One obvious way to ensure efficiency with lower running cost is using cloud based processing.
Sounds too much, need a Bottomline?
You might ask- Technically it sounds well detailed, but how do I explain this in layman terms?
As you would have noticed that traditionally the crypto world revolved around Bitcoin and Ethereum. This was however more than 10 years ago and since then many new projects, technologies, consensus models have come in. This has made inter-operability a big issue.
If Aelf is successfully implemented it will resolve this big pain of managing and handling different crypto environments in harmony!
If you are still hungry for more details, do checkout their whitepaper - https://aelf.io/gridcn/aelf_whitepaper_EN.pdf?v=1.6
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Originally posted on my blog at - https://cryptosensible.com/2020/05/17/aelf-why-you-should-get-familiarized-with-it/