Cross-Chain Transfer Protocol: The new symbiotic Relationship between different networks within AELF ecosystem

Cross-Chain Transfer Protocol: The new symbiotic Relationship between different networks within AELF ecosystem

By insidetrader | HODL the Universe | 16 Aug 2020


After the creation of the ‘’Blockchain’’ idea on 2008 by Satoshi Nakamoto, whole financial system has started to change one-by-one. It’s thought that a new toy for kids but the reality is totally different. Some people believe the idea behind of it and started to participate in ‘’New World’’ with their own applications, solutions etc... Ma Haobo is also one of the ‘’believers’’ with his expert team and they refuse the ‘’one-for-all’’ mechanism of growing blockchain ecosystem because one chain is not enough to supply all needs for completely different business types at that moment. So there is gap to fill, we need multi ways for different ways to realize different works at the same time. To become the gap-filler of such issue, they created the idea ‘’Cloud Computing Blockchain Network – AELF’’.

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What’re the previous examples?

When we check previous examples of networks such as Bitcoin or Ethereum chains, most of them created according to principle of ‘’One-for-all’’. It means that you must use the exact same chain for both asset storing or transfer or exchange between others etc… As a result of this working scheme, there’re numerous problems which mainly caused by system overload and results in mostly ‘’hardfork’’. BCH, ETC or any other types of ‘’new’’ cryptocurrency formation is caused by the lack of needs and aims to fill the gap for securing and acclerating the previous chains. It’s another article’s topic that ‘’Is it needed to make forks?’’ or ‘’Are the hardforks successful?’’ but for now we can easily understand that these chains are not capable of meet the needs of related networks. Within such environment, AELF has created to interconnect different chains to boost the power of blockchain technology by utilizing many chains into a ‘’branched tree-like’’ structure named as ‘’One Main-Chain and Multiple Side-Chains.’’

 

What is AELF?

Basically AELF is organized to provide ‘’development template and infrastructure’’ for pioneer ideas within its ecosystem. As we can understand the detailed scheme of how AELF works, it is designed to run with single main-chain which is planned as a roadway and lots of side-chains that are smaller but unique ways connected to roadway. These side-chains could be anything to crypto businesses methods such as insurance companies, financial industries, IoT organizations, Digital Identity etc… We can simply liken such type of organization scheme to ‘’Branched Tree’’. Also the team gave the name ‘’Merkle Tree Root’’ for main-chain.

 

What AELF offers?

As I have mentioned above, AELF offers us an infrastructure to let developers build their own products within AELF ecosystem via utilizing its tokens and products. That’s why they call themselves as ‘’Decentralized Cloud Computing Blockchain Network’’. But it’s not limited only for AELF ecosystem and AELF’s products. The expert team also offers crypto community to build ‘’side-chains’’ that are linked to different blockchain networks such as Bitcoin, Ethereum, Litecoin etc… At first, it sounds like impossible but after reading the AELF WhitePaper and Cross-Chain Transfer Protocol announcement, we realize that it’s more than just an idealistic consideration.

The CCTP works like an human organism. We can liken the main-chain to ‘’Central Nervous System’’ which is composed of brain and spinal cord and also the side-chain is like ‘’Peripheral Nervous System’’ which are the major and minor nerves/nerve plexuses that works together to sustain life. Main-chain is capable of expanding independently and infinitively where it’s needed. It receives lots of information from head to toe, package them into simplier messages and directs the forward control of the body. On the other hand, side-chains are like fingers, legs, eyes an deven the hair roots. They are capable of receiving any type of impulse, responsing according to given stimulus and they’re independent from other side-chains but still in homeostasis again regulated by main-chain.

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Cross-Chain Transfer Protocol idea was first mentioned on 14th of May,2020. On the announcement article we can understand that CCTP is realized to boost all included chains via interacting each other to maket hem highly efficient and interoperable. They called this type of work as ‘’Unification of independent other blockchains’’. But in my opinion, it’s like a growing child’s organism: with 1 working leg, you can’t move; with only 2 efficient fingers, you can’t complete fine motor movements and so on. This is really same thing with the team are working hard to empose into crypto world. They are now in the beginning of a new ecosystem which is not unique to any project but it’s a overall method to realize blockchain mass adoption.

 

What is future expectations from AELF team?

As I said previously, it’s just a beginning of long road. But if the idea could happen, we could get rid of many problems of crypto world. Those problems’re not new problems but even though many people trying to solve that issues, there is not real solution! High transaction fees, relatively low security options, reducing compatibility, less efficient ongoing chains are just 4 examples of the problems I mentioned above. When we check our mind, we immediately got that even ETH 2.0 project is still waiting for about 2 years but we’re facing the problems more than 2 years. Maybe it will be available to connect another chain instead of ETH for sending ERC20 tokens while these environment.

Shortly, it’s inevitable to use more user-friendly chains in order to secure assets, not to lose much more fees or to find the fastest chain on ecosystem. So it’s clear that we need different and boosted ways to reach crypto world. If AELF team could achieve such a honour, they can even become the better chain than ever. It would also effect the price andutility of token, partnerships etc… I hope AELF can reach it and will save us. Let’s come to growing baby example. If baby is feeded well, he/she will grow up and even try to improve himself/herself. So I want to say that if AELF pass the beginning area of CCTP, the remaining participants and crypto community will also boost it!

 

For further readings, please visit the AELF website or Medium page. Follow Twitter account and join Telegram community to be updated.


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insidetrader
insidetrader

Freelance crypto writer & translator


HODL the Universe
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