Sirwin
Sirwin
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Explaining AELF Project (ELF) Briefly 📜

By papaPutra | itspapaputra | 9 May 2020


Another interesting blockchain project that I never heard of till today, ÆLF.

Yes, it share the same name with that cute creature from fairy tale.

A Elf. 🧚‍♀️

Is it gonna be game changer in software industries or is it just gonna be a fairy tale for grown-ups? 😅

With this article, I'll participate in AELF Explainer Writing Contest on Publish0x. My writing style will be the same (which is horrible 😔) but I'll try to sum my research about this project here.

What is AELF

Well, imagine Ethereum (ETH) or Entrepreneurial Operating System (EOS).

ETH and EOS are blockchain platforms, basically a platform to store your data (database) but it's decentralized.

aelf (ELF) is similar to those blockchain platforms, and also their new competitor.

Cited from its own site, being said it is "a customizable high performance blockchain network for business."

Idk why it's not "a customizable high performance blockchain network for decentralized applications." - but 🤔 I think it's because the sector of industries that would adopt this project initially are likely some companies- which are trying to implement IoT on their business.

Who making What

Some Chinese entrepreneur strikes again with new blockchain product using cutting-edge technology (God, Asian intellectuals are scary 😅)

Aelf was founded by Ma Haobo, he was previously the founder/CEO of Hoopox as well as the CTO of GemPay and AllCoin.

Their company, aelf foundation itself based in Singapore.

Their vision is being Linux but for blockchain, and cloud computing service like Amazon.

How it compare to ETH and EOS

Based from their previous AMA event and social media platforms, the keynotes of their platform are:

  • Provide better performance, aelf's smart contract performance is up to 1,000 times faster than Ethereum's EVM - whoa!
  • End-users do not need to know the rules of the blockchain - If this is real it would be the killer feature tbh 👀
  • Developers can set up the development environment in 10 minutes
  • Have a good economic model and can carry out proposal governance on the chain.
  • Lower transaction fee - I like this one 👏
  • Dynamically scaled, highly customized
  • It is also designed to be able to communicate with external Blockchain systems like Bitcoin and Ethereum

The tokens

The total supply of aelf's tokens is 1,000,000,000 ELF.

Currently, ELF is ERC20 token and can be stored in any compatible wallets. (e.g. Ledger, Coinomi)

Token itself trade-able in Binance, Bitfinex, UPbit, Houbi, and many more. Check: https://aelf.io

Afterwords

So, one thing that stick within my head: they claim that ELF is outperforms its competitor for now.

Quite interesting isn't it?

But well, I didn't even see the actual product and its impact yet 😅 At another years perhaps?

It seems like a really good project tbh... and I hope it is.

Unlike ETH and other popular coins, their token is below $0.1 for now 💸 so I think it's good for long-term investment. 📈

I think I'll buy some after BTC crash 🤭 how about you?

But then again, idk about its public implementation yet 🤔 will it succeed or not? only time could tell. 😉

How do you rate this article?

6


papaPutra
papaPutra

Crypto idiot


itspapaputra
itspapaputra

a potato idiot

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