The global use of blockchain technology is increasing. More enterprises and individuals are adopting the technology for a myriad of uses.
With increasing adoption comes an increasing demand for the technology to meet the expected demands of an interoperable platform. Blockchain platforms must be scalable, versatile, high-performing, and secure to meet market demands.
Aelf, a cloud-powered public blockchain for business, recently introduced its latest feature, Cross-Chain Transfer Protocol (CCTP), to meet emerging market demands. The CCTP was introduced to solve the problem of low efficiency and high-cost of cross-chain asset transfer. It was also introduced as a solution to low interoperability between different chains as a result of their incompatibilities.
The platform then ran a competition to see how robust the CCTP system is. After one week of hackers attempting to disrupt the system, Aelf announced that no hacker had successfully compromised the CCTP system, a big win for the platform.
The Future of Blockchain
With the mass adoption of the technology, the likely future of blockchain is inherently dependent on interoperability for success. Already, various enterprises are subscribed to different blockchain platforms running on different consensus mechanisms, among other technologies. At some point, these enterprises may want to collaborate or share digital assets, which will require interoperability between the various existing platforms.
Moreover, inter-chain communication and trading will also be a critical factor in the blockchain ecosystem. Even within the same protocol, sharing of data and digital assets is a crucial aspect for the success of the protocol.
Therefore, when Aelf decided to release the CCTP system, they were preparing the foundation for the mass adoption of blockchain technology. The CCTP system is arguably the first of its kind in the market. Its recorded success suggests that such systems are likely the future in blockchain technology.
One of the dangers of on-chain and cross-chain transactions is the security loopholes created or overlooked during development. Security is a significant concern, especially where assets are concerned.
When designing CCTP, Aelf sought to make the system as secure as possible to reassure its subscribers of safety within the system. Further, by showing that their system is indeed secure, it can set the precedence for more cross-chain transactions with other protocols.
To this end, Aelf organized a Hacker bounty. The challenge of the bounty was to compromise the CCTP and transfer the ELF test tokens to your account. Aelf would then reward you with an equivalent amount of ERC 20 ELF tokens. The first phase of the bounty was completed on 5th June, with Aelf reporting unsuccessful hacking attempts.
The success of the first phase of the challenge shows the robustness of the system. By failing to compromise the CCTP even once, it proves that Aelf did an exemplary job to secure their asset transfer solution. However, there are still more parameters to be tested to ensure that nothing is left to chance in their quest for reliable interoperability. Aelf is already planning for a second phase of the challenge with a more substantial reward pool and other specifications.
Imminent Mass Adoption
Platforms like Aelf are creating the necessary environment for the mass adoption of blockchain technology. Given the on-going global event on economies (the Covid-19 pandemic), mass adoption may come sooner than anticipated. It, therefore, becomes paramount that such cross-chain systems are tested extensively in preparation for what is increasingly becoming an inevitable shift.
Through the effects of the pandemic, we have seen how easily global systems are disrupted by crucial points of failure. It would not come as a surprise if people developed more interest in decentralized technology to avert future crises as a result of such world-changing calamities.
With interest peaked, proof-of-concept, reliability, and security assurance are what people look for. Blockchain has shown that it is capable of delivering what centralized platforms can deliver, and even more. It is also seen as a security system due to its immutability; however, there are instances of compromised systems that affected its appeal in the market. Mass adoption requires that the population fully trusts the technology to deliver.
Aelf produced a fantastic platform that utilizes the main chain and sidechain system to achieve interoperability. It further improved its network for better scalability and optimized it for the business community. The platform has proved that blockchain is a working product ready to be utilized large-scale.
The security issues that have lately plagued blockchain platforms are being addressed by Aelf using the CCTP and the hacker bounty contest. Aelf is showing the robustness and effectiveness of CCTP through welcoming hacking attempts to the CCTP system. By proving that their platform is secure, Aelf will have increased public confidence in blockchain technology by another step. Therefore, we are likely to see more adoption of the technology once all phases of the hacking bounty are completed.
The inter-chain connection that Aelf is innovating is meant to make the platform ready for adoption. Here are some of the innovations by the R&D team at Aelf:
- Token management. The team added a transferring-owner interface to the token created for multi-asset contracts. The new interface makes it possible for the original owner of the tokens to transfer issuing authority to another address, thus assisting in token management.
- Contract unit testing. Because of the multi-chain possibilities of the platform, the team made it easier for contract developers to test out various scenarios, including cross-chain transfer.
These are just two of the improvements announced so far by Aelf in June. More is still to come as the platform optimizes its services for business. For more updates on their latest development, follow the platform on Twitter.
Now, Aelf may be setting the precedent of blockchain adoption; however, more development remains before it can be the face of blockchain for business. The platform is adoption-ready and secure, but a few more tweaks will enable it to manage the mass adoption of its services.
From the results posted by Aelf, the CCTP system will seemingly be a success. This will add on to the successive developmental projects Aelf has taken so far. It will increase their desirability in the blockchain market and will likely have an influence on the adoption of the technology by the mass market.
The world may shift towards a decentralized system in the technology industry as a result of the effects of the unprecedented effects of the Covid-19 pandemic. As people weigh their options, platforms like Aelf may remain ahead of the curve by adequately reinforcing their services, ready to effectively serve when the need arises.
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.