326
views

What is aelf (ELF)? – A Review of the Self-Evolving Blockchain of the Future

aelf blockchain is, by all means, one of the most interesting blockchain projects right now. It is a decentralized cloud computing platform that enables businesses to build their DApps on proprietary side chains. Besides being bulletproof safe, it is self-evolving, scalable, and lightning-fast. Above all, it incentivizes users to participate in a unique and rewarding form of governance.

In this guide to aelf, we take a closer look at what may be the next breakthrough in blockchain technology. Read on to discover what aelf is, how it works, and how to buy ELF or earn it!

What is aelf?

aelf is an open-source blockchain that aims to support the future digital economy. It uses a self-evolving cloud computing network to increase speed and scalability. This way, it should enable the mainstream adoption of blockchain. Or, at least, that’s what its developers want.

Now, aelf is not the first public ledger to promise swift ushering into tomorrow’s financial world. Many other blockchains promise to support economic decentralization. So, what’s so special about this fairy tale-named project?

Well, it has several features that are far from make-believe.

Firstly, aelf uses a rare network structure. It employs a strikingly efficient multi-chain, parallel-processing infrastructure. This complex system allows cross-chain communication and self-evolving governance.

Additionally, aelf enables developers to create and execute decentralized applications (DApps) independently on individual side chains. Thanks to resource isolation, businesses can operate on the chain at high speed.

When it comes to administration, aelf employs almost all the decentralized governance available on the blockchain. For example, the Parliament Governance Model, an Association Governance Model, and a Referendum Governance Model are all on the table.

The network also incentivizes participants to engage in any or all governance models. This way, aelf becomes a self-sustainable system ready to support self-development through a proprietary integrated development environment (IDE).

aelf has a native token, ELF, which participants can use to pay resource fees in the system. Additionally, it holds a crucial role in the network’s governance. Case in point, ELF holders can use their tokens to vote on various proposals.

Lastly, aelf supports interoperability by allowing users to operate from both public and private chains. Above all, they can choose whatever consensus they prefer. For instance, Proof-of-Stake (PoS), Proof-of-Work (PoW), and the native Delegated Proof of Stake (DPoS) are all available.

A Brief History of aelf

aelf first saw the light of the day in 2017. It is the brainchild of a Chinese developer and entrepreneur with solid experience in the field, Ma Haobo. He describes himself as an early adopter of digital assets. Also, he plans to use blockchain technology to challenge the current models and systems in many industries.

Haobo released the aelf whitepaper in 2017, shortly before launching the network’s testnet. Then, he added more members to the team. Among them is J. Michael Arrington, the founder, and CEO of TechCrunch, who plays the role of advisor.

On 21 December 2017, aelf launched its native ERC-20 token, ELF, on several crypto exchanges in China. Without an ICO and only open to private investors, the event was far from the headlines.

Three years later, in December 2020, the aelf mainnet went live. The event announced when users can swap tokens or participate in the governance process, among other new features.

In September 2021, aelf will initiate its Official Mainnet Token Swap on a random day of the month.

How aelf Works

aelf aims to offer businesses access to blockchain technology without the trouble of building their own ledgers. On this open-source multi-chain, developers can create and deploy applications through smart contracts via independent side chains. However, for this to happen, several other features have to function optimally at all times.

Here are the mechanisms that should come together in perfect symbiosis to help aelf work!

What is the aelf Enterprise?

aelf Enterprise is a blockchain solution that aims to anticipate various business scenarios. For instance, it creates operation requirements for countless industries, such as supply chain management and credit establishment.

Additionally, the aelf Enterprise provides businesses with flexible application modules readily available on the blockchain. As the network evolves and more enterprises join it, the blockchain and core economies get to grow together.

What is the aelf Foundation?

The aelf Foundation is a governance entity for the entire network. It operates from Singapore as a non-profit entity. Also, it has as its primary goal to promote aelf and its numerous applications. More so, it plans to create a reference model for blockchain governance under the regulations and laws of Singapore.

aelf Scalability and Processing Speed

Most blockchains rely on high-performance computers, where every computer represents a node. However, the aelf network consists of powerful nodes that, in turn, represent large clusters of computers.

This system allows aelf to provide high computational power to network participants. Simply, several computers team up into nodes, which then group together in cloud networks. By leveraging the resulting prowess, aelf can allow users to operate at high speeds regardless of network congestion.

Every node on the chain functions on a parallel processing algorithm to the rest of the nodes. This mechanism enables the aelf blockchain to scale indefinitely without affecting the nodes’ operational speed. How does that work?

Let’s say that a node receives the task to check a set of transactions from a smart contract. Almost instantly, it divides the transactions into groups and sends them to the computers in its cluster. There, it processes them simultaneously in parallel. In the end, the handling and validation times decrease significantly.

This system’s benefit is that new nodes can join the network without necessary upgrades to the computer’s hardware.

aelf Independence and Security

aelf is a blockchain network where every chain is independent of the rest. Also, side chains can execute smart contracts without having to go through the main chain. So, if hackers would attack one chain, they cannot affect the security of the other chains and their smart contracts.

Side chains can also determine their processing speeds regardless of what other chains may choose. For instance, every chain represents a different industry and business scenario. This means that every cluster of nodes may use distinct node delegation and chain protocols. Therefore, every chain can choose a transaction speed bespoke to its requirements.

So far, it may seem that the main chain has little to no responsibilities or powers. However, that couldn’t be farther from the truth.

The main chain is the primary ledger and communication hub for all the side chains. Also, it is responsible for ensuring cross-chain communication. Lastly, it enables optimal sync between chains operating at different speeds.

aelf Governance

aelf aims to take decentralization to the next level by giving all the power to network participants. This is possible through a voting protocol that reunites all ELF token holders. They can vote on countless protocol changes of varying urgency. This way, they can shape the aelf eco-system as they please.

We already talked about the possibility of different chains operating on distinct consensus mechanisms. To ensure optimal governance and cooperation between them, aelf uses Merkle tree root-based chain indexing. This way, chains using PoW can easily communicate with PoS-running chains.

aelf also has beginner-friendly functionality. For instance, it provides developers with a side chain template for quick smart contract development. This way, even those who are new to the blockchain can start coding without too much hassle.

What is aelf Token (ELF)?

The aelf Token (ELF) is the native token of the aelf blockchain. Participants can use it to pay fees and deploy smart contracts. Additionally, it enables them to govern the blockchain by participating in a democratic vote on protocol-changing decisions.

At the time of this writing, ELF had a market capitalization of $200 million. More than 544 million units were in circulation, and one token was trading for $0.40.

Where to Buy ELF?

You can purchase ELF tokens at any leading crypto exchanges, such as Binance, OKEx, Huobi Global, and Upbit, among others.

Where to Store ELF?

ELF is an ERC-20 token. Therefore, you can store it in ERC-20 compatible wallets, such as Trust Wallet, Atomic Wallet, Ledger Nano S, and Trezor One.

The Bottom Line – A Guide to aelf (ELF) Blockchain

aelf addresses many of the issues that both blockchain technology and the current financial system face today. For instance, it tries to provide viable solutions for blockchain scalability and low transaction speed. Alternatively, it aims to help businesses migrate from the traditional financial world to the future digital era.

aelf live price
Elf
aelf
$0.1553990000
price
6.95433%
price change
BUY NOW

All in all, aelf is a very promising blockchain initiative that is already making waves in the crypto industry. With a multi-chain infrastructure and an excellent development team, this project can go very far.

Stay up to date with our latest articles

More posts

Marhaba DeFi Network Introduces Halal Certification for NFTs

A strategy to penetrate the $3 trillion Islamic market.   Marhaba (MRHB), a Muslim-centered DeFi platform, is launching the world’s first Sharia-backed NFTs certification.  The system involves a process where NFTs projects will be submitted to a Sharia administrative board. This panel will review the artwork’s compliance with Sharia Modesty and ethical code. Halal NFTs receive a Blockchain minted certificate curated by Sharia Experts LTD, an Islamic advisory platform for web3 projects.  Mohammed Naquib, the founder of Marhaba, explained how…

India Leads 26 Other Countries in Terms of Play-to-Earn Adoption

According to a recent NFT research, India ranks first among 26 countries on the basis of play-to-earn (P2E) gaming adoption. Indian Players Outnumber Hong Kong's and UAE's As per the survey, approximately 34% of respondents in India have experience with play-to-earn games. To be clear, play-to-earn games are blockchain-based games in which players receive incentives with real-world value. Since the outbreak of the pandemic and the rise of the work-from-home culture in India, the popularity of P2E games has soared.…

Cynthia Lummis Drops Reveal Date for Landmark Crypto Legislation

Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…

Cardano Founder Lobbies for Favorable Laws in Washington

Cardano Founder Charles Hoskinson has shared details of a week-long trip to Washington D.C, where he met with US lawmakers to discuss crypto-related policies. In a Youtube video, Hoskinson related his conversations which he says are another step towards changing how regulatory entities view the crypto industry. Crypto Policies in Need of Major Work Charles Hoskinson has reportedly spent the past few days mulling over the best course for regulation. In fairness, Hoskinson has always pushed clarity in government interactions…

Terra Holders Approve Proposal to Burn 1B UST from Community Pool

Terraform Labs has announced plans to burn 1.3B UST from the community pool following a successful governance vote. After the "Rebirth of Terra" passed some days ago - the burn proposal is the latest in Terra's ultimate revival plan.  Terra will Absorb the UST Supply On Thursday, the burn idea, proposal 1747, passed with staggering support from the Terra community. 99.3% of participants in the vote (154.579 million) pushed for TFL to destroy a huge part of the UST supply. …

How Can You Determine the Rarity of an NFT?

The rarity of a non-fungible token (NFT) is one of the most often debated topics on the internet. The rarity of an NFT is one of the most critical elements in determining its value. Understanding how rarity works is a significant advantage for anyone investing in the NFT market. How can traders learn to measure this feature for any digital asset? Our guide today will share more insight on this critical aspect. Is It Possible to Measure Rarity? There has…

Twitter Agrees to Pay $150 million Fine for Invading Users’ Privacy

Twitter has consented to pay a $150 million sanction to the US Department of Justice (DOJ) and the Federal Trade Commission (FTC). The payment is a settlement for an invasion of privacy charge by the US government. The complainant maintained that Twitter had released users' private information to help advert companies target customers. The Breach Explained Per a complaint on Thursday, the Social Media behemoth allegedly retrieved customers' cell numbers and email info under false pretenses. According to the charge, …

Most NoCoiners Simply Don’t Understand Bitcoin, Finds Block Study

Jack Dorsey’s financial company Block has unveiled a survey from January examining top reasons that people don’t buy Bitcoin. The top reason, cited by 51% of respondents, was that they simply don’t understand it well enough. Conducted in partnership with Wakefield Research, the study surveyed 9500 people across 14 different countries. Besides the lack of knowledge, other common reasons for avoiding Bitcoin included cybersecurity risks (32%) and price volatility (30%). Among those that refused to buy Bitcoin despite sufficient knowledge,…

Federal Reserve Vice Chair Backs CBDC Issuance, Despite Republican Backlash

Lael Brainard – vice chairwoman of the Federal Reserve – showed support for a US CBDC at the House Financial Services Committee hearing on Thursday. She believes one could bring more efficiency to the financial system, but Republicans are staunchly opposed. Potential Need for a CBDC In advance of the hearing, Brainard issued a written statement discussing the pros and cons of a CBDC in the United States. When framing her argument, she first acknowledged the recent instability of private…

Binance, FTX and Others Pledge Support for Rebirth of Terra

Several of the world’s major exchanges have declared their support for Terraform’s reintroduction of the Terra chain as Terra 2.0. Likewise, participants in the network responded positively to the latest in a string of revival strategies from CEO Kwon Do-Hyeong. Terra Revival Plan Receives the Green Light Algorithmic stablecoin UST’s depegging kicked off a series of events that led to the Terra ecosystem’s record collapse. Although most of the crypto-industry had written off the project, Do-Kwon relentlessly pursued its salvation.…