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.