We have the likes of Windows, Mac, and Linux dominating the traditional OS (Operating System) industry. Now, with the prevalence of blockchain technology in recent times. It was just a matter of time before we start seeing OS built explicitly for blockchains. That is exactly what aelf wants to bring to the blockchain industry, a customizable OS meant for blockchains. The team aims to be the Linux of the blockchain industry. The aelf protocol is based in Singapore and it is a cross-chain network that seeks to provide the architecture for dApps to thrive.
What is aelf coin?
The ELF coin is the native token of the aelf protocol, which is an open-source blockchain built to be the total package for business solutions. It has a structure of One Main Chain + Multiple Side-Chains that allows developers to operate or deploy DApps in separate side-chains to attain resource isolation. Aelf cryptocurrency adopts a technology that uses parallel processing and the AEDPoS consensus model. To achieve direct interoperability between sidechains, the aelf blockchain is built around the cross-chain technology of the main-chain index and verification mechanisms that allows the protocol to communicate securely between the main chain and every sidechains.
To create the blockchain architecture that matches several commercial requirements, aelf coin offers a very efficient and effective multi-chain parallel processing network that has cross-chain communication capabilities as well as self-evolving governance. Aelf blockchain introduces four vital innovations, which are:
- Maximum utilization of processing power through parallel processing.
- Interoperability to run on and flexibility to choose from different consensus protocols (DPoS — native, PoW, PoS) and private/public chain.
- Using independent and specialized side chains to give resource isolation to smart contracts.
- Scalability through scalable nodes on a group of computers.
Going back to the ELF token now, it can be used for payment of resource fees on the aelf blockchain when developers deploy smart contracts, operate and upgrade systems. The ELF crypto also serves as the governance token, which allows its holder to vote on changes and proposals on the blockchain like the introduction of new features, electing mining nodes, etc. leaving room for self-evolution of the aelf network.
The background story
Ma Haobo who was the previous CTO of AllCoin and GemPay as well as the founder and CEO of Hoopox created the Aelf coin alongside Zhou Shouji, a founding partner of FGB Capital, and J. Micheal Arrington, who is the CEO and founder of TechCrunch. The investors’ list of the Aelf token is very impressive, with the protocol securing investment from several venture capital companies like Blockchain Ventures, Draper Dragon, FGB Capital, and many others. The ELF coin had so much popularity that the team reached its goal of 55,000 ETH in just two weeks of the token sale and had to turn down several investors that were interested.
After the token sale was concluded, the Aelf coin also secured crucial partnerships with U Network, Theta, and Decent. They are reaching their set milestones as scheduled along the way. The aelf cryptocurrency launched its testnet in June 2018 and by September same year, the sidechain capabilities had been developed. This includes updates like indexing, sidechain creations, as well as cross-chain interoperability. The mainnet was launched in 2019.
The aelf blockchain wants to solve some of the issues in the present setup of the blockchain industry and to do that the aelf token emphasizes two key inventions, which are:
- A unique governance model
The protocol separates smart contracts and resources by using sidechains to ensure improved scalability. At the same time using Delegated Proof-of-Stake to proffer a better and more adaptable system of governance. Looking at the two key innovations will help us understand better how the protocol wants to achieve this.
Aelf blockchain has just one main chain and several sidechains to operate smart contracts on the network. The main chain is the foundation of the whole network and it has the ability to communicate with external blockchains. Each sidechain is reserved for a certain type of smart contract and they can’t interact with one another. So, they have to go through the main chain to transmit data. Every sidechain is linked to the main chain via the sidechain index system, which is split into two types called internal sidechains in the Aelf OS and external blockchains of high importance like Ethereum, Bitcoin, etc.
Splitting the whole system into sidechains will help prevent bloating in one sidechain affecting the whole chain. Also, sidechains must pay a transaction fee to the main chain to be indexed and the more the sidechain contributes to the network, the lesser the fees it has to pay. Sidechains can also charge transaction fees on any sub-chains attached to them.
Due to the intense demand on the aelf nodes to store data from several sidechains to the main chain, the usual Proof-of-Stake or Proof-of-Work mechanism won’t cut it here. Instead, the ELF token crypto opts for the Delegated Proof-of-Stake mechanism to run the aelf network. As a token holder, you are eligible to vote on which nodes are elected as mining nodes, and in return, the chosen nodes take a decision on the way to share mining bonuses to other stakeholders and nodes on the network. An equation is used by aelf cryptocurrency to decide the number of miners on the network.
The equation is given as: Miners = 2N + 1.
N – begins at 8 and each year it increases by 1. The responsibility of the mining nodes is to relay and confirm transactions, transfer data, and package blocks.
Key features of aelf
- High Performance
To eliminate performance bottlenecks, the aelf protocol uses server clusters and parallel processing combined with the unique AEDPoS mechanism to attain high throughput.
- Resource Isolation
The aelf protocol is able to facilitate independent app deployment through its cross-chain collaboration mechanism. The one main chain and several sidechains structures enable resource isolation to occur.
- Stable and Simple Implementation
Nothing beats plug-and-play app modules in simplicity and efficiency. The well-developed IDE by aelf allows developers to debug, create and deploy DApps effectively.
The governance model employed by aelf blockchain is flexible to accommodate governance requirements of any specific situation by offering a wide array of governance models on its network. There are the Association Governance Model, Parliament Governance Model, and Referendum Governance Model.
How to exchange ELF on Swapzone at the best rates?
You can easily swap your coin for an ELF token on Swapzone, which is an ELF exchange aggregator for the best ELF price in the market by presenting the best exchanges with the best rate.
- On Swapzone, you can select any ELF pair from the list of tokens then the site will pull up from all the ELF exchanges.
- Input the amount of ELF tokens you want to exchange.
- Select the exchange that suits you by clicking on the exchange button.
- Input the address where you want to receive the ELF token. There is also an option for a refund address, which is the address where your coin will be refunded to incase of any issues.
- Click on proceed the exchange button to carry out the exchange.
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