aelf

aelf

 ELF

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.

aelf Exchange Rate

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.

Aelf blockchain

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
  • Sidechains

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.

Sidechains

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.

GovernanceM

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.

Flexible-Governance

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.
  • Help us improve our service by leaving an honest review and rating.

Popular pairs to convert aelf

Frequently asked questions

What is the aelf exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store aelf?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.