Full description of aelf
Aelf is a blockchain-based operating system. It was designed to solve the acute problems of the
Blockchain (?) industry such as scalability with the help of smart contract execution via side chains and the delegated proof-of-stake
Consensus (?) algorithm. Aelf presents itself as a
Decentralized (?) cloud computing blockchain network targeting the commercial adoption of blockchain.
The Singapore-based company Aelf was launched in December 2017 without any ICO. The project was financed by private investors only. The private process placement was completed ahead of time on 10 December 2017 and gathered over 600% of the initial fundraising target. Almost simultaneously (2 days later after completion of the private sale), ELF tokens were released on Binance, OKEX, BCEX, Huobi.pro, CEX, and BIBOX exchanges.
The goals of the project
The biggest challenge facing commercial-scale adoption of blockchain is the lack of capability to meet the demands of numerous, versatile and complicated business scenarios. Implementation of new technology entails multiple problems that need to be resolved. A big number of
dApps (Decentralized Application) (?) can’t function on current operating systems and blockchain doesn’t have a consensus protocol for the integration of new technology. Aelf offers its own solution to the scalability problem providing side chains, while the Delegated Proof-of-Stake algorithm becomes a solution to the consensus problem.
The system developed by Aelf can be applied in the financial sphere, the Internet of Things, insurance and many other areas to alleviate business processes. The main goal is to make the
Crypto (?) industry more customizable and efficient for mainstream usage.
The Aelf platform
The ecosystem relies upon a self-evolving authority obtained via the voting protocol. The community makes all decisions together playing a decisive role in the system. For instance, they can decide upon such questions as size and speed of side chains, their removal, addition and their status that can be either public or private.
Aelf blockchain is the main network while other businesses can develop their dApps on sidechains with no possibility to run on the mainchain. Users can develop their own custom blockchains with their own privacy settings and updates meaning that these modified blockchains can be entirely under their control. Apart from customization benefits provided by side-chains, such architecture also helps to decrease data complexity.
The platform has a reward system called Candy. Users can earn points using the Candy rewards system and fulfilling different simple tasks. It can be a type of promotion job such as to reply to Aelf tweets, for instance, or sending invitations to people to the Telegram channel. These actions are rewarded if the participants are members of the Candy program. The person should sign up to become the one.
The Aelf technology
The platform employs the Delegated Proof-Of-Stake consensus system and sidechains for a unique and adaptable governance system. It functions efficiently to obtain and optimize a multi-chain system with parallel processing and cross-chain interaction.
The users have to pay fees with Aelf native tokens (ELF) to initiate smart contracts, for transactions and money transfers. The Aelf platform features such characteristics as nodes’ scalability, parallel processing for efficient use of processing power, isolation of smart contracts with the help of side chains, interoperability and performance on different consensus protocols (dPos, PoW, PoS) using private/public chains.
The infrastructure of the Aelf platform features the main chain that has many side chains attached. The location of side chains is recorded on the main chain. The interaction between the side chains is performed through the main chain also, while Merkle Tree hashing is used for verification of the path.
Employing the science of cloud computing with an interconnected network of numerous
Cryptocurrency (?) networks connected in side-chains with a modified set of rules, it’s possible to attain their smooth interaction. Although additional chains with exclusive rules for individual groups are formed, there’s a common rule applied to all participants of the ecosystem and binding the entire ecosystem together.
The Aelf token
The Aelf
Token (?) (ELF) fuels the work of the ecosystem and can be used in a number of different ways due to the variety of side-chains or protocols. This diversity will increase with the growth of the crypto network. This cryptocurrency is rather popular among altcoins. It is traded on more than 25 exchanges such as OKEx, Kucoin, Binance, and Huobi. It is paired with Bitcoin, Ether, and Tether.
The total supply equals to 250 million ELF. When a token sale for private investors was arranged in December 2017, 25% of the total supply was distributed (1,000,000,000 tokens). The remaining tokens were distributed in the following way: 25% to Aelf Foundation with a 3-year vesting period, 16% is given to the Aelf team with 2-year vesting period, 12% is allocated for marketing goals with 3-year period, 12% is distributed to miners for 100-year period and the last 10% is given to the advisors and partnerships with 2-year vesting period.
It’s possible to store ELF on hardware, online, desktop wallets or on exchanges. The safest variant is to choose the hardware wallet, for instance, Ledger Nano S, but those who prefer a
Wallet (?) for easy and fast transfer should select an online web or mobile wallet. Any wallet with ERC-20 support such as MyEtherWallet and Exodus is suitable as ELF is an ERC-20 token.
The Aelf team
The project is developed by Ma Haobo, a former Hoopox CEO. Aelf is supported by influential personalities in the sphere of technology and blockchain, for instance, Liam Robertson, CEO of Alphabit, and J. Michael Arrington, the founder, and CEO of TechCrunch, who act as the advisors of the company.
Aelf has also entered the partnership with ThetaToken in January 2018. A month later, in February, it announced its partnership with DATX.
- Exchange symbol (?): ELF
- Cryptocurrency type (?): Token (?)
aelf for developers
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Source: NOMICS
