Image Source: Aelf
Aelf is a blockchain-specific operating system (OS) that may be customized. Its goal is to become the "Linux system" of the blockchain industry.
As you presumably already know, the use and innovation of the blockchain are growing rapidly. As the first peer-to-peer digital currency, Bitcoin paved the way. It can be compared to a straightforward app. Next, Ethereum provided a platform for building customized decentralized apps (DApps) known as smart contracts. The sturdy operating systems we use now, including Windows, MacOS, and Linux, nevertheless outperform this.
Our present operating systems are unable to run DApps effectively, and current blockchains also have limitations. They aren't scalable, can obstruct the execution of smart contracts, and don't have a consensus protocol to easily adopt new technology. These issues are fixed by Aelf.
What Is Aelf's Process?
Aelf concentrates on two main breakthroughs, side chains, and a distinctive governance architecture, to address the issues with current blockchain technology. To increase scalability, the project separates resources and smart contracts via side chains, while also using a Delegated Proof-of-Stake consensus framework for more flexible governance. Let's explore each of these in more detail.
Side Chains
One main chain and multiple secondary chains make up Aelf, which is used to power the platform's smart contracts. The main chain serves as the framework for the entire system and can communicate with other chains. An exclusive kind of smart contract is supported by each side chain. The information must be transmitted through the main chain because side chains are unable to interact with one another.
A side chain index system links each side chain to the main chain. Chains are divided into two categories using the index system:
External chains that are very important (Bitcoin, Ethereum, etc..)
Within the Aelf OS, side chains
A side chain for asset exchanges, a chain for other asset categories, and a chain for Bitcoin, for instance, might all branch off from the main chain. Furthermore, side chains can split off into new sub-chains. To expand on our example, each type of asset could have its sub-chain within the "other asset types" chain, and each of those chains could be further subdivided.
This tactic, which is comparable to Ethereum's sharding method, should aid the network in scaling effectively. The ecosystem is divided into side chains to prevent bloating in one place from affecting the entire network.
Ecosystem for Tokens
For indexing, side chains must pay a transaction charge to the main chain. A side chain's requirement to pay a transaction fee decreases in direct proportion to how much it improves the ecosystem. Due to its broad usage, Bitcoin doesn't have any fees. Any subchains that are connected to side chains may also be charged costs.
Consensus Protocol
A standard Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus technique is insufficient for Aelf nodes since they must record data from several side chains into the main chain. Delegated Proof-of-Stake (DPoS), which is also used by Ark, is used to maintain the network on the Aelf main chain.
You have a say in which nodes become mining nodes if you own an Aelf token (ELF). In exchange, the elected nodes select how mining benefits are allocated to other nodes and stakeholders.
Aelf uses the following equation to calculate the number of network miners:
Miners = 2N plus one
where "N" begins at 8 and rises by 1 annually. To relay and confirm transactions, package blocks, and transport data, these mining nodes are in charge.
Aelf advises any chain developed using the Aelf OS to develop its consensus process and integrate mining with the main chain. By encouraging side chains to utilize their consensus protocol, they can modify it to suit their own needs.
Supply of Aelf Tokens (ELF)
The ELF token for the platform was offered for sale to private investors by the Aelf team in December 2017. 250,000,000 (or 25%) of the 1,000,000,000 total supply was dispersed by the team during this sale. The following people/jobs will receive the remaining tokens:
250,000,000 (25%): Aelf Foundation, 3-year vesting period
160,000,000 (16%): Aelf Team, 2-year vesting period
120,000,000 (12%): Marketing/Air Drops, 3-year period
120,000,000 (12%): Mining, 100-year period
100,000,000 (10%): Advisors/Partnerships, 2-year vesting period
Over 100 years, mining earnings will decline linearly. There are 280,000,000 ELF in use as of this writing.
How to Buy ELF on EasyCoins?
- Go to ELF/USDT trading page on EasyCoins
- Enter the amount and Click on Buy ELF
Team Aelf and Progress
Ma Haobo created the company Aelf. Haobo formerly held positions as CEO and CTO of Hoopox, as well as CTO of GemPay and AllCoin. As members of its advisory board, J. Michael Arrington, the founder and CEO of TechCrunch, and Zhou Shouji, a founding partner of FGB Capital, assist the group.
Most importantly, though, is that multiple venture capital firms have made large investments in the initiative. The token sale included participation from Draper Dragon, Blockchain Ventures, FGB Capital, and over ten other investment companies. The company had to decline the bulk of potential investors after hitting its 55,000 ETH goal within two weeks of launching the auction since the concept has become so well-known.
The Aelf team is still in the early stages of their project and is currently developing their product. However, they have partnered with Decent, Theta, and U Network since the token sale. Additionally, they completed a sizable portion of their roadmap on schedule.
The project's test net was launched by the team in June 2018. The same year, they finished creating side-chain capabilities in September. This upgrade introduced indexing, cross-chain interoperability, and side-chain generation. The main net launch is still planned for early 2019, and the team hasn't shown any evidence that they'll be late.
Competitors
Aelf has competition from a wide range of other blockchain-related projects as a DApp platform. The two competitors that stand out and have made the most progress are Ethereum and EOS. In that they both leverage side chains to create their DApp ecosystems, Lisk and ICON resemble Aelf the most.
Conclusion
Although Aelf is a relative newcomer to the DApp platform competition, major venture capital firms have already backed it strongly. The project is creating a comprehensive blockchain operating system by separating resources through side chains and a distinctive governance approach.
Aelf could gain from the synergy produced by the openness and scalability of its architecture, even though it is older than comparable initiatives. If it's too little or too late for this emerging coin, only time will tell.
