What is aelf (ELF)?
Aelf is a customizable operating system (OS) specifically for blockchains. The team is aiming for it to be the “Linux system” of the blockchain community. As you probably know, blockchain adoption and innovation are advancing exponentially. Buy Aelf (ELF) India with BuyBitcoin.
First, Bitcoin paved the way as a peer-to-peer digital currency. You can think of it as a simple app. Next, Ethereum made it possible to build specific decentralized apps (dapps) through smart contracts – basically an app platform. However, this still falls short of the robust operating systems, like Windows, MacOS, and Linux, we’re using today.
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Our current operating systems are incapable of efficiently running dapps while current blockchains have their drawbacks as well. They’re not scalable, can have interference in smart contract execution, and lack a consensus protocol to smoothly incorporate new technology.
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How does it work?
To solve the problems with current blockchain technology, aelf focuses on two primary innovations: side chains and a unique governance system. The project segregates resources and smart contracts through the use of side chains to improve scalability while utilizing a Delegated Proof-of-Stake consensus system for more adaptable governance. Let’s dive deeper into each of these.
- Side Chains
Aelf consists of one main chain and numerous side chains to run the smart contracts on the platform. The main chain is the backbone of the entire system and is also capable of interacting with outside chains. Each side chain is dedicated to a specific type of smart contract. Side chains are unable to interact with each other, so they must communicate through the main chain when transmitting information.
All side chains are connected to the main chain through a side chain index system. The index system categorizes chains into two groups:
External chains of high importance (Bitcoin, Ethereum, etc..)
Internal side chains in the aelf OS
For example, the main chain could have Bitcoin branching off as one chain, a side chain for asset exchanges, and another chain breaking off for other asset types. Additionally, side chains can branch again into sub chains. To take out example further, the “other asset types” chain could have a sub chain for each type of asset and each of those chains could be broken down even further.
This strategy is similar to Ethereum’s sharding technique and should help the network efficiently scale. Separating the ecosystem into side chains ensures that bloating in one area won’t affect the entire network.
- Token Ecosystem
Side chains need to pay a transaction fee to the main chain for indexing. The more a side chain contributes to the ecosystem, the less of a transaction fee it needs to pay. Bitcoin, with its widespread adoption, isn’t charged a fee. Side chains can also charge fees to any subchains that are attached to them.
- Consensus Protocol
Because aelf nodes need to record information from numerous side chains onto the main chain, a normal Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus algorithm won’t suffice. Instead, the aelf main chain uses Delegated Proof-of-Stake (DPoS), similar to Ark, to maintain the network.
As an aelf token (ELF) holder, you vote on which nodes become mining nodes. In return, the elected nodes decide how to distribute mining bonuses to the other nodes and stakeholders.
Aelf determines the number of network miners by the equation:
Miners = 2N + 1
Where “N” starts at 8 and increases by 1 each year. These mining nodes are responsible for relaying and confirming transactions, packaging blocks, and transferring data.
Aelf recommends that any chain created through the aelf OS merge their mining with the main chain and develop their own consensus protocol. Encouraging side chains to use their own consensus protocol enables them to customize it for their specific purpose.
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Aelf team & progress
Aelf was founded by Ma Haobo. Haobo was previously the founder/CEO of Hoopox as well as the CTO of GemPay and AllCoin. J. Michael Arrington, founder and CEO of TechCrunch, and Zhou Shouji, founding partner of FGB Capital, support the team as members of their advisory board.
Most notably, though, the project has received considerable investment from numerous venture capital firms. Draper Dragon, Blockchain Ventures, FGB Capital, and over 10 other investment firms participated in the token sale. In fact, the project has been so popular that the team had to turn down the majority of interested investors after reaching their 55,000 ETH goal within two weeks of starting the sale.
Still a young project, the aelf team is in the process of building out their product. Since the token sale, though, they’ve formed partnerships with Decent, Theta, and U Network.
As a dapp platform, aelf competes with numerous other projects in the blockchain space. Ethereum and NEO are the two most notable competitors and are the furthest along in terms of development. Lisk and ICON may be the most similar to aelf in that they both use side chains in an effort to build their dapp ecosystem.
How to buy Aelf (ELF) India directly in INR?
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