What Is Aelf (ELF)?
Aelf is a decentralizedblockchain network. According to the website, Aelf is empowered by cloud computing infrastructure. Every node on the Aelf blockchain network is not dependent on each other and provides performance with scalability. The website also claims that Aelf is a digital asset technological parent company. It focuses on the generation of digital assets and the development of its blockchain ecosystem. The Aelf ecosystem includes Aelf public chain, Oracle, and decentralized finance (Defi)protocols. Oracle is a device on blockchain that connects the blockchain with the data which is not on the blockchain. Alternatively, public chains are open networks that allow anyone to participate without permission.
According to the whitepaper of the project, the current challenges that are faced by blockchains are:
The current blockchains are not scalable, as the performance of a single node determines the power of the whole blockchain system.
The current blockchain system does not combine and segregate the data from different smart contracts, which ultimately causes interference in the execution of the same.
The current blockchains do not have a pre-defined consensus mechanism that seeks to adopt new technology.
On the other hand, Aelf blockchain has some key objectives that answer all the challenges mentioned above. Primarily, Aelf blockchain aims to provide a customizable operating system for commercial use, which is efficient. This intends to help developers make a customized system based on the customer's needs. Secondly, the Aelf blockchain intends to support cross-chain interaction. Thus, the whitepaper claims that Aelf seeks to interact with Ethereum, Bitcoin, and other blockchain systems to share digital assets, users, and information. The Aelf protocol further improves performance and predetermine consensus mechanisms. The project works on delegated proof of stake (DPoS) as its consensus mechanism.
Aelf’s native cryptocurrency is the Aelf token and is denoted by ELF. Aelf token is a utility token that incentivizes honest behavior in the system. All the side-chains that are interrelated with Aelf accept Aelf token as a storage value and a means to transfer data. Aelf token is also provided to miners who keep their system up and running as a reward.
History of Aelf (ELF)
The whitepaper of the Aelf blockchain got released on June 7, 2018. The core team members include Haobo Ma and Yalong Yang. The total supply of ELF is one billion.
