What is aelf?
Aelf (ELF) is a decentralized cloud computing-based blockchain platform being developed with the intention of allowing blockchains for different businesses to communicate with one another easily and quickly. Aelf is an open-source system that allows for the creation of other platforms within its own platform. Aelf plans to create a blockchain protocol that will function similarly to that of a secure operating system, such as Linux, which allows for the development of other, highly-customizable blockchains that use aelf as a means of communicating with one another. Through implementing a system of “resource segregation,” aelf plans to solve several problems faced by most other blockchains, including less-than-ideal transaction speeds and confirmation times, as well as scalability issues.
History of aelf
Aelf was originally designed in 2017 by CEO Haobo Ma and co-founder Zhuling Chen. As a former executive officer of GemPay and AllCoin, Ma had developed experience as a blockchain consultant and expert in his years prior to development of aelf. He is a member of the Blockchain Experts’ Commission of Chinese Institute of Electronics. After a private ICO that raised $40 million in Ethereum, aelf hit the markets in late December 2017, and quickly swelled to a $600+ million market cap just two weeks later.
Aelf is registered in Singapore. While it currently exists in the form of an Ethereum token (ELF), holders of the token will eventually be able to swap their Ethereum tokens for coins that are native to the aelf platform upon launch of the aelf main chain. Aelf encourages developer participation in advance of the main chain launch in order to better design its platform, which is currently still in development.
How aelf Works
Unlike traditional blockchain models, the aelf platform utilizes clusters of nodes, with each cluster assigned different functions of information processing in order to speed transaction processing and allow for a high degree of scalability. Similar to the idea of “parallel blockchains” which all encompassed under the hood of a single platform, aelf is adopting a “Main Chain + N Side Chain” blockchain architecture in order to allow for segregation of network data. Aelf also employs a stakeholder governance system known as a Consensus Protocol, in which changes to be made to the existing platform can be suggested and democratically voted upon by holders of ELF.
Aelf offers an assortment of unique features not normally associated with other cryptocurrency platforms and blockchains. Some of these include:
Resource Segregation: By separating functions of its network, aelf allows a high degree of efficiency and scalability, able to handle transactions and applications at a commercial scale.
Developer Oriented: Aelf’s unique Smart Contract development model allows for highly flexible smart contract customization to suit the needs of customers from differing industries.
Future Minded: Its operating system-based architecture allows for a high level of adaptability to the development of future technologies.
Highly Compatible: The aelf platform will allow for communication across pre-existing and newly developed public and private blockchains.
Continuous Evolution: Aelf’s Consensus Protocol will allow for the platform to transform itself to better suit the needs of its users over time, lessening its risk of ever becoming outdated.