What is Aelf (ELF)?
aelf is an innovative open-source blockchain network designed as a complete business solution. The structure of ‘one main chain + multiple side chains’ allows developers to independently deploy or run DApps (Distributed Applications) on individual side chains to achieve effective resource isolation. By adopting parallel processing and the unique AEDPoS consensus mechanism, aelf's technology made major breakthroughs in performance, achieving high throughput. Based on the cross-chain technology of the main chain index and verification mechanisms, aelf achieves efficient and secure communication between the main chain and all side chains, and as a result, allows direct interoperability between side chains.
aelf meets the governance needs of different applications by providing a range of models, including a Parliament Governance Model, an Association Governance Model, and a Referendum Governance Model. Through the extremely fine-tuned incentive model, the network is equipped with a self-sustainable system and supports self-evolution on a practical basis. Simultaneously, developers can debug, develop and deploy applications based on a well-developed IDE provided by aelf.
In order to expedite aelf’s integration with multiple business use cases, aelf has launched aelf Enterprise, an enterprise-level integrated blockchain solution. aelf Enterprise is based on the requirements of highly efficient business scenarios. To meet the requirements of different industries, including supply chain management, credit scoring, user incentives, and property protection, aelf Enterprise provides enterprises with a highly flexible yet practical modularized blockchain solution, which can help blockchain and the real economy grow hand in hand. This unique commercial blockchain solution has been internationally recognised and certified by MIIT (Ministry of Industry and Information Technology) in China; and this technology has also been awarded the Blockchain System Certificate by CETSI (China Electronics Technology Standardization Institute).
How Does Aelf Work?
In order to achieve its goals, Aelf shall have to design a unique operating system with the capability of countering snags such as scalability, unequal distribution of resources and lack of predefined consensus algorithms. For it to sufficiently counter these setbacks, Aelf comes equipped with the following features:
Side Chains
The system has a core chain and several lateral chains, creating a pronged bionetwork. Additionally, Aelf can connect with blockchain structures such as Bitcoin and Ethreum by means of an adapter. Distinct lateral chains are charged with individually handling a specific business problem or transaction. Thus, this is an excellent move for Aelf’s structure that is majorly based on the satisfaction of commercial needs; and this follows the distribution of individual errands to distinct chains that enhances processing adeptness.
Tokens
The core chain receives tokens from lateral chains to index their data, as some kind of an operational fee. The amount of tokens a lateral chain needs to disburse is determined by its contribution to the network; the more you supply to the system, the less you pay.
Consensus Protocol
This will be achieved by applying Delegated Proof-of-Stake (DPoS). Aelf nodes take up the responsibility of registering data from various lateral chains and onto the core chain. Aelf token (ELF) holders select mining nodes by voting. Then, chosen nodes determine the process of disseminating mining benefits to the rest of the nodes and stakeholders.
Aelf Supply
Despite not holding an open ICO, the project garnered 55,000 by holding a sale. This involved private investors such as AlphaBit, Blocktower, and FBG Capital, amongst others. Currently, ELF tokens in circulation are those that were available for purchase in that sale. However, there is an aggregate supply of 1 Billion ELF tokens but only 25% were released during the said token sale.
The team Behind it
Aelf can be defined as “the hidden treasure” that has been below the radar for only too long. Partially, this is because unlike other ICO’s, the team did not hold a public campaign and so they’re still people out there, including investors, who do not know what it’s about.
Despite this, the team has garnered relevant investment backing from big players such as Draper Dragon, Blockchain Ventures and even FGB Capital. However, it is interesting to note that the project turned away potential investors within two weeks of its token sale because it hit its 55,000ETH goal earlier than was anticipated.
Ma Haobo, former founder and CEO of Hoopox, is the also the founder of Aelf with an advisory committee composed of;
J. Michael Arrignton, the original developer and CEO of TechCrunch
Zhou Shouji, founding partner of FGB Capital
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