In this article, we tried to answer questions such as what is ELF coin, what is crypto currency Aelf (ELF), how to buy ELF coin. Here are the comments and details about the future of ELF coin…
How much is ELF Coin?
According to current crypto money market data, 1 ELF Coin is traded at 2.99 TL TL. ELF Coin price has fluctuated by 1.67% in the last 24 hours. The trading volume of ELF Coin in the last 24 hours is 24,045,938 $ , and its total market cap is . ) at $83,314,331 dollars.
ELF Coin How Much?
According to current crypto money market data, 1 ELF Coin 0.180596 $ is traded at dollars.
What is Aelf (ELF) Coin?
Alf is a customizable operating system (OS) specifically for blockchains. The team aims to be the “Linux system” of the blockchain community.
As you probably know, blockchain adoption and innovation is advancing exponentially. First, Bitcoin paved the way as a peer-to-peer digital currency. You can think of it as a simple application. Later, Ethereum made it possible to build certain decentralized applications (DApps) through smart contracts. However, this lags behind the robust operating systems we use today, such as Windows, MacOS, and Linux.
While our current operating systems cannot run DApps efficiently, existing blockchains also have their downsides. They are not scalable, can interfere with smart contract execution, and lack a consensus protocol to seamlessly incorporate new technology. Alf solves these problems.
How Does aelf Work?
aelf focuses on two key innovations to address current blockchain technology problems: sidechains and a unique governance system. The project allocates resources and smart contracts through the use of sidechains to improve scalability while using the Delegated Proof-of-Stake consensus system for more adaptive governance.
Sidechains
Alf consists of a main chain and multiple sidechains to execute smart contracts on the platform. The main chain is the backbone of the entire system and also has the ability to interact with the external chains. Each sidechain is dedicated to a specific type of smart contract. Sidechains cannot interact with each other, so when transmitting information they must communicate through the main chain.
All side chains are linked to the main chain via a side chain index system. The index system divides chains into two groups:
- External chains of high importance (Bitcoin, Ethereum, etc.)
- Internal sidechains in the aelf operating system
For example, the main chain may have Bitcoin branching out as a chain, a sidechain for asset exchanges, and another chain breaking for other asset types. In addition, the side chains can be broken down into subchains again. To give more examples, the chain of “other asset types” can have a subchain for each asset type, and each of these chains can be further fragmented.
This strategy is similar to Ethereum’s sharding technique and should help the network scale efficiently. Separating the ecosystem into side chains ensures that bloat in one area does not affect the entire network.
Token Ecosystem
Sidechains are required to pay a transaction fee to the main chain for indexing. The more a sidechain contributes to the ecosystem, the less transaction fees it has to pay. The widely adopted Bitcoin does not charge any fees. Sidechains can also charge any subchains attached to them.
Consensus Protocol
Since aelf nodes need to record information from a large number of sidechains to the mainchain, it is normal a Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus algorithm will not suffice. Instead, the aelf mainchain uses Delegated Proof-of-Stake (DPoS) similar to Ark to protect the network.
By owning an aelf token (ELF), you vote on which nodes will become mining nodes. In turn, the selected nodes decide how mining bonuses will be distributed to other nodes and stakeholders.
Alf recommends that any chain created through aelf OS combine mining with the main chain and develop its own consensus protocol. Encouraging sidechains to use their own consensus protocols allows them to customize it for their specific purposes.
Aelf Team
Alf was founded by Ma Haobo. Haobo was previously the founder/CEO of Hoopox and CTO of GemPay and AllCoin. J. Michael Arrington, founder and CEO of TechCrunch, and Zhou Shouji, co-founder of FGB Capital support the team as members of their advisory boards.
Most importantly, though, the project has received substantial investment from multiple venture capital firms. Draper Dragon, Blockchain Ventures, FGB Capital and more than 10 investment firms participated in the token sale. In fact, the project became so popular that the team had to turn away most of the interested investors after reaching their goal of 55,000 ETH within two weeks of starting the sale.
Still a young project, the aelf team is in the process of developing their product. Since the token sale, they have partnered with Decent, Theta, and U Network. They also completed a significant part of their roadmap on time.
In June 2018, the team launched the testnet of the project. And they finished developing their sidechain capabilities in September that same year. This update included sidechaining, indexing, and cross-chain interoperability. The mainnet launch is still scheduled for early 2019, and the team gave no reason to miss this deadline.
Aelf (ELF) Coin Review and Future 2022
Aelf is a fairly new project and competitor in the dApp ecosystem, but that hasn’t stopped it from getting good support from the venture capital space. It also gets good partnerships to support it as development progresses. This shows that the unique governance model and the use of sidechains to control resource usage on the blockchain are considered appropriate for a blockchain operating system.
Of course the project lags behind more advanced similar projects, but this does not mean that its solution will be the best choice for the development of a sidechain-based operating system. Also, aelf could see great benefits from the flexibility and scalability of its network.
The drop in token price may be disappointing for entrants when the token is released, but it is not in line with the losses seen in the cryptocurrency markets since the beginning of the year. It is certainly too early to say that it is too late for this ambitious project.
