AElf is an operating system that is customizable and built for blockchains to meet commercial chains. AElf focuses on a unique system of governance and sidechains to solve issues with the blockchain technology currently available.
In creating AElf, the team focused on three challenges of existing operating systems and the blockchain. They wanted to work to fight the lack of scalability of current blockchains since a single node’s performance determines the entire system’s performance.
The team also pointed out that current blockchains don’t segregate resources among various smart contracts, leading to interference between executions. Finally, they wanted to correct the lack of a predefined consensus protocol that establishes a procedure for adopting updates and adapting to new technology.
What Are Some Main Features of AElf?
One of the most important features of AElf is that the multilayer sidechains and mainchains work to handle a range of commercial scenarios. Each chain is dedicated to a single use case, so different tasks are distributed across multiple chains. This improves the processing efficiency.
Additionally, AElf communicates via messaging with external blockchain systems, including with Ethereum and Bitcoin. It offers parallel processing for cloud-based service and noncompeting transactions. AElf also has basic components with minimum viable Genesis and Block Smart Contract Collection for every chain, reducing data complexity while maximizing customization.
Finally, with AElf, stakeholders can approve amendments to its protocol. These amendments can include the ability to redefine the consensus protocol and permission for the sidechains to exit or join the mainchain in a dynamic manner based on this protocol. With those amendments, there is an incentive via competition to improve the sidechains.
What Main Goals Does AElf Achieve?
AElf worked to achieve several main goals, including creating a highly customizable operating system to use in commercial settings. The whitepaper explains this goal of being the “Linux system” on the blockchain. The team even named the AElf Kernel, with its fundamental blockchain functions, after Linux Kernel. In addition to this, they work on a shell that will be the core’s basic interactive interface. Users have the choice of using the full blockchain OS or creating a customized OS that is based on the core.
AElf also works to deliver cross-chain interactions, including with Ethereum and Bitcoin. These cross-chain interactions can take place via messaging. In addition, there will be a multilevel cross-chain structure for sharing users, digital assets, and information.
Next on its goals, AElf works toward performance improvements via support for distributed parallel processing. This platform allows for parallel processing of multiple transactions if they have noncompeting data. It also allows for a single chain to be split into separate parallel chains when it is too complex for effective processing to offload the traffic. AElf also improves performance by providing a customized, effective data structure along with smart contract logic and a consensus protocol designed for a specific objective. It can even trigger a snapshot then trim the detailed transaction data.
AElf made it a point to clearly define the update and voting mechanisms at the Genesis of Blockchain to avoid disputes over future updates. Finally, AElf offers a private chain module that is similar in nature to the Amazon cloud service, letting users rapidly use the private chain module to create their independent chain and get full ownership.
What Is the AElf Structure?
To overcome the challenges of segregating resources, a predefined consensus algorithm for updates, and scalability, AElf uses an architecture made up of a mainchain plus multiple sidechains. This mainchain is the platform’s backbone and the part of the system that can interact with outside chains, like Bitcoin. Every sidechain has its own dedicated type of smart contract. These sidechains cannot interact among themselves, instead having to communicate via the mainchain. The sidechain index system connects every sidechain to the mainchain.
They are divided into two groups, important external chains (like Ethereum and Bitcoin) and internal sidechains within the AElf OS. To make the structure even more complicated, sidechains can have their own branches into sub-chains. For example, a sidechain dedicated to asset exchanges could have a sub-chain for each asset variety. Since this structure is very similar to that used by Ethereum as a sharding technique, it should indeed improve network efficiency.
What Is the AElf Consensus Protocol?
The typical consensus algorithm of just Proof-of-Stake or Proof-of-Work would not work since the AElf nodes must record information from various sidechains on the mainchain. Instead, the platform opts for a Delegated Proof-of-Stake system. Those who hold ELF tokens vote on the nodes that become mining nodes. Those elected nodes then get to decide how they distribute mining bonuses among stakeholders and other nodes. The number of miners on the network is equal to 2N plus 1, with N beginning at 8 and increasing by 1 every year. As in other blockchains, mining nodes relay and confirm transactions, transfer data, and package blocks.
Where Does the Token Come into Play?
The token on the AElf ecosystem becomes important because sidechains must pay transaction fees to the mainchain for indexing. The transaction fees drop as sidechains contribute more to the ecosystem. Bitcoin, for example, does not have a fee since it is so widely adopted. It is also possible for sidechains to charge their sub-chains fees.
How Are the ELF Tokens Distributed?
AElf held its token sale in December 2017, and there is a total of 1 billion ELF tokens. Twenty-five percent, or 250 million, were distributed during the sale. Another 25 percent went to the AElf Foundation with a three-year vesting period. Sixteen percent, or 160 million, went to the AElf Team with a two-year vesting period. Twelve percent, or 120 million, went to each marketing and air drops over a three-year period and mining over a 100-year period. The final 10 percent, or 10 million, went to advisors and partnerships with a two-year vesting period.
How to Buy Aelf ELF Tokens
You are not able to purchase ELF with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then trade that for ELF at an exchange which lists the token. Read on to see how to purchase it.
Register at Coinbase
For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.
You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines.
Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.
To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.
Purchase Ethereum
In Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.
You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.
Purchase ELF at Binance
You can now send your Ether over to Binance to make your purchase of ELF take a look at our review of Binance here to see how to signup and purchase on their exchange.
Aelf is also available on the following exchanges
Conclusion
Although AElf is among the newest competitors in the world of blockchain operating systems, it has a great deal of potential. The strategy of separating resources combined with the unique governance model should help this platform appeal to developers. The long list of partners and investors provides additional indication that AElf may have a strong future.
