What Is Aelf (ELF) And What Is Driving It?
Although it features on popular cryptocurrency exchange platforms such as Binance, and Bitfinex, Aelf has for the most part of 2017 remained under the radar of most crypto investors and enthusiasts.
However, the company has reportedly had tremendous success receiving funding from its private sale that was oversubscribed up to five times the company’s expectation. Aelf (ELF) reportedly raised 55,000 Ether in the private token sale that saw great interest from prominent investors.
What is Aelf?
Well, According to Aelf, the only way to solve Blockchain’s scalability issues is to establish a Blockchain system similar to an operating system such as Linux. Aelf is poised to be the Blockchain network with a decentralized cloud computing platform to facilitate the commercial needs of businesses and mainstream institutions.
This means that the company acts as a central hub for other Blockchains where full nodes on high performing cloud servers, segregate resources such that each smart contract runs on its own Blockchain and the ELF token is used as a utility for representation and decision making. Aelf claims to be the turn-key solution that will realize Blockchain’s utility in the physical business world.
Here is how Aelf (ELF) will optimize Blockchain’s performance
Aelf plans to run nodes on its network on a clusters basis. Simply put, the Aelf Blockchain network will only allow different groups to conduct assigned transactions based on the mutex of each transaction. This will lead to linear processing of transactions within a specific group while the rest of the groups get processed simultaneously.
To ensure high TPS and predictability, the main chain will adopt a DPoS consensus protocol while the assigned nodes get elected by holders of the ELF token. Efficiency in node processing and profitability will be the criteria used in electing nodes to process transactions.
Eventually, Aelf will develop a continuously evolving ecosystem with more business and institutional use cases for a vibrant Blockchain ecosystem.
Aelf as Blockchain’s central business district
On 28th November last year, Aelf ‘s Co-Founder Zhuling Chen announced the company’s unveiling of the central business district, basically a multilayered Blockchain system that will enable different industry players to have dedicated Blockchains serving their commercial needs on Aelf’s platform.
This was to see to it that Aelf develops a multi-chain structure that is capable of coping with a variety of business scenarios that will incentivize the self-evolution process of the ecosystem.
During the event in NewYork Aelf identified that it wants to use smart contracts to increase Blockchain transactional speeds without interfering with security or efficiency as each Blockchain will run on its own.
The plan, according to Aelf, is to work on different dimensions of the platform including capital technologies in an effort to leverage funds and build alliances so as to create an innovative Blockchain business model.
Without a doubt, the prerequisite to achieve lofty goals like the ones set by Aelf coin requires a great team.
Aelf boasts of a team of Blockchain technical experts including Ma Haobo (an experienced Blockchain system developer and a member of the Chinese Institute of Electronics’ Blockchain experts committee), Fu li (a well-versed software developer and contributor on GitHub) and Chen Zhuling who is an experienced investor in the crypto space.
As the project is still under development there is more to be expected from this Blockchain startup.
Why Selloff Despite Good News?
Today, Aelf (ELF) is giving back gains made after the coin got added to Bitfinex crypto exchange earlier this week. ELF also launched a bounty program, called Azeroth that offers crypto enthusiasts to grab free ELF tokens. ELF is following a major setback in the cryptocurrency market as Coincheck, one of Japan’s largest bitcoin exchanges has put a ban on withdrawals and halted Bitcoin trading.