Aelf

The Chinese cryptocurrency project Aelf is called by many experts the breakthrough of the year. The platform, which was announced for launch in late 2018/early 2019, is based on regulated sidechains, parallel computing and cloud technologies and raised almost 25 million USD during the Token Pre-Sale. If successful, the business will receive a powerful platform to perform any tasks - from document management to the creation of exchanges. Software developers around the world are beginning to realize the benefits of blockchain technology and are trying to implement them in the solutions they create. This did not pass by cloud computing either - Aelf cryptocurrency is a self-developing decentralized network of cloud computing.

The name Aelf should be read as “elf”, the first two characters, in fact, are written with the digraph æ and sound like one of the shades of the Russian letter E. The project developers position the platform being created as a new step in the evolution of the blockchain. They set a rather ambitious task: to create a self-regulating platform of global scale, capable of solving numerous problems. The main focus of the Aelf project is business needs. The team wants to create a system capable of self-development based on blockchain and parallel computing technology, suitable for solving commercial problems. Key innovations: Full nodes run on cloud servers; devices in the network are combined into clusters, where self-developing nodes can be formed; multitasking due to parallelism; decisions are made based on the voting results of platform token holders (ELF). Today's blockchain implementations, according to the authors, are poorly adapted to business needs and related tasks. Block technology in its existing implementations has a lot of indisputable advantages and advantages, but does not meet some business requirements due to technical limitations. For example: a large number of transactions need appropriate computing power, theoretically, the number of servers should be very large, tending to infinity, with the possibility of operational scaling. And working with legal documents, storing them, along with other confidential data, needs a high level of protection. Business blockchain should be: elastic; highly efficient; highly scalable and adaptable; compatible with other technologies (including blockchains of other cryptocurrencies). This is exactly what the creators of Aelf want to do - a single platform for working with smart contracts, connecting the required capacities on demand and providing high speed transactions due to cloud parallelism.

Elf is a Chinese project, and a team of specialists from the Celestial Empire, already quite well-known in the world of blockchain and IT, is working on it. Lead Developers: Aelf founder Ma Haobo, CEO, well-known Blockchain expert in China and the world, former member of the AllCoin and GemPay project management, member of the Blockchain expert committee at the China Institute of Electronics; Chen Zhuling, an MIT (Massachusetts Institute of Technology) graduate who has provided consulting services to many multinational corporations and government agencies; Fu Li, software developer, expert in the development of solutions for navigation systems, communication networks and mobile gaming applications; Yang Yalong, PhD from Monash University in Australia.

Cryptocurrency is one of the ERC20-compatible tokens created on the basis of the Ethereum blockchain. The key feature of the technology can be called the idea embedded in it. The Aelf team creates a platform that allows users to create unique projects for their needs and requests. To this end, developers are preparing an infrastructure with flexibly adjustable bandwidth and the ability to operate parallel blockchains. This “layered pie” is held together by one main blockchain, which provides communication both within itself and parallel projects, and with external resources. A similar attempt was made by the developers of the Cardano currency. In other words, each Elf user can create a separate service based on his blockchain. For example, a digital cryptocurrency exchange is opening - Aelf allows you to make a separate “child” blockchain for it, for example, with the PoS algorithm, with a high speed of transactions. Another project, for example, a data storage and processing service, uses large computing power, while you can make it isolated from other chains, but the “main” blockchain will still support it. Each task will have its own sidechain, and all of them support smart contracts. The main chain supports the dPoS algorithm, and the contractual branching mechanisms are configured at the request of the creators.

The Aelf ecosystem will provide not only cross-chain communication within itself, but also between external blockchains, such as bitcoin or ether. The interaction between the chains is flexibly configured by agreement. To “communicate” with external blockchains, bitcoin, etc., the main chain uses the Merkle Tree format.

Ælf is a multi-chain parallel computing Blockchain framework. It is an operating system (OS) and Linux system in the Blockchain community. It interacts with Bitcoin, Ethereum and other Blockchain systems.

It consists of one main chain and multiple side chains attached to the main chain. It is a branched eco-system where main chain works as the backbone of the system and connects to multiple side chains and can be multiple layers.

The cross-chain interaction with mainstream chains are realized via messaging. It forms an endogenous multi-level cross-chain structure based on cross-chain interaction in order to share the digital assets, users and information.

aelf is an open-source blockchain network designed as a complete business solution. The structure of ‘one main-chain + multiple side-chains’ can support developers to independently deploy or run DApps on individual side-chains to achieve resource isolation. aelf technology adopts Parallel Processing & AEDPoS Consensus Mechanism. Based on the cross-chain technology of the main-chain index and verification mechanisms, aelf achieves secure communication between the main-chain and all side-chains, as a result, allows direct interoperability between side-chains.

aelf meets the governance needs of varying applications by providing different models, including a Parliament Governance Model, an Association Governance Model, and a Referendum Governance Model. Through the incentive model, the network is equipped with a self-sustainable system and can roll out self-development on a practical basis. Simultaneously, developers can debug, develop and deploy applications based on a mature IDE, provided by aelf.

aelf has launched aelf Enterprise, an enterprise-level integrated blockchain solution. aelf Enterprise is based on the requirements of different business scenarios. To meet the requirements of several industries including supply chain management, credit establishment, user incentives, and property protection, aelf Enterprise provides enterprise-level users with a flexible, but practical modularized blockchain solution. This promotes the hand-in-hand development of both Blockchain and other core economies.

Aelf is an open-source blockchain network designed as a complete business solution. The structure of ‘one main-chain + multiple side-chains’ can support developers to independently deploy or run DApps on individual side-chains to achieve resource isolation. aelf technology adopts Parallel Processing & AEDPoS Consensus Mechanism. Based on the cross-chain technology of the main-chain index and verification mechanisms, aelf achieves secure communication between the main-chain and all side-chains, as a result, allows direct interoperability between side-chains.

Aelf meets the governance needs of varying applications by providing different models, including a Parliament Governance Model, an Association Governance Model, and a Referendum Governance Model. Through the incentive model, the network is equipped with a self-sustainable system and can roll out self-development on a practical basis. Simultaneously, developers can debug, develop and deploy applications based on a mature IDE, provided by aelf.