What Is AELF? Introduction to ELF Token and aelf OS
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What Is AELF?
Aelf is a multi-layer, multi-chain blockchain ecosystem similar to Ethereum. Aelf OS was developed on aelf as an open-source operating system like Linux to encourage a more cohesive dApp ecosystem. It uses both internal and external sidechains, along with a Delegated Proof of Stake consensus, to build a decentralized cloud computing network. ELF is the native ERC-20 token for the aelf platform.
Most blockchain platforms assume computers, servers, and other devices can act as nodes, but only ASIC mining rigs are specifically designed for blockchain technology. Aelf is hoping to change this by creating a blockchain-based OS that fundamentally transforms our devices at the foundation, unlocking more intuitive dApp usage.
The world is moving to a decentralized, cloud-based computing model anyway. Microsoft and Adobe led the charge of the software as a service (SaaS) business model with their flagship products to make our devices easily replaceable in this environment. By 2020, nearly 73 percent of apps will run on SaaS models.
Not only that, but sharing economies replaced ownership, and cloud-based models let developers keep proprietary code on restricted servers to reduce piracy. We’ve long had to input long cryptocurrency-like codes to install Windows or Photoshop and verify our identity. These anti-piracy features are the basis of modern cryptography.
A tokenized OS isn’t far from what modern platforms turned into, thanks to the shift to a mobile-first internet.
Compare early iterations of Microsoft’s Windows OS with the mobile-friendly Android OS, and you’ll see the difference smartphones and tablets made on the internet. Android was built with a mobile internet in mind, and aelf OS has the capability of being as far advanced beyond Android as Android is beyond Windows.
But that’s easier said than done – Linux itself isn’t well-known, even though its kernel is the foundation of the Android platform. Windows was spread because of Microsoft’s aggressive (and expensive, risky, etc.) enterprise push, and Google made Android so popular. If that’s your measuring stick of lowering the barrier to entry for blockchain deployment, it still only includes the uber rich or tech savvy.
Before explaining how Singapore-based aelf and its OS work, let’s review the cryptocurrency market performance of ELF, the native ERC-20 token for the aelf network.
ELF Cryptocurrency Summary
The total supply of aelf’s tokens is 1,000,000,000 ELF. The peak price so far was $2.71 on January 7, 2018.
A private ICO token sale was held December 2017, at which time 250,000,000 ELF was distributed, representing 25 percent of the total supply. Initial investors were accredited venture capital firms like Alphabit, Blockchain Ventures, ChainFunder, Draper Dragon, and FGB Capital.
Of the remaining supply,
- 250,000,000 ELF vests to the Aelf Foundation after three years,
- 160,000,000 ELF vests to the aelf Team after two years,
- 100,000,000 ELF vests to advisors and partners after two years,
- 120,000,000 ELF each is set aside for mining and marketing.
A lock-mining event was held to “mine” ELF through a Proof-of-Stake system on aelf’s Candy system from July to November 2018. Several airdrops were held to increase engagement on the aelf platform and included a variety of tasks, including posting a selfie with your favorite toy.
The aelf testnet launched in August 2018, at which point it was clocked at 15,000 transactions per second (TPS) of the Delegated-Proof-of-Stake (DPoS) ELF mining. The mainnet was scheduled to launch early 2019, but it’s still in beta as of May 1, 2019.
Over $8 million worth of ELF is traded on a daily basis. Exchanges that accept ELF include Binance, Huobi, OKEx, Allbit, Upbit, and Bithumb. Its trading pairs include BTC, ETH, USDT, and even fiat currencies like USD on some markets.
Although the testnet is up and development is active, an ELF token swap won’t likely occur until the mainnet goes live. Until then, it’s an ERC-20 token that’s supported by any ERC20-compatible wallet, including the Ledger Nano S and MyEtherWallet.
Getting aelf on the Shelf
When Ethereum launched, the promise of dApps working together in a blockchain-based ecosystem was made. It didn’t turn out like everyone thought, though, and the pioneer up front experienced a lot of growing pains (pun intended, as scaling is one of them).
Ethereum served as an ICO launchpad, but the projects soon split to form their own ecosystems. There was no cohesive or easy way to navigate between blockchain-based dApps the way you do on your computer or smartphone.
Aelf was developed as a next-generation Ethereum, much in the way Linux revolutionized UNIX back in its day. If you’ve never heard of Linux or UNIX, it’s because you’re not techie. These early computer platforms formed the basis of enterprise computing in the technology’s early days.
Platforms like Android, Windows, and MacOS all have their roots in UNIX, which is what Ethereum is to the blockchain. aelf OS was built on top of Ethereum, but it’s meant to facilitate a more cohesive open-source platform. Of course, like Linux, this means it’ll still only be accessible to enterprise and tech-savvy users.
Still, the aelf platform is a capable one. Not only is it fast, but it uses the same mainchain/sidechain architecture implemented by projects like Lisk or ICON. And, while the mainnet uses DPoS consensus, each sidechain can choose its own consensus protocol to determine how it interacts with the mainchain. This is crucial in enabling interoperability with both blockchains and legacy data.
With this strong architecture in place, and the team actively seeking development partnerships, aelf is a next-gen blockchain to watch in 2019.
Aelf considers itself as far above Ethereum as Linux is above UNIX. Aelf is a multi-layer blockchain with independent sidechain support. The success of aelf as an ecosystem depends on it leveraging these key strengths:
- ELF is mined using a DPoS consensus. The testnet was clocked at 15,000 TPS, and a token swap will likely coincide with the mainnet launch in 2019.
- Aelf OS is a blockchain-based operating system to make launching a dApp and interacting with existing aelf data easier.
- The aelf ICO was held only for accredited institutional investors, and over a dozen VC firms participated. These partners are focused on aggressive expansion plans.
If the aelf team can pull of what it says with aelf OS, ELF will certainly be a solid investment bet for 2019 and beyond. It seems to be running everything by the book, both legally and technically, and with smart money behind it, aelf is well-poised for blockchain success.