Aelf coin is a cloud computing network built on the Ethereum blockchain platform. The special feature of this type of token is its ability to connect more to blockchain thanks to its implementation based on a cross-blockchain protocol.
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What is Aelf coin?
Aelf Coin (ELF) is a cloud computing network built on the Ethereum blockchain platform through a cross-chain protocol. This facilitates the creation of custom blockchains with more flexible consensus processes on this network.
Additionally, the name Aelf stands out in the blockchain space due to its strong integration of sidechains, parallel processing, and cross-chain interaction. This greatly contributes to the formation of a robust and flexible blockchain ecosystem, suitable for commercial integration.
According to sources, Aelf Coin was officially established and launched in September 2017 by an individual named Ma Haobo. Further investigation reveals that Ma Haobo has extensive experience in blockchain technology and finance, having previously served as CTO at Gempay and Allcoin.
How does Aelf work?
Aelf operates with two main objectives: improving the unique governance system and the sidechain structure. To clarify, it can be described as follows:
- Sidechain: These are chains designed specifically for a type of smart contract, which cannot interact directly with each other but must communicate through the main chain. They are connected by an indexing system for sidechains, which classifies chains into two groups: internal chains and external chains.
- Ecosystem: Transactions between the main chain and sidechains require fees. Therefore, the more sidechains participating in the ecosystem, the lower the transaction costs.
- Consensus Protocol: Since Aelf nodes record information from multiple sidechains into the main chain, traditional consensus algorithms like PoS or PoW cannot be used. Instead, it employs a delegate proof-of-stake mining algorithm to maintain the network.
What makes Aelf stand out?
Here is a quick summary of what makes Aelf special, including:
- Scalability: Aelf offers scalability to a commercial level, addressing the challenges of scaling faced by other blockchain platforms that rely on node exchange capacity and power to determine the performance of the entire network.
- Self-Development Capability: Aelf employs a cross-chain protocol and a custom-built computing platform, allowing it to connect with various blockchains and making the creation of custom blockchains easier.
- Resource Isolation: Aelf can isolate resources and support cross-chain communication, effectively addressing the issue of blockchains not being able to separate resources for different smart contracts.
Information about the development team of Aelf
As previously mentioned, Aelf was founded and announced by Mr. Ma Haobo, an exceptionally talented individual. He is supported by an equally skilled team, featuring prominent names such as:
- J. Michael Arrington: Founder and former CEO of TechCrunch.
- Zhou Shouji: Founder and advisory board member of the venture capital fund FGB Capital.
Additionally, according to information shared directly from the project, we also know about notable partners and investors in the project, including well-known names such as Draper Dragon, Blockchain Ventures, FGB Capital,…
Basic information about Aelf coin
Specifications
- Ticker: ELF
- Contract: 0xbf2179859fc6D5BEE9Bf9158632Dc51678a4100e
- Decimal: 18
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token Type: Utility Token
- Total supply: 880.000.000 ELF
- Circulating supply: 334.800.000 ELF
Distribution rate
Currently, Aelf coins are being allocated as follows:
- Private Sale: 25%
- Aelf Foundation: 25%
- Aelf Team: 16%
- PoW + PoS: 12%
- Marketing & AirDrop: 12%
- Advisors & Partnership: 10%
Aelf coin Use Cases
The Aelf coins are currently used for the following two purposes:
- Used as a reward for miners.
- Used to pay transaction fees within the network.
Where to trade an Aelf coin?
If you are looking for a place to trade Aelf coins, the best crypto exchanges we recommend for you are Binance, Huobi, OKEx, Ethfinex, Gate.io,…
Where should Aelf coin be stored?
If you already own Aelf coin and need a place to store it, you can use the exchange wallet or wallets that support the ERC-20 standard such as Ledger Nano S, Trezor, Imtoken, Myetherwallet,…
Conclusion
Finally, we have come to the end of all the interesting content related to the main topic of Aelf coin. Thank you for taking the time to follow and see you again in other content at AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
