In the past few years, the blockchain community has witnessed the rapid development of the blockchain technologies and blockchain based platforms. Currently, the blockchain technology and its applications are developing rapidly. Many industries are migrating from traditional networks to blockchain-based network architecture. However, there are many issues with the current blockchain based platform some of them being:
- Performance limitations of sequential processing
- Data redundancy and complexity
- Dilemma of protocol update
- Inefficiency Point-to-point communication support
- Inflation of block
- Pending breakthrough for cross-chain communication
These issues make it impossible for users to fully tap into the benefit and potential of the blockchain industry. However, Aelf in a highly efficient and customizable platform that aims to change the blockchain technology and make it a better place for users.
What is Aelf (ELF)?
Aelf is a decentralized, self-evolving network. Aelf provides a highly efficient multi-chain parallel-process system, and a self-evolving computing network with self-evolving governance and cross-chain communication. The platform brings scalable nodes across clusters of computers, voting through token holders and resource isolation for smart contracts and its three main innovations.
Aelf key objectives
Aelf envisions to become a highly customizable and a “Linux system” in the blockchain community. It aims to define and implement that Aelf kernel idea which includes functions of a blockchain system such as viable blockchain system. Also, Aelf wants to develop a “shell” as an interactive interface to the core. Other objectives of Aelf include:
Cross-chain interaction: this is where Aelf will interact with Ethereum, bitcoin and other blockchain systems.
Performance improvement: Aelf wants to provide smart contract logic, customized data structure and consensus protocol for the targeted objectives. It also wants to define the mechanism they can use to trigger snapshot in the system, in addition, the making data management simpler.
Protocol update: with the use of consensus protocol, Aelf wants to include new features to avoid impasse and dispute over protocol update.
Core feature and benefits of Aelf
Some of the core features and benefits of Aelf network include:
- Performance enhancements
- Resource segregation
- Structure of governance
- Resemble of representative democracy
- An exercise of power by the delegates.
Aelf uses the ELF tokens to pay for resource fees used in the network. The ELF tokens pay for operating and upgrading of the system, deployment of smart contracts and as transaction fees, and cross-chain data transfer fees. The token also allows the community to vote on decisions such as introducing new features, electing mining nodes and other major decisions.