What is aelf (ELF)? High-performance Layer-1 AI blockchain integrated with cross-chain functionalities

In the ever-changing field of blockchain technology, there are a few standout projects due to their vision, innovation, and ability to challenge the status quo. Among these trailblazers is aelf, a unique and scalable operating system designed for blockchain applications. Like an iceberg, there is a vast depth beneath its surface. In this article, we will delve deep into aelf, exploring its formation, design, and the ambitions that drive it.

###What is Aelf (ELF)?

Aelf emerged as an operating system (OS) designed specifically for the blockchain field. Imagined as a partner of the blockchain community with the 'legendary Linux system,' aelf is a pioneering fully decentralized main network. By leveraging the power of cloud computing, it promises to provide scalable blockchain solutions optimized for business needs.

Aelf stands out in the blockchain space by introducing a powerful combination of sidechains, parallel processing, and interaction between chains to provide a robust and adaptable blockchain ecosystem suitable for commercial integration.

At its core, the aelf operating system functions as a software-as-a-service (SaaS) protocol. This enables businesses to initiate their own specific blockchain ecosystems through aelf's sidechains. A standout feature of aelf is its adaptability; each sidechain can be customized with a chosen consensus mechanism, providing businesses with great flexibility as they shape their blockchain journey.

###Who is the founder of aelf?

Ma Haobo, the current CEO and also the founder of aelf, established and launched the network in September 2017. Haobo has been involved in the blockchain technology and finance industry since the early days. He graduated with a bachelor's degree in software engineering from Tianjin University, China, and co-founded Hoopox, a blockchain service provider. Before founding the aelf network, he also served as the Chief Technology Officer (CTO) of Gempay and Allcoin.

###History of aelf (ELF)

Launched in 2017 by visionary founder Ma Haobo, aelf quickly established its position in the blockchain universe. With extensive experience as an early blockchain enthusiast and a pioneer in embracing digital assets, he held key roles before founding aelf. Ma Haobo was formerly the CEO of Hoopox and the Chief Technology Officer (CTO) at Gempay and Allcoin.

2017 was not only a year of beginnings; it was also the time when the aelf project received its initial funding. Fueled by this financial support, the team launched the development phase of the aelf blockchain in 2018. To demonstrate their progress, the public testnet was launched in June of the same year. However, the journey from testnet to mainnet was not a short process. After numerous adjustments and refinements, the mainnet was finally announced in December 2020.

Even after the mainnet launch, the team continued to strive for perfection. Throughout 2021, the aelf mainnet underwent meticulous testing, a series of function evaluations, and rigorous security checks. An important milestone was reached in September 2021 when the token swap feature was deployed. As the original ELF token was issued as an ERC-20 token on the Ethereum platform, compatibility issues arose with the aelf network. The token swap feature addressed this issue, allowing investors to exchange their ERC-20 ELF tokens for mainnet tokens at a 1:1 ratio, paving the way for smooth integration into the aelf ecosystem.

###How does Aelf work?

Aelf is a pioneer in creatively approaching the blockchain field by emphasizing two revolutionary innovations: implementing a sidechain strategy and a special governance mechanism. By dividing resources and smart contracts across sidechains, aelf promises unparalleled scalability. It combines with the flexible Delegated Proof-of-Stake consensus mechanism for agile governance. Here is a deeper look into these aspects:

####SideChain Strategy

The core structure of aelf is a main chain, supported by countless sidechains designed to execute smart contracts. The main chain, acting as the backbone of the system, can also facilitate interaction with external chains. Each sidechain is allocated for a specific type of contract, ensuring separation. Although these sidechains operate independently, they still transmit information through the main chain.

The sidechains are attached to the main chain through the indexing system. This system divides the chains into:

• Prominent chains such as Bitcoin and Ethereum.
• Internal chains within the aelf region.

Imagine a structure where the main chain branches to Bitcoin, one side chain specifically for asset exchange, and another chain focuses on various types of assets. Going deeper, these sidechains can be further divided into more specialized chains, creating a hierarchical network of interconnected chains.

Similar to Ethereum's sharding method, aelf's sidechain strategy promises efficient scalability, ensuring that congestion in one segment does not hinder the operation of the entire network.

####Token Motivation

For their activities, sidechains are obliged to pay transaction fees to the main chain, with the fee level inversely proportional to their contribution to the ecosystem. For example, Bitcoin, due to its widespread acceptance, is exempt from fees. Sidechains also have the right to charge fees from their child chains.

####Consensus Mechanism

Consider the complexity of aelf, with nodes processing information from multiple sidechains to the main chain, traditional consensus algorithms such as Proof-of-Work (PoW) or Proof-of-Stake (PoS) are not suitable. Aelf uses the DeleGated Proof-of-Stake (DPoS) system, similar to platforms like Ark.

Holding aelf (ELF) tokens allows users to participate in the democratic process of selecting nodes to be mined. These selected nodes will distribute mining rewards to nodes and parties involved.

###Token ELF

The center of the aelf network is the internal utility token: ELF. The ELF token plays a diverse role in the ecosystem, being essential for onchain operations and related gas fee payments. In addition to transaction functions, network members also use ELF to purchase products, services, and pay for sidechain indexing fees.

The interesting thing is that aelf's chain core is based on the DeleGated Proof-of-Stake consensus mechanism, providing additional utility for the ELF token. ELF token holders can become verification nodes, important entities responsible for network security and creating new blockchain blocks within aelf. As a token of appreciation for their important role, node operators are rewarded with ELF tokens, reflecting the value of their contribution to the stability and development of the network.

###Conclusion

Aelf is not just a name on the long list of blockchain projects; it is a testament to what can be achieved when innovation meets vision. With a unique approach to scalability, adaptability, and user-friendly features, aelf is setting a new standard in the blockchain universe.

As the digital landscape continues to evolve, projects like aelf, built on a solid and advanced foundation, are sure to lead the way, ushering in a new era for blockchain technology and its vast potential applications. Whether you are a long-time blockchain enthusiast or a newcomer, following aelf's journey will be an exciting and rewarding experience.