What is Aelf (ELF)?Aug 15, 2018 at 20:56
Aelf is a decentralized computing blockchain network that connects multiple blockchains through their “Linux ecosystem” – that is, they aim to become the Linux of blockchain: a customizable operating system using their framework as the main chain and the different blockchains to be connected as the side chains.
ELF is the official token of the Aelf network. First launched at a token sale in December 2017 at a price of approximately $0.87, it reached its market cap quickly; hence Aelf no longer offered a public ICO. ELF later achieved an all-time high value of $2.61 in January. At the time of writing, its value is at approximately $0.43.
Aelf’s structure works by creating one chain for each type of smart contract, instead of one chain for any type of contract. This allows developers to organize and customize their blockchain connections according to their unique needs.
The main chain is where all side chain boundaries and records of where side chains are. Side chains remain parallel and do not interact except through the main chain, which lets developers include or exclude side chains from the main Aelf system. The main chain uses Merkle tree verification to do this.
The main chain consists of three things:
- The Side Chain index system, which connects all the side chains within the Aelf system – external chains used to expand the boundary of Aelf, and internal chains operating under the Aelf OS and using the ELF token;
- The Aelf Token System, used to incentivize honest behavior. This is where ELF tokens come into play: locked-in ELF is rewarded for every side chain indexed by the main chain; and tokens are partially shared to miners when the side chain receives transaction fees; and
- The DPoS Consensus Protocol. DPoS stands for Delegated Proof-of-Stake, which is similar to the one Ark uses – ELF token holders get to vote on which nodes become mining nodes. The elected node then gets to decide how to hand out mining bonuses to other nodes and stakeholders.
Where to buy?
ELF is traded on cryptocurrency exchanges, with the largest volume on OKEx, Binance and Huobi.
Is it mineable?
ELF is mineable, with a maximum supply of 1,000,000,000 tokens. It has a current total supply of 280,000,000 ELF and a current circulating supply of 250,000,000 tokens.