aelf is a multi-layered, multi-chain blockchain ecosystem similar to Ethereum. In this article, “What is aelf?” We will answer the question. In addition, we will touch on other questions about the project.
What is aelf? What does it do?
Alf is an operating system that can be customized specifically for blockchains. The team aims to be the “Linux system” of the blockchain community. Blockchain adoption and innovation is advancing exponentially. First, Bitcoin paved the way as a peer-to-peer digital currency. You can think of it as a simple application. Later, Ethereum made it possible to build certain decentralized applications (DApps) through smart contracts.
However, this lags behind the robust operating systems we use today, such as Windows, MacOS, and Linux. While current operating systems cannot run DApps efficiently, existing blockchains also have their drawbacks. They are not scalable, they can interfere with the execution of the smart contract. Moreover, they lack a consensus protocol to seamlessly incorporate new technology. Alf solves these problems.
What is ELF coin?
ELF coin is aelf’s native token. After aelf launches the mainnet, ELF tokens will migrate from Ethereum to the aelf mainchain. This means that you may need to change which wallet to store your money in. Additionally, there may be extra steps you need to follow to replace ERC20 tokens with ELF tokens on the new blockchain.
How does aelf work?
Alf focuses on two key innovations to address current blockchain technology-related issues: sidechains and a unique governance system. The project allocates resources and smart contracts through the use of sidechains to improve scalability while using the Delegated Proof-of-Stake consensus system for more adaptive governance. Alf consists of a main chain and multiple sidechains for executing smart contracts on the platform.
The main chain is the backbone of the entire system and also has the ability to interact with the external chains. Each sidechain is dedicated to a specific type of smart contract. Sidechains cannot interact with each other, so when transmitting information they must communicate through the main chain. All side chains are linked to the main chain via a side chain index system. The index system divides chains into two groups:
- High-importance external chains (Bitcoin, Ethereum, etc.)
- Internal sidechains in aelf OS
What is aelf? How to get ELF coins?
aelf is currently traded on a small number of cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. However, the exchanges that aelf is traded are listed as follows: Binance, OKX, MEXC, BingX. Users who want to invest in the project should open an account on one of these exchanges.
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