Solving cross-chain interoperability with aelf

The blockchain system is evolving with time, finding use cases in different sectors. While every sector and business scenario requires utilizing certain characteristics of blockchain technology, a universal blockchain system would not work in this case.

Adding to this, as the blockchain system grows, so does its maintenance cost. Wide-scale adoption of blockchain will result in inflation on the blockchain network too.

aelf is building a blockchain network that is powered by cloud computing. The team behind aelf has been successful in developing the aelf mainnet, aelf oracle, aelf Enterprise, and diversifying its DeFi protocols. They aim to create a one-stop solution for improving the platform’s performance and cross-chain functionality. 

What is aelf?

aelf aims to build a high-performance cross-chain blockchain network that creates an autonomous, stable, and safe financial system. The platform wants to give its users more control by making it open-source and community-driven. It is headquartered in China.

It has unlimited scalability and the on-chain service fee is fixed at $0.1, this fee does not fluctuate with growth in traffic, currency prices, or any other such circumstances.

aelf’s Mainnet swap

The aelf mainnet was launched in December 2020 and has since proven its reliability and usability. The platform’s mainnet token swap launch marks an important success for both the platform and its users.   

The mainnet token swap can be done automatically through exchanges or through manually swapping the tokens on aelf’s website. The exchange rate between ERC-20 ELF and the mainnet ELF tokens is set at a rate of 1:1. 

Users who participate in the mainnet’s launch event within the first 15 days would get a chance to receive an extra 5% airdrop after completing the token swap. 

Characteristics of the aelf mainnet

Some of the major characteristics of the aelf mainnet include:

  • Multi-chain integration: aelf can interact with Bitcoin, Ethereum, and other blockchains through messaging. This would help form an endogenous multi-level cross-chain structure that is based on the interaction of these multiple chains. It would also help in the exchange of users, data, and digital assets.
  • Customizable OS: The aelf design aims to evolve as an efficient and customizable OS. The platform aims to first define and implement the aelf Kernel which would include fundamental functions of a blockchain system. Then, they would develop a ‘shell’ as an interactive interface for the core. This would allow users to either use the entire blockchain OS or develop a customized OS based on the core by redefining it through interfaces.
  • A private chain option: Apart from public chains, aelf’s mainnet also offers a private chain option for all businesses that would like to leverage blockchain. The platform will offer its users an option to create their own private chains which would exist in isolation from their external ecosystem.

Key features of aelf

aelf has unlimited scalability and an innovative cross-chain structure that provides users with a user-friendly and smooth experience.

  • aelf block explorer: The aelf block explorer helps to track and monitor information on the main chain.
  • aelf web wallet: The web wallet is based on the aelf blockchain and supports asset management and cross-chain transactions.
  • aelf wallet app: aelf’s wallet app supports asset management and multi-chain transactions through the comfort of a user’s smartphone.
  • NightELF explorer: The NightELF explorer offers authorization and account management options in the aelf ecosystem.

aelf architecture        

Unlike a traditional single-chain system, aelf has a ‘branched ecosystem’ wherein the main chain is the backbone of the entire system and connects with the multiple side chains which can further include multiple layers.

As mentioned earlier, aelf connects with Bitcoin, Ethereum, and other blockchains. It does this through an adaptor so that it is compatible to other ecosystems. aelf’s main chain interacts with its side chains through the side chain dynamic indexing.

ELF Tokenomics 

The aelf token (ELF) is the main token on the aelf platform and its use cases range from transactions fees, voting, rewards to side-chain index fees and production node deposits.

The token has a total supply of 1 billion and a 12% mining ratio. A 10% share of the transaction fees is burnt while the rest goes to the dividend pool.

Conclusion

aelf is an open-source blockchain network that has been designed to provide a complete business solution while facilitating mass adoption of blockchain technology. Its main chain and multiple side chains model would help developers to work on projects independently, while also allowing users a faster and more secure chain.

Its parallel chain processing and AEDPoS mechanism also contribute towards providing aelf users with a wholesome experience on the platform.

Adding to that the main chain index and verification mechanisms that provide a secure communication channel between the main and the side chains.

aelf is expanding its userbase and currently has more than 87,611+ users and communities in 12 languages.

For more information about aelf, please check their website.

Disclaimer: This is a paid post and should not be treated as news/advice.

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