What is aelf (ELF)?

Blockchain technology has introduced several major changes, addressing issues and risks of traditional network architectures. However, these blockchains still have a long way to work as operating systems and support the diverse application needs of big industries due to their low throughput, high transaction fees, and complex infrastructure. 

Aelf- decentralized layer 1 blockchain infrastructure aims to resolve these issues by providing a high-performance and customizable OS(operating system) for commercial adoption of blockchain. Just as Linux streamlines critical and time-consuming tasks for application development, Aelf seeks to simplify the blockchain landscape, making it more accessible and user-friendly. 

To achieve this, aelf implements various technologies, including cloud computing, private chains, and multi-level cross-chain structure. ELF is the primary native token of the aelf blockchain, used for transaction fees, block rewards, deposits by production nodes, and voting purposes.

Who are the Founders of aelf?

Haobo Ma, the current CEO, and founder aelf, founded and launched the network in September 2017. Haobo has been involved in the blockchain tech and finance industry since its early days. He completed his bachelor’s in software engineering from Tianjin University, China, and co-founded Hoopox, a blockchain service provider. He has also served as CTO of Gempay and Allcoin before aelf network.

How does aelf(ELF) work?

aelf employs a branched ecosystem of two components- Mainchain and Sidechains- to provide an efficient and scalable platform for creating Defi protocols and other web3 applications. 

aelf MainChain is a blockchain network running on delegated proof of stake consensus through aelf OS. It serves as the network’s backbone and connects dependent SideChains together, allowing them to communicate. It also implements a dynamic indexing system that parts two types of SideChains: External SideChains such as Bitcoin, Ethereum, and Internal SideChains, which operate under aelf OS. 

These SideChains follow a “one chain to one type contract” system that is every chain is dedicated to solving one problem with one type of transaction. Nodes in Mainchain read data and information from SideChains and form a Merkle tree to proceed with the transaction. 

Maincahin and sidechain together create a tree branch structure similar to sharding or division of databases. It allows side chains to perform specific tasks that can be even divided further into sub-chains, overall expanding the network.

What makes ELF Unique Use Cases?

• Its parallel chain computing system and server cluster eliminate scalability issues faced by blockchains.

• aelf improves development efficiency and user experience by offering pluggable development tools and components. 

• Its OS is specifically designed for business and commercial purposes, allowing them to expand and operate seamlessly within the aelf ecosystem.

• ELF token holders can participate in governance and vote to select network mining nodes.

aelf (ELF) Price Analysis

Source: TradingView

• ELF price is trading at $0.2786 as writing this article, with a drop of about 2.66% during the past 24 hours. Its trading volume is at $4 million, and its market capitalization is residing at $172 million on June 26, 2023.

• ELF price has surged more than 238% since a low of $0.146 in early November 2022. It has been oscillating between $0.252 and $0.30 for the past few weeks.

• ELF’s price is near its 50-day moving average with slightly bearish market sentiment. However, if the price continues with strength, it might possibly reach $0.30 soon.

How to Buy ELF Coins in India?

To buy ELF Coin in India, just follow the below-mentioned steps:

• Download the CoinDCX App

• Enter the details for registration.

• Complete KYC

• Once your profile is verified, fund your wallet and buy ELF Coins.