aelf is a decentralized Layer 1 blockchain network that aims to harness cloud computing technology to offer scalable blockchain solutions tailored for business applications. It seeks to establish a robust and user-friendly blockchain network conducive to commercial adoption by utilizing side chains, parallel processing, and cross-chain communication. This article delves into the essence of aelf and its operational dynamics. The live aelf to USD conversion is $ 0.7097.
At its core, the aelf network is driven by a delegated proof-of-stake consensus mechanism, which ensures the blockchain's efficiency and scalability. Through the innovative use of sidechains, aelf achieves horizontal scalability and circumvents the issue of network congestion by segregating resources according to specific needs.
One of the standout features of aelf is its decentralized SaaS protocol, which empowers commercial entities to initiate their blockchain networks within the aelf ecosystem using sidechains. Notably, each sidechain in the aelf network can adopt its consensus model, offering businesses and commercial partners unparalleled flexibility in deploying their blockchain solutions.
The native token of the aelf ecosystem, ELF, plays a pivotal role in facilitating transaction fees, sidechain indexing fees, and node operation. Additionally, ELF serves as the governance token, enabling stakeholders to participate in decision-making processes that shape the network's future.
To comprehend aelf's functionality, it's crucial to explore its multi-layered approach to transaction processing:
aelf Main Chain: Serving as the network's backbone, the aelf main chain manages the bulk of transactions and supports essential blockchain functions, including decentralized finance (DeFi) activities, NFT creation, and the development of on-chain applications. It also plays a critical role in verifying transactions executed on sidechains and facilitating cross-ecosystem communication.
aelf Sidechains: Operating independently, aelf sidechains are dedicated to executing specific smart contracts. They can host independent nodes and select their consensus mechanisms, allowing for customized processing speeds and transaction throughput. Designed to cater to enterprise and commercial business needs, sidechains can be optimized for various applications, such as token issuance and information registration.
ELF, the aelf network's utility token, is essential for processing on-chain transactions and covering gas fees. It also enables network participants to pay for goods, services, and sidechain indexing fees. By staking ELF crpyto tokens, users can operate validator nodes, contributing to the network's security and block production, and receiving ELF crypto tokens as rewards for their service.
Founded in 2017 by Ma Haobo, a seasoned blockchain expert, aelf has undergone significant development since its inception. Following its initial funding rounds in late 2017, the aelf team embarked on developing the blockchain in 2018, with the public testnet going live in June of that year. After rigorous testing and security audits, the aelf mainnet was launched in December 2020, marking a significant milestone in the network's evolution.
With a maximum total supply of 1 billion tokens, approximately 544 million ELF tokens are currently in circulation. The ELF crypto token sale in December 2017 raised over $24 million USD, setting the stage for the token's distribution across various allocations, including team, advisors, staking rewards, and marketing. The current price of 1 ELF in USD is $ 0.7097.
aelf introduces a deflationary mechanism whereby 10% of transaction fees are permanently removed from circulation, with the remaining fees either redistributed into the ELF rewards pool or burnt if associated with aelf sidechains. This approach positions ELF as a deflationary cryptocurrency, potentially enhancing its value over time.
While aelf shares similarities with other blockchain projects like Polygon in terms of using sidechains for scalability, it distinguishes itself by offering businesses the ability to deploy their blockchain solutions easily through the aelf OS. This capability, akin to the utility provided by the Cosmos SDK, underscores aelf's unique proposition in the blockchain ecosystem, offering a blend of scalability, flexibility, and commercial applicability.
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aelf (ELF) price history shows the highest value of 0.99 USD . We recorded this price on September 18, 2021, but we cannot exclude that a higher price was registered before April 11, 2019.