In recent years blockchain technology has developed rapidly. Following bitcoin’s success, many industries switched from traditional network architecture to a blockchain-based one in the hope that decentralized technology could be a solution to their problems.
Still, it turned out that “one size fits all“ approach wasn’t working that well. And this is what Aelf decided to change. So, they recognized the need in the market for a different approach with blockchain technology. According to their white paper, the problem is that:
Current blockchain systems are not yet capable or efficient enough to function as a versatile operating system and support multiple applications.
The team realized that having general, uncustomized blockchain apps, platforms, and software wasn’t enough. The blockchain ecosystem needed a full operating system such as Windows or Linux. And this is when Aelf, a decentralized cloud-computing network, was born.
Aelf was launched on exchanges in China in December 2017. The company was founded by Ma Haobo, CEO of Hoopox and a blockchain expert. Although it’s based in Singapore today, it has 14 offices in more than 10 countries. Moreover, Aelf has its own native cryptocurrency – ELF, with a total supply of 250 million ELF. Using these tokens you can pay the fees of smart contracts, transaction fees, and cross-chain data transfer fees.
The system has a main chain, which is the foundation of the network, and numerous side chains used for running smart contracts. The main chain is able to interact with every side chain, while side chains can’t interact with each other. To send information, side chains have to use the main chain.
Since Aelf uses side chains beside the main chain, it cannot use a traditional Proof of Work or Proof of Stake consensus method. Instead, the network uses a Delegated Proof of Stake consensus mechanism.
We have some good news for all airdrop fans. Aelf reserved 12% of tokens for airdrop distribution in its first three years. You can join and earn free ELF tokens by completing social media tasks. Also, after 30 days you can withdraw your free coins. On our website, you can find a step-by-step guide on how to join Aelf airdrop.
Despite being a relatively new company, Aelf managed to gain impressive support from the venture capital arena. With its strong team and good partnerships, it threatens to become a serious competitor in the DApp platform race.
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