In the recent years, there has been a swift development of various blockchain based platforms and technologies and we can see a quick development of blockchain technology and its applications. We can find a lot of industries which are moving from traditional financial networks to the blockchain-based network structure but there are several challenges with the current blockchain based platforms.
This includes issues like block inflation, confusion about protocol update, inefficient point-to-point relay support, data redundancy, performance limitations on sequential transactions, and so on. These challenges make it hard for users to fully utilize the potential of blockchain industry.
However, Aelf is a highly effective platform which is customizable and can help in changing the blockchain technology for the better and make it a better tool for the users.
- What is Aelf
- How Aelf Works
- Team Behind Aelf
- What are ELF Tokens
- How to Buy ELF
- How to Store Aelf
- How to setup Aelf Wallet
What is Aelf (ELF)?
Aelf is a multi-chain parallel computing blockchain network which is a decentralized, self-evolving network. This high-performance system comprises of full nodes that run on various cloud servers and it offers users with complete resource segregation, i.e., each smart contract has its own blockchain to utilize.
How does Aelf Work?
Aelf is said to be the next breakthrough in the blockchain technology as it is focusing on the various present pain points of blockchain technology to find a solution for them. They use the one chain to one scenario solution and focus on aspects of performance resource segregation & governance structure.
In Aelf, parallel processing distributed framework of DPoS is found to be used and the tokens offer users with more power as people with more number of tokens have a voting right on the platform.
After Bitcoins and Ethereum, Aelf is introduced for performance and node scaling, self-evolving in nature, filled with resource segregation and cross chain interactions. Here are a few key features of Aelf:
- Cross-chain communication: They use Merkel tree to indicate cross-chain indexing which makes it easier for Aelf to interact in the blockchain with other cryptocurrencies like Bitcoins, Ethereum, etc.
- Aelf protocol updates: With its consensus protocol system, it ensures that all the stakeholders with more ELF tokens have a say in the system updates so that Aelf can be seen a decentralized governing entity.
- Fast Transaction processing: Due to the use of parallel processing and cloud services, transactions through this network are quick and instant.
- Self-evolving network: Aelf is a completely customizable consensus protocol with smart contracts logic which aims to introduce the method that can be employed to trigger snapshots in the system and make the data management even simpler.
- Utilizing Node structure: Aelf utilizes different node types and will categorize them on the basis of their roles. The full node will ideally run on a cluster and will be deployed on the cloud through a P2P level which works out of a storage system and employs smart contracts for complete implementation.
Team Behind Aelf
Aelf was founded by blockchain expert Ma Haobo who is also the founder and the CEO of Hoopbox company.
Apart from being the current CEO of Hoopbox, he was also ex-CTO of Gempay and AllCoin and is also an esteemed member of Blockchain Expert’s Commission of Chinese Institute of Electronics.
The Aelf team consists of many talented graduates from MIT, PolyU, Monash University, etc. and each of them is a major asset to this company. The team includes consultants, IT experts for communication systems and navigational networks & experts in transaction network data and visualizing geospatial.
The entire team is responsible for building this high-performance system and are continuously working hard to improve and upgrade the network.
What are ELF tokens?
Aelf has introduced ELF tokens to remit for the resource fees that need to be paid when used in a network which includes activities like smart contracts deployment, operating the systems and then upgrading them and is also employed to pay for the transaction fees and cross-chain data transfer fees.
Apart from paying up for the resource fees, it also offers the community a chance to vote on major Aelf concerned decisions like including new features in the system, electing mining nodes, and several other major decisions.
How to BuyAelf
To purchase Ethereum, you need to choose a reliable and convenient Ethereum exchange website like Coinbase.
Choose the one which is more easy for you to use and handle, we would recommend Coinbase since it is widely used and accepts all kinds of payment.
Follow the below steps to purchase Ethereum from exchange website:
- Sign up at Coinbase and create an account.
- Verify your account via email and confirm your payment options.
- Login to Coinbase and purchase some Ethereum by clicking on the buy/sell option on the left-hand side corner.
You have now successfully bought some Ethereum for exchange so let’s move ahead to the exchanging part now. For exchange Ethereum for Aelf, follow the below steps:
1. Sign up at Binance exchange website.
2. Confirm your email address and login to Binance.
3. Hover over to the Funds option in the top menu and click on Deposits and type in ETH in the search bar and copy the address.
4. On the CoinBase dashboard click on Accounts in the top menu. There you’ll find your ETH Wallet. Hit the Send button and enter the address you just copied.
5. Enter the number of Ethereum you want to send and click continue. You might have to authenticate the transfer via SMS or your Coinbase password.
6. Check the available balance on your Binance account.
7. Exchange your Ethereum for Aelf using Market/Limit option by clicking here.
8. Check your ELF balance at Binance.
Once this is done, you will be able to confirm that your Binance deposit consists of ELF tokens now and all your Ethereum amount has been successfully converted. Now you can store your tokens in a safe wallet option to keep it safe and secure from hackers.
Best Way to Store your ELF coins
If you are looking for a secure wallet option then a Ledger Nano S or Trezor will work the best for you. Ledger Nano S is small and discreet and includes an LCD display which displays all the necessary information and Trezor is easy to use, small and also includes 2 buttons with a fully-packed LCD screen for your use.
However, if you are looking for a convenient and free wallet option, then MyEtherWallet is the ideal choice for you.
Once you have your ELF tokens in your Binance account, you need to just transfer it to your Coinbase account by using your MyEtherWallet address. Once you have confirmed the transaction, you will find your ELF tokens underneath the Token Balances section in your wallet.
How to Set up an Aelf wallet
Setting up an Aelf wallet is easy, all you need is a trusted and fast Ethereum blockchain wallet which can store any coins that are available on the Ethereum blockchain, including ELF tokens.
You can follow the below steps to set up your wallet in MyEtherWallet.com:
- Create a new wallet at MyEtherWallet.com.
- Download your Keystore File and back it up.
- Save your powerful unencrypted private key.
- Upload your Keystore file to complete the process
- Open your wallet and save your wallet address.
Your Aelf wallet is now all ready and can be used but first, you will need to purchase Ethereum and then exchange for Aelf. If you already have Ethereum then you just need to exchange it with the help of Binance wallet.