What does Aelf do?
Aelf is a cloud computing blockchain network capable of running smart contracts. The key word here is network because each smart contract can be run on its own sidechain, which provides for increased performance and scalability since projects are deployed off the main network rather than on the network. Aelf even allows for sidechains to have sidechains. Sidechains work in parallel to the main blockchain and interact with the main chain to validate transactions.
Instead of one blockchain performing multiple functions, different chains can optimize performance by focusing on one feature. Aelf can also interact with other blockchains, such as Bitcoin and Ethereum, to share information and assets.
With their emphasis on sidechains, Aelf expects faster dApp performance and better scalability compared to other platforms.
What is ELF used for?
ELF is the main cryptocurrency which fuels the network. ELF will primarily be used to pay for fees associated with deploying smart contracts and sending transactions. There are also situations where ELF can be used to vote for changes made to the chain, such as adding new features or changes to the protocol.
If an emergency - such as a cyber attack - occurs, then the system will call for voting to determine whether or not a switch should be made to the uncorrupted chain.
How can ELF appreciate in value?
Aelf hopes to persuade businesses to create dApps on its network. Since businesses aren’t currently creating as many dApps as individual developers, Aelf betting on the future of the industry. This gamble might pay off if large institutions who require a scalable and high-performing solution choose to use Aelf.
There is a limited total supply of 1,000,000,000 ELF that can ever exist. Although this is a large number, it is certainly possible for demand to outweigh supply if Aelf becomes a main player.
What are the differences between AELF and its competitors?
Aelf’s main competitor is EOS; in fact, the project is commonly known as the “Chinese EOS.” While both projects intend to use parallel processing to handle transactions, there is a key advantage of AELF. EOS can only process transactions with its sidechains while Aelf can have sidechains associated with other sidechains. This means there is parallel processing to the mainchain as well as to other sidechains, resulting in even faster processing speeds.
