Aelf Coin is a rapidly growing cryptocurrency that aims to bridge the gap between the blockchain community and businesses. Here at BlockchianBiome, we look at Aelf coin review, whether you should invest in it and provide you with a detailed explanation of how it works. We also take a look at the ecosystem that Aelf plans to create. What is Aelf coin? Should I invest in Aelf coin? Its features, If these questions are playing on your mind, read this Aelf review to find the answers.
Aelf coin is a relatively new cryptocurrency on the market. The successful integration of blockchain for business purposes is Aelf’s primary concern. Aelf hopes to create a cloud-based central hub for blockchains. Aelf is based in Singapore and is a decentralized system that stays true to the innate concepts of the blockchain.
What is Aelf coin?
Aelf calls itself and claims to be a decentralized cloud computing blockchain network. The cloud computing network is self-evolving. Blockchain networks traditionally have had the problems of causing blockages in processes due to one application or node using up the entire system. Aelf aims to remove this problem by introducing the main chain and side chains model. The main chain controls any form of communication between side chains. Side chains largely function without any interference from other side chains. They are executed independently.
Aelf Coin Review
Aelf aims to enable businesses through their side chains and main chain structure. It hopes to make the process of blockchain integration easier for businesses. Aelf is a solution that enables businesses to scale. It provides higher performance.
Aelf has recognized that there exist certain gaps between the blockchain community and businesses. Aelf aims to be the bridge that provides the link between the two.
Aelf Main Chain and Side Chains
The main chain is responsible for moderating the entire blockchain system. The side chains represent the businesses. As you would expect, the execution of each side chain should be independent of the execution of another. Aelf provides a solution to this using the child chains and main chain concept. The child chains are not intertwined and the performance of one child chain has no relevance or effect on the performance of the other.
There are exceptions allowed that enable communication between side chains. This feature is also pretty handy since it would enable businesses on the same network to exchange resources and services amongst themselves.
Features of Aelf Coin
Aelf claims to have three defining features:
- High functionality
- Resource segregation
- Optimized governance structure
Since most blockchains view all nodes as equal, a single node can run only on a single server. The performance of such a system or network is therefore entirely dependent on the performance of a single server. Aelf offers high functionality by overcoming this limitation of traditional blockchains.
In Aelf, nodes operate on server clusters instead of single servers. Transactions in the network are carried out parallelly. When there is a considerably high load on the system, a node can expand horizontally and add more servers to cope with the increasing load.
Since each side chain functions separately from other chains, it is convenient to achieve resource segregation. The healthy operation of one chain is in no way related to that of another. The main chain is responsible for unified planning and indexing. After verification and confirmation from the main chain, side chains can interact with one another, if need be.
Optimized Governance Structure
Aelf is completely decentralized. There is no authoritative entity in the Aelf network. It is a distributed system that has distributed trust. No entity has complete control or hold of the network. However, there does exist the need for a governance structure. This governance structure enables users of the blockchain to agree upon some important parameters and aspects of the network.
Token holders in the Aelf network are provided the power to vote for the direction in which the blockchain should grow. This ensures a form of democracy that is generally lacking in most blockchain networks. This is commonly referred to as the Delegated Proof of Stake (DPoS) model.
Properties of Aelf Coin
- Aelf has main chains and several side chains that handle commercial scenarios required by businesses. One chain’s functionality is immaterial to the other.
- It is a cloud-based service that allows parallel processing.
- The child chains do not compete with each other.
- Communication with external blockchains such as Ethereum and Blockchain is possible through messaging.
- The owners of tokens in the system are involved in the decision-making process in the blockchain. Decisions on adjustments to the protocols and parameters can be made.
- It is completely decentralized.
- Smart contracts can be executed independently of other applications in the network.
Aelf Eco-system Development
Let’s move forward in this Aelf coin review and see the development. For technology to prosper and become widely accepted, it needs a sustainable eco-system. There needs to be wide-scale commercial adoption of the technology. Aelf coin has an enormous amount of commercial applications possible through it.
The three dimensions of focus for Aelf are:
The problems of security, scalability, customization, and interoperability that are inherent in a blockchain network are addressed by the technology developed by Aelf. The infrastructure provided by Aelf allows for easy scaling and governance and allows for smooth adoption of Blockchain for commercial purposes. New protocols and support for commercial scenarios can be incorporated largely due to the technical aspects of Aelf.
Aelf desperately wants to get rid of the existing gap between the blockchain community and the businesses. Aelf believes that digital businesses are the way forward. Aelf recognizes the immense potential of digital businesses and aims to propel businesses through the blockchain technology that it provides.
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The finance industry has seen significant growth as a result of the blockchain boom. Blockchain removes intermediaries and third-party entities in a financial process. This has led to a wide-scale acceptance of blockchain for financial services and financial purposes. The security that blockchain provides also makes it ideal for financial transactions. It allows for cross-border payments without too much loss on transaction fees. Supply chain financing and trade finance are also made possible through blockchain. Aelf’s parallel processing feature can handle crucial transactions such as international trade and exchange. The inter-chain communication allows for exemplary coordination in tasks such as asset registration, account management, and real-time transaction.
Blockchain has created disruption in various fields of modern society. One of the fields where blockchain has had a prominent influence is in the field of insurance. Aelf aims to create a dedicated side chain for insurance and integrate it with Distributed applications (DApps). The side chains for insurance will take care of user identity, insurance contract handling, and handling the claims.
Aelf has a built-in chain for digital identity within its multi-chain structure. The digital identity can be used by other side chains through messaging. This messaging feature allows side chains to communicate with other Blockchain networks such as Bitcoin and Ethereum.
Aelf’s blockchain system could enable Smart Cities as well. Governments can adopt Aelf’s technology to run a large majority of the administrative tasks. The usage of this blockchain technology would ensure increased security and more effective governance. National security requirements can be met with certain modifications to the consensus protocol that is in use in Aelf’s blockchain technology.
The technology could also be used for citizen identities. Polls and voting can be carried out with a great deal of efficacy through Aelf’s blockchain technology. In fact, countries such as Singapore, China, and Estonia are already taking strides in incorporating blockchain technology to enable Smart Cities.
Internet of Things
A network of devices such as home appliances, electronics, software, and much more, that can interact is said to constitute the Internet of Things. Aelf’s light node and cloud service reduce the computational requirements for connected devices without causing a drop in the performance. The network is capable of managing billions of interconnected devices.
New Business Opportunities
Interoperate with existing DApps
There are several Decentralized applications on established blockchain networks such as Ethereum and Bitcoin. Aelf plans to be interoperable with these blockchain enabled DApps to allow asset exchange and trading from the DApps.
Nurture new startup ideas
Aelf also seems to consider innovation as an important aspect of their development plan. They are deeply involved in the formation of new ideas. Aelf takes significant measures to allow commercialization of blockchain and enable businesses to attain the success that they desire. Aelf aims to promote start-ups and create a platform for promising projects to launch.
Make established companies blockchain savvy
Established companies can obtain a lot of benefits from incorporating the blockchain technology that Aelf provides. Joining the Aelf eco-system will make their businesses more powerful. Businesses can offer a lot more to their customers with the features provided by Aelf. They intend on collaborating with Internet companies, traditional corporates, and consulting firms. The next generation of business models can open up land of possibilities. This can be achieved through Aelf.
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Aelf had an ICO that was exclusive to only certain businesses. The ICO has been fairly successful and they have managed to acquire capital through investors and are well backed by large organizations.
Should I buy Aelf coin?
Aelf has begun rather steadily. The team behind Aelf is certainly an ambitious bunch. They have the right intentions for Aelf, but there is a lot of room for improvement.
Aelf might see improved growth, but so far Aelf cannot boast of any substantial exploits. Having said that, there are very few risks associated with Aelf. It can definitely be worth a try.
Aelf coin price and Aelf coin prediction:
|Aelf coin market value (ELF)||$0.104773 USD|
|Aelf coin market cap||$29,336,437 USD|
|Aelf coin circulating supply||280,000,000 ELF|
|Aelf coin total supply||300,000,000 ELF|
|Aelf coin maximum supply||1,000,000,000 ELF|
Where to buy Aelf coin?
Here are some of the exchanges that allow buying and selling of Aelf coin:
- Huobi Global
There are several exchanges that list Aelf. Trading of Aelf should not pose a problem. There is a wide variety of exchanges to choose from.
Aelf follows the ERC20 standard. ERC20 standard is the standard for smart contracts on the Ethereum network. ERC stands for Ethereum Request for Comment. The standard specifies a set of rules for the tokens in the network. This is to ensure moderation of the larger Ethereum ecosystem.
Programmers that develop new tokens will have to ensure compliance with the set of rules specified in the ERC20 standard. Aelf coin (ELF) complies with the ERC20 standard.
How To Buy Aelf Coin?
Binance is a Chinese based currency exchange. Binance was formed through a successful initial coin offering (ICO) and has been extremely successful as an exchange platform. Binance can be downloaded as an application or can be accessed through the browser and is convenient to use. It has multi-language support. However, it does not support fiat trades and Aelf coin would have to be traded with another cryptocurrency if you choose to trade with Binance.
The great thing about Binance is that it offers two separate views for carrying out trading. The Casual view is for casual traders and can be easily used by beginners aiming to experiment with Aelf coin. The Pro view is for professional traders who possess a considerable amount of knowledge on trading. Binance also provides several utilities such as trading tools, charts, and security features, making the process of trading Aelf coin much easier.
All you would have to do to get started with Binance is to create an account. For higher withdrawal limits, you would be required to verify your account. The transaction fees on Binance is a meager 0.1%, which, is not too bad. Binance can even handle up to 1.4 million transactions concurrently. It does not have any withdrawal limits either. Binance is a suitable and convenient exchange to buy Aelf.
Huobi is run by Huobi Global Limited and provides services to over 130 countries. It has a wide range of currencies. Huobi is also a China-based platform. It has an extensive verification process. To begin with Huobi, you would have to register and verify your email. It has great continuous customer support, but, the verification process is long and arduous. Huobi has support for Chinese Yuan (CNY) and US Dollars (USD). Huobi does, however, have withdrawal fees.
The withdrawal fees for various cryptocurrencies are:
For Aelf coin (ELF) the withdrawal fee is 5 ELF. The minimum withdrawal for Aelf coin is 10 ELF.
There are several other exchanges that allow you to transact using Aelf coin. You can visit the exchanges and explore your options.
Wrapping up Aelf coin Review
Aelf coin has certain ambitions and aims to power businesses. It has good clear intentions and can go a long way in paving a path for future businesses to incorporate blockchain. Aelf coin is steadily growing and could shake up the market if the Aelf team is successful in achieving all that they have set out to achieve.