Most of the currently known cryptocurrencies work on the principle of a decentralized network, where, thanks to the creation of a chain of blocks, encrypted information is stored and transmitted. Such platforms successfully use the technical process of a blockchain to execute transactions or execute smart-contracts.
The developers of the shell called Aelf went further and offered a number of functions for users of the same network, which allowed it to approach the classical operating systems. The widespread use of digital currency has revealed the weaknesses of such platforms as Windows and MacOS, because they are not able to scale and effectively implement smart-contracts. With the advent of the market such a network as Aelf is expected to address these problems and the possibility of further development of new technologies.
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The work of Aelf is based on two main areas: first – the use of side chains of blocks and the second – the provision of a unique mechanism in the management of the system. Splitting resources and smart-contracts focuses on the use of side chains, while scalability is possible, since network management is configured by delegating solutions and achieving transaction consensus.
The structure of Aelf is based on the main chain and additional side blocks used to perform smart smart-contracts. Given that contracts have different directions, each block is responsible for its type of contracts. Interaction between the side chains is possible only through communication with the main chain of blocks. External chains of blocks have an increased level of importance, and internal chains – responsible for the exchange of assets, thereby creating a scaling effect.
Like the other virtual currencies based on Aelf, tokens function, which are used as a commission for transactions from side chains to the main. In conditions when information moves from the chain of blocks to the main unit, there are not enough algorithms for coordinating the operation of PoW and PoS, so the network uses delegated proof of DPoS. Any owner of ELF coins votes for the selected nodes, which distribute the reward to all interested participants in the transactions.
At the end of 2017, the founders of the network sold 25% of the ELF tokens, which equals two hundred and fifty million monetary units. The remaining tokens are planned to be distributed as follows: 25% will remain in the fund, 16% will be received by the development team for the next two years, 12% will go to marketing, 12% to the earners of the currency in the next hundred years and 10% to the network partners over the next two years of cooperation . Since Aelf manages dapp applications, it can be referred to platforms such as Ethereum and NEO. At the same time, due to the use of side chains of blocks, it competes with Lisk and ICON networks.
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You can buy ELF tokens on one of the major exchanges, such as Binance and Huobi. It is recommended to store coins in a purse that support communication with ERC-20. Despite the rather young age, the Aelf network managed to get a high appraisal of investors from all over the world. Capitalization of this cryptocurrency at the beginning of the year rose to a mark of $ 150 million, which indicates good prospects for further growth.
Editor: Yuliya Soroka