AElf has arrived into the crypto world rather silently and many may even have missed to notice this robust entrant. The project raised just about 55,000 possibly through private placement and with major VCs like FBG Capital, Blocktower, AlphaBit and others being convinced about AElf raising that kind of money should have been a no brainer. There was also no marketing campaign to launch AElf and that is another reason why many are still unaware of what AElf is. Yet, this new kid on the block deserves attention and could soon be occupying the centre stage.
AElf is backed by an impressive board and the team itself is comprised of well known names in the cryptoworld.
Satoshi, the pseudonym of the person who created Bitcoin deserves all credit for introducing the blockchain concept to the world. But, the same individual or group of individuals could hardly have imagined that the blockchain technology behind bitcoin would one day significantly change the world does its business. Blockchain technology has evolved over the last decade or more and is positioned today as the backbone of a new kind of internet allowing distribution of digital information sans the ability to be copied. Many developers around the globe are exploring ways to adapt the block chain technology to a wide array of businesses like supply chain management, logistics, cross-country payment processing and more.
AElf capitalizing on the robustness and durability of blockchain technology
The technology behind the internet and blockchain are nearly similar except that blockchain has an added in-built robustness. Blockchain can store information in a manner that is indistinguishable across the network and such a blockchain cannot be controlled by any singular entity. Further the system will have only a singular point of failure. The Bitcoin blockchain itself has been remarkably successful throughout the decade of existence. Minor glitches that Bitcoin faced during this period have either been due to unprofessional conduct or hacking. This reaffirms that the glitches are not attributable to any flaws in the fundamentals, but only on account of human error or evil intent. The internet itself has survived the test of time for nearly 3 decades and that track record holds out well for blockchain technology even as it continues to be evolving.
Distributed database that is divergent
Think of a spreadsheet replicated several thousand times through a series of networked computers. Visualize the network updating the spreadsheet frequently and what you get is a basic picture of what Blockchain represents. Information contained in a Blockchain exists as a database that is shared and reconciled repeatedly. There are obvious benefits to using this method of employing the network. The database on the Blockchain is not confined to any single site which means that the records saved on it are essentially public and verifiable with ease. Centralized version of information is nonexistent and therefore hackers cannot corrupt the data. Further, since several million computers simultaneously host the data, anyone connected to the internet can access it.
Who can use Blockchain?
Blockchain represents a web infrastructure and therefore actual users need not burden themselves with the technology behind block chain. Blockchain is already getting plenty of attention from the world of finance and in the coming years cross border money transactions amounting to about $500 billion would be impacted by blockchain technology, significantly bringing down the time consumed for each transaction and also short-circuiting middlemen. Trust and a high degree of accountability are integral to blockchain and therefore we can look forward to a world with near zero machine or human errors, missed transactions or exchanges not permitted by parties to the transaction. But, sitting above all these, is the assured validity of transactions recorded on a main register as well as on a distributed system of registers networked through a validation mechanism that is protected.
AElf white paper is mighty impressive
The Key objectives outlined in AElf’s white paper is mighty impressive. Among other things, it speaks of a customizable OS for commercial applications, performance improvement, cross chain interaction, private chain module, and protocol updates. For the customizable OS, AElf has taken a leaf out of the Linux system which is reckoned as a high popular OS for servers supporting nearly every industry. Similarly, cross-chain interaction is another interesting aspect wherein AElf seeks to simply sharing of information, digital assets and users.
The performance improvement objective of AElf aims at designing an effective Blockchain focused on solutions for specific businesses than using a single chain combining all the smart contracts. A slew of measures are planned to simplify the data within a chain and make it easier to manage. The measures envisaged will also address issues of system inflation.
Defining the update and voting mechanism clearly with regard to protocol update is another measure contemplated. A consensus protocol is planned to be introduced in the future with new features to avoid disputes and impasse on protocol updates.
Another interesting feature outlined in the white paper is the private chain module. AElf believes that there are many businesses that are in a private chain so that they can leverage the advantages offered by Blockchain technology. Usually, these private chains are isolated from the external ecosystem or other business enterprises. The module envisaged is similar to “AMI” or the Amazon cloud service which allows users to create independent chains rapidly with the help of private chain modules and enjoy complete ownership.