Is ELF going to be the next big thing within the crypto domain?

September 08, 2021 10:20 PM AEST | By Manu Shankar

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Is ELF going to be the next big thing within the crypto domain? — Image source: Tibor Duris, Shutterstock

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Highlights

Aelf (ELF) represents a Layer 2 solutions from different projects and independently deploy or run DApps on individual sidechains.

With sidechains and unique governance system, Aelf is able to achieve secure communication between the main chain and all sidechains.

Aelf developers through its system can deploy, debug apps based on a mature IDE.

Aelf (ELF) is an open source blockchain network, which aims to provide complete business solutions to organisations in a decentralised manner. It represents a Layer 2 solutions from different projects and independently deploy or run DApps on individual sidechains. It seamlessly operates from NFT ecosystem to an Ethereum protocol as it adopts Parallel Processing and AEDPoS Consensus Mechanism.

With sidechains and unique governance system, Aelf is able to achieve secure communication between the main chain and all sidechains. This allows the direct interoperability between sidechains. Aelf through its governance system provides different models like an Association Governance Model or an incentive model. Aelf developers through its system can deploy, debug apps based on a mature IDE.

Also read: Crypto crash & Murphy’s law: The recent dip shows correlation

How does ELF work?

The project isolates the resources and smart contracts through the sidechain protocol to improve the scalability, which makes using of the Proof-of-Stake consensus system for more adaptability. The backbone of the protocol is that it each side chain is dedicated to a specific type of smart contract. The sidechain has to communicate through the governance system otherwise are not able to communicate with the main chain.

These main chains are indexed, and the sidechains are connected to the main chain through this system. The index system works through the external chains like the Bitcoin, Ethereum, etc. and internal chains within the ELF OS.

Also read: Nine best stablecoins of 2021

How has ELF been faring?

Aelf is governed by its native token ELF and has been doing well on the market. Ranked 127 on CoinMarketCap, the ELF is trading at $0.835309 with a 24-hour trading volume of $83,62,55,744. At the time of writing (BST 11:40 am), ELF was up by 6.11%% in the last 24 hours and has a live market cap of $45,48,09,240. One can buy the crypto from Coinbase and Uphold exchanges.

Despite being new in dApp platform, the crypto has found strong backing from venture capital firms such as Alphabit, Chain Funder,Blockchain etc. The Chinese government too showed a special liking for the Aelf blockchain. This has made the people look at the crypto more seriously and investment-worthy token. Despite the surge in the market, one will have to be patient and show how the token performs in the long run and many believe that this token is best suited for a long-term investment.

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