Alephium’s premier highlight is its usability and accessibility to support decentralized applications and open protocols.
Practical use of this unique blockchain is the scaling and development on Bitcoin core technologies, Proof of Work & UTXO. It offers a high-performance, secure DeFi & dApps platform with advanced energy efficiency.
Proof of Work combines physical work and token economy to adjust the work required to mine new blocks. Alephium uses only one-eighth of the energy compared to Bitcoin. Alephium was created to address the accessibility, scalability and security challenges faced by decentralized applications. The model is more secure, offering Layer-1 scaling and the same level of programmability as the model implemented in Ethereum.
The term UTXO refers to the amount of digital currency which remains after executing a cryptocurrency transaction such as Bitcoin. The letters stand for Unspent Transaction Output.
dApp platforms are very secure but might have vulnerabilities. Since dApps run on open-source smart contracts, hackers can make their way into networks by finding key weaknesses that allow them to get into a blockchain. Alephium solves many critical problems with improvements in security, development experience, and the introduction of new models such as reliable P2P smart contract operations.
Three years of development were needed before launch. Initial efforts were exemplary to offer the public a user-friendly application. Developers and miners now have an improved ecosystem. The Alephium blockchain is powered by unique sharding architecture. Single-step cross-shard transactions are ultimately responsible for the user-friendly, single-chain, that defines the Alephium blockchain.
The token supply on Alephium is limited to a hard cap of one billion. At launch, the initial supply of tokens was 140 million and mined with the Genesis block. The current market cap is over $11.5 million with a daily average trading volume typically in the $30,000 – $40,000 range.
Alephium Unveils Video Creation Contest With A 10,000 ALPH Prize Pool
Following a successful launch of the Alephium token, the development team has offered to reward the community of users with a contest designed to attract compelling introductory videos.
The Alephium team is searching for a video introduction covering the basics of the token and blockchain, with a desired emphasis to attract and engage new users who are not familiar with the company.
Alephium is looking for easy-to-understand video introductions covering all the basic points in the project’s Medium article “Welcome to Alephium.” The video should not exceed five minutes, can be in any language, and should include links and information about Alephium’s social media channels, whitepapers, and Github. As a reward, the Alephium team is offering prizes worth 10,000 ALPH.
Interested users can directly contact the Alephium team on Discord, Telegram, and Reddit. Additional information related to Alephium can already be found on the official website, whitepapers, Medium, and Github. Users can upload their video on YouTube or Vimeo with the #Alephium and #ALPH tags before April 15, 2022, 23:59 CET (Central European Time), then provide a link and their email address via the official submission link.
Alephium features many complex technical and mathematical concepts. New users often find it difficult to understand the functionalities and features offered by Alephium. The purpose of the video creation competition is to help users identify fundamental concepts and value propositions of Alephium in a comprehensive, engaging, and easy-to-understand manner. Creators are free to use 3D animations, cartoons, voice-overs with premium slides, or any other creative touch desired.
“The community has already created an impressive amount of content related to Alephium. YouTube is full of videos, but most of them are focused on mining. We need something that can serve as an accessible gateway for new users, we need great introduction videos. Our community members have amazed us with their content creation skills to date, so I’m confident this video creation contest will help us gather creative videos that best describe Alephium.”added Alephium Co-Founder Cheng Wang.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.