aelf ELF

$0.3261
Market Cap $ 81.520 MM (#72)
24h Volume $ 6.962 MM
Chg. 24h: 4.58%
Algo. score 4.1/5  (#31)
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aelf project purpose and description

aelf clarity of purpose

aelf purpose and aspects

Aelf (formerly Grid) main goal is to create a decentralized cloud computing network.

aelf additional differentiation against competition

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aelf categories

ComputingCloud hosting

Short description

ælf, is a decentralized self-evolving cloud computing network. To establish a Blockchain infrastructure for various commercial requirements, ælf provides a highly efficient multi-chain parallel-processing system with cross-chain communication and self-evolving governance. It brings three innovations namely scalable nodes on cluster of computers, resource isolation for smart contracts via “one chain to one smart contract” and voting through token holders. ELF tokens are used to pay resource fees in the system, such as deployment of smart contracts, operating and upgrading of systems (transaction fees, cross-chain data transfer fees). It also enables community to vote on major decisions, such as electing mining nodes, introducing new features to the system and other major decisions.

Abstract

The Blockchain community has witnessed rapid development in the past few years. Firstly emerged as a secured decentralized P2P transfer mechanism, Satoshi's Bitcoin has proved the concept of decentralized crypto-currency. Ethereum then contributed the community with successful implementation of versatile "Smart Contracts". It unleashed great potential of Blockchain into numerous applications and industries. As a result, many alternative crypto assets have been built upon these Blockchains. This is only the dawn of Blockchain, as the boundary between Blockchain Community and business world are yet to be broken. We are at a turning point that the next phase of Blockchain will lead the integration between Blockchain and physical business world, and inevitably bring in much more solid digital assets. In order to enter the new paradigm of Blockchain, there needs to be a versatile Operating System designed to meet commercial needs. This Chain has to address three main challenges: 1. Current Blockchains are not scalable, as the performance of one single node/mining machine determines the performance of the whole system. 2. Current Blockchains do not segregate resources for different Smart Contracts, leading to interference among Smart Contract executions. 3. Current Blockchains do not have pre-defined Consensus Protocol to adopt updates or new technology. This white paper introduces a highly efficient Blockchain architecture which incorporated State-of-Art IT design principles and technologies to bring it up to commercial standard. We envision it creates a "Linux eco-system" for Blockchain. We focus on defining and providing the most basic, essential and time-consuming components of the system and making significant improvements based on existing Chains in the market. The system allows developers to customize it to meet their own needs, particularly commercial requirements for various industries. It will contain the below main features: 1. Introduces the concept of Main Chain and multi-layer Side Chains to handle various commercial scenarios. One chain is designed for one use case, distributing different tasks on multiple chains and improve processing efficiency 2. Enables Ælf to communicate with external Blockchain systems via messaging, e.g. Bitcoin, Ethereum 3. Permits parallel processing for non-competing transactions and cloud-based service 4. Defines basic components of minimum viable Block and Genesis Smart Contract Collection for each Chain to reduce data complexity and achieve high customization 5. Permits stakeholders to approve amendments to the protocol, including redefining the Consensus Protocol; Permits Side Chains to join or exit from Main Chain dynamically based on Consensus Protocol, therefore introducing competition and incentive to improve each Side Chain

Link to Roadmap: https://cdn-images-1.medium.com/max/800/1*wxcbqF5Pgls1a5LB3PQnjg.png
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