Review on aelf by Fanuel PORPORTY
Aelf (ELF): multi-chain cryptocurrency
Aelf is a customizable operating system (OS) specially designed for blockchains. The team aims to make it the "Linux system" of the blockchain community. As you probably know, the adoption and innovation of blockchain is growing exponentially. First, Bitcoin led the way as a peer-to-peer digital currency. You can think of it as a simple application. Then, Ethereum made it possible to create specific decentralized applications (dapps) through smart contracts - essentially an application platform. However, that still falls short of the robust operating systems, like Windows, MacOS and Linux, that we use today.
Our current operating systems are unable to operate the apps effectively while the current blockchains also have their drawbacks. They are not scalable, can interfere in the intelligent execution of contracts and do not have a consensual protocol to integrate new technologies smoothly. Aelf solves these problems. To solve the problems of current blockchain technology, aelf focuses on two main innovations: side chains and a single governance system. The project separates resources and smart contracts through the use of side chains to improve scalability while using a consensus-based Delegated Proof-of-Stake system for more adaptable governance.
Pros
- The use of the multi-chain system improves scalability while allowing cross-chain operations, with the ability to interact with different Blockchains such as Ethereum or Bitcoin.
- ELF Tokens are used to pay the cost of using the system. This use refers to the deployment of smart contracts, the operation and upgrade of transaction and data transfer systems between chains.
- The community can vote on major decisions including the election of mining nodes, the introduction of new features into the system and many other vital matters.
Cons
- none
