Since the inception of bitcoin, the blockchain has seen periods of rapid growth. Many businesses are now switching to blockchain-based network architecture instead of traditional network architecture.
Today’s blockchains are not able to support multiple applications in a commercial environment and function as an efficient operating system. The current landscape shows that Bitcoin, the original design, has many similarities to an app. Ethereum, on the other hand, continues to exhibit many characteristics of an Operating System such as the ability program smart contracts and the provision of a programming language. However, there are still limitations to Blockchain technology’s commercial use.
Currently, there are two widely accepted trends to improve the capacity of Ethereum. A group must embed an EVM engine. This is one trend. EVM isn’t strong enough to support parallel transactions. In August, another group completed the EIP 1559 upgrade to Ethereum. This was done in an effort to lower gas fees.
To address these concerns, the team behind aelf has developed an open-source blockchain network powered by the cloud and designed as a multi-level sidechain structure, enabling unlimited scalability on the road to a decentralized future. This platform allows users to access a single solution for industrial bottlenecks. It also includes performance and cross-chain functionality. The platform has created each node within the network as its own cloud computing centre to improve performance. Each node gains unlimited scaling when combined with a multi-level sidechain structure. Current production at aelf Enterprise is around 35k TPS per sidechain.
According to the company, the aim of aelf is to “connect all the existing ecosystems including but not limited Bitcoin, Ethereum and DeFis etc.” This will allow everyone involved in crypto work to surf at the highest possible freedom, with aelf performing the ultimate cross-chain function and performance.
Blockchain is the future
Blockchains are not scalable and lack of a consensus protocol for updating or adapting to new technologies are just a few of the problems that blockchains face today. The platform recommends that the world find a Layer-two solution to address these concerns and help lead it towards a decentralized future.
Aelf leverages a structure with one main chain and multiple sides chains. This allows developers to create and run their own dApps (decentralized apps) to isolate more resources. The platform has seen an increase in throughput due to its ability to use parallel processing and the AEDPoS agreement mechanism.
The platform acts as an Ethereum Layer-two solution. It allows NFT’s between Ethereum and project ecology, and supports more NFT applications. The expected results are greater affordability, as the service fee on the Aelf Mainnet is $0.1 regardless market conditions.
The platform will also address freedom concerns and help bridge isolated ecologies. The platform will be equipped with a flexible oracle that can retrieve off-chain data to facilitate two-way communication between projects.
Plan for the future
Currently, aelf Enterprise has all the blockchain accreditations available from CESI – Function Performance and Reliability.
Looking at the aelf’s roadmap, their upcoming mainnet token swap on
September 9 marks a significant milestone since December 10, 2020, when the token assets went live. The swap will see token assets migrate from Ethereum to mainnet during the upcoming swap. Users will be able use ELF to pay transaction fees, sidechain index fee and block rewards within the platform’s ecosystem.
After swapping tokens, users can vote with their mainnet ELF tokens. They will then be eligible to receive “Citizen Welfare”, which is a dividend pool that can be used to fund their voting. They will also be able to purchase tickets that allow them to take part in the governance and development of the mainnet.
The team also shared, “In the future, we’ll invite retailing shops to build their business off-chain,” adding that their motto is “tomorrow runs on anelf.”