The blockchain has experienced periods of exponential growth since the initial days of bitcoin. As a result, many businesses are quickly turning away from traditional network architecture, instead favoring blockchain-based network architecture.
Unfortunately, today’s blockchains lack the capability and efficiency to function as a versatile operating system and support the multiple applications needed in a commercial setting. Looking at the current landscape, Bitcoin, the pioneering design, offers many similarities to an application. In comparison, Ethereum continues to demonstrate many characteristics of an Operating System, such as the ability to program smart contracts and the provisions of a programming language. But, insufficient system interfaces and lack of customization in some modules suggest that limits on the commercial application of Blockchain technology still exist.
Currently, there are two widely accepted trends to improve the capacity of Ethereum. One trend requires a group embedding an EVM engine. Unfortunately, EVM is not strong enough to support parallel transactions. Another group finished the EIP 1559 upgrade on Ethereum in August, trying to reduce 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. With this platform, users can gain access to a single solution to break industrial bottlenecks, including performance and cross-chain functionality. When considering performance, the platform has set up each node in the network as its own cloud computing center. Combined with a multi-level sidechain structure, each node then gains unlimited scalability. Currently, aelf Enterprise has approached 35k TPS, per sidechain.
According to the company, aelf is looking to “connect with all the existing ecosystems, including but not limited to Bitcoin, Ethereum, DeFis, etc.” The intent is that “sooner or later, everyone in crypto work could surf at the highest freedom with aelf’s ultimate performance and cross-chain function.”
The future of blockchain
Among the existing challenges faced by blockchains today include blockchains not being scalable, lack of a pre-defined consensus protocol to adopt updates or adjust to new technologies. To address these major concerns and lead the world to a decentralized future, the platform suggests that a different Layer-two solution from any other projects in the world is needed.
aelf is leveraging a structure of one main chain and multiple side chains to allow developers to independently create and run dApps (decentralized applications) for more effective resource isolation. Furthermore, the ability to leverage parallel processing and the AEDPoS consensus mechanism has helped the platform achieve higher throughput. More insights from aelf here
The platform functions as a real Ethereum Layer-two solution, allowing NFT’s to circulate between the Ethereum and the project’s ecology and supporting more NFT application scenarios. Perceived results include greater affordability since the intended service fee on the aelf mainnet is estimated to be $0.1 regardless of market conditions.
Secondly, the platform will address concerns around freedom and bridge isolated ecologies. With a versatile oracle, the platform intends to retrieve off-chain data and help facilitate two-way communication among projects.
Planning for the future
Currently, aelf Enterprise is the only blockchain infrastructure that passes all available blockchain accreditations from CESI – Function, Performance and Reliability.
Looking at the aelf’s roadmap, their upcoming mainnet token swap on
September 9 demonstrates a milestone since their go-live date on December 10, 2020. During the upcoming swap, token assets will start to migrate from Ethereum to the mainnet. As a result, users will be able to use ELF as currency within the platform’s ecology for transaction fees, sidechain index fees and block rewards, amongst other things.
Once swapped, users can stake their mainnet ELF tokens to vote. By doing so, they will be able to receive the “Citizen Welfare” from aelf Dividend Pool. They will also receive tickets to participate in the development and governance of the mainnet.
The team also shares, “in the future, we will invite retailing stores to build their business on-chain,” adding their motto, “tomorrow is running on aelf.”