Ælf (ELF) - aelf

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Official site (website): http://aelf.io Official Facebook account (fb): https://www.facebook.com/aelfio/ Official Twitter account: https://twitter.com/aelfblockchain Medium (blog, article, news): https://medium.com/@aelfblockchain Github: https://github.com/aelfProject Official Telegram channel (group): https://t.me/aelfblockchain PDF document file: https://grid.hoopox.com/aelf_presentation_EN.pdf Slack channel: https://gridblockchaininfo.slack.com Support email address: mailto:contact@aelf.io Reddit: https://www.reddit.com/user/aelf_blockchain/

aelf Blockchain Project[edit]

  • aelf is a decentralized self-evolving cloud computing network. To establish a Blockchain infrastructure for various commercial requirements, aelf provides a highly efficient multi-chain parallel-processing system with cross-chain communication and self-evolving governance.
  • aelf is a multi-chain parallel computing blockchain framework which incorporates state-of-the-art IT design principles and technologies to bring it up to a commercial standard. aelf is envisioned as the "Linux eco-system for blockchain”, defining the most basic, essential, and time-consuming components of the system and making significant improvements based on existing blockchains in the market. The system will allow developers to customize it to meet their own needs, particularly commercial requirements for large and diverse industries. aelf aims to provide fluid and rapid rendering of more complex smart contracts and each chain with its own resources for congestion-free execution of all smart contracts.
  • aelf will provide an Infrastructure to support effortless upgrade of smart contracts, well-suited for dynamic blockchain systems.
  • High Performance - Full nodes run on cloud servers
  • Resource Segregation - Each smart contract runs on its own Blockchain
  • Governance & Development - Token holders vote for decision making and representatives

ELF TOKEN

  • Token Contract Address: 0xbf2179859fc6D5BEE9Bf9158632Dc51678a4100e
  • Token Symbol: ELF
  • Decimals: 18
  • Total Supply: 1,000,000,000 ELF
  • Circulating Supply: 260,000,000 ELF
  • ELF tokens are used to pay for resource fees used in the network, such as deployment of smart contracts, operating and upgrading of systems (transaction fees, cross-chain data transfer fees). It also enables the community to vote on major decisions, such as electing mining nodes, introducing new features to the system and other major decisions.

Team[edit]

  • Ma Haobo - Founder & CEO of aelf. He is also the CEO of Hoopox, Blockchain expert, early adopter of digital assets, Ex-CTO of GemPay, AllCoin. He is also a member of Blockchain Experts’ Commission of Chinese Institute of Electronics.
  • Chen Zhuling - Co-founder & COO of aelf, MIT graduate, Consulting veteran at Roland Berger, advised multiple MNCs and governments.
  • Fu Li - Software engineer from PolyU, KOL of GitHub, an expert in IT solutions for communication networks, navigation systems and mobile games.
  • Yang Yalong - PhD at Monash University, specialise in visualising geo-spatial and transaction network data.
  • Total 20+ people working on aelf project.

Experienced Advisors[edit]

  • Liam Robertson - CFA, CAIA Liam is one of the largest individual and corporate traders of Cryptocurrencies in Europe and the Middle East. A certified investment manager in the UK, he established one of the world’s first regulated Cryptocurrency Hedge Funds in 2016. As founder and CEO of Alphabit Limited, Liam now advises a number of funds, family offices and ground-breaking Blockchain enterprises.
  • Zhou Shouji - Founding partner of FBG Capital, with extensive experience in digital assets trading and investment. Vincent is also an early investor of a broad spectrum of blockchain companies and projects. He is considered as one of the most well-connected and visionary crypto hedge fund managers in Asia.
  • Kenneth Oh - Senior Partner with Dentons Rodyk & Davidson’s Corporate Practice, and China/Indonesia Practices. Kenneth specializes in corporate finance, with almost two decades worth of experience in venture capital, private equity, IPOs/Token Sales and post-IPO/Token Sale funding, as well as mergers and acquisitions. Kenneth is admired for his quickness of mind and has been widely regarded a legal guru in his area of interest.
  • J. Michael Arrington - J. Michael Arrington is the founder and CEO of TechCrunch. He was also the VP of RealNames, co-founder of Achex, founder of Zip.ca and Pool.com, as well as COO of Razorgator. Arrington also consulted at numerous companies such as Verisign. In May 2008, Arrington was named one of the world's 100 most influential people by Time Magazine.

Lead Investors[edit]

FBG Capital, Alphabit, BlockTower Capital, Hashed, HyperChain Capital, Draper Dragon & more.

Listed Exchanges[edit]

Binance, Bithumb, Huobi pro, Bitfinex, OKEX, Bibox, KKEX, CEX.com, Kyber Network, gate.io, BCEX, BigONE and more.

Video Playlist[edit]

ælf - The scalable Blockchain with multi-layer structure and self governance

00:00 Very good morning everyone, thanks for coming, I know it's a very packed day, really glad to have you guys here.
00:08 So my name is Ju Ling and representing the project called elf, which is a multi-chain parallel computing framework which it's a new blockchain technology that we're really excited about.
00:22 So a little bit about myself, so I'm originally from China but I live in Singapore for many years.
00:28 So you know it's good to have a little bit of winter this year, at least next time, I've thought about it, oh I presented at Coin desk invest, in winter, I think winter was the keyword for me, you know cool yep.
00:41 So without further ado, I'd like to introduce this project to you guys.
00:47 Yep so yeah we know everybody why everybody is here, so what brought us all here is about the technology, blockchain.
00:57 It has been a really great year in terms of financial returns and also in terms of the technological advance, advancement, you know.
01:07 So we look at these charts which is from coin desk yep so this represents a huge opportunity at an emerging technology.
01:16 And what brought along the side is a lot of use cases, talking about how blockchain can transform different industries, how blockchain can bring transparencies, how blockchain can bring in you know new ways of doing business.
01:30 So all those things are happening and it's glad to have all you guys here, so we're all exploring this whole thing.
01:38 Because what happening ICO is it's only one year old, it's not that mature yet.
01:43 So the question here is always about you know, what have we done right, what can be improved, and what's the future?
01:52 Ok so if we look at you know the the leak table for the top 30 right now, so the market has naturally preferred blockchain technology and technical protocols.
02:07 If you look at most of the guys, so Bitcoin as the first p2p payment system and also you have the general computing system which is Ethereum, and a lot of alternatives are following the lead.
02:25 So that's where you know people look at that the two big guys, Bitcoin and Ethereum and they're trying to improve on it.
02:33 So what do we see is, okay all these technologies are great but there's still a big space, you know for alternative technologies and for the future beds.
02:46 And geographically what we are seeing here is also very interesting.
02:53 Okay so this is a chart from air swap, which is a decentralized exchange, so their company is also based in New York, we just met with them yesterday that's why I'm using this table.
03:04 So what you'll see is this is a summary of where are the participants from?
03:10 So you have United States, you have Russia, Germany, yeah but more interestingly you see a lot of Asian countries up here on this table.
03:21 You have Philippines, surprisingly very huge in terms of numbers, and also Japan at the corner, South Korea taking a fairly bit of chunk, and also there is Vietnam and Thailand.
03:39 Yeah so what we see is blockchain is really a borderless business right now, where everybody from any country can participate and Asia particularly is taking a very active role in terms of founding.
03:53 Maybe another thing you'll notice is that China is not even on this table, but that's because of the ico ban, which I'm going to talk about a little bit more later on.
04:03 And okay we talk about Asia, so everybody knows you know it for the Internet era that China, Asia is kind of very welcoming new technology and exploring new things.
04:19 So the same idea applies to blockchain, so this is a meetup that I hosted in Singapore.
04:25 And what you see is you see a very diverse group of people, engineers, fund managers, you just have marketing guys.
04:37 Yeah and you also see that okay all of them are very actively talking each other, they want to understand what is blockchain, what are the investment opportunities there.
04:45 And the bonus will be okay maybe for you guys to guess which project is, it's a very famous one, I'm not going to review it here.
04:52 And besides investment, let's look at trading, Asia is also taking significant amount.
05:03 You have the largest exchange, which is bithumb, this is from South Korea.
05:09 Okay followed by BitFinex and Bittrex in the States.
05:12 Then again from Asia will be Big Macs, Coin one from South Korea again, Binance from China and coin check from Japan.
05:26 Okay so in terms of the trading volume at peak that Asia could go up to 70% of the total global volume.
05:33 And on this chart, this is not counting China because due to the ico ban, so all the exchanges in China were shut down.
05:42 But what's happening right now is we start to see all the Chinese exchanges going international.
05:50 So they have their entities set up in Hong Kong or in Singapore, complying with international standards, so all their exchanges are reviving, that's why we start to see binance coming back.
06:02 But the original top three exchanges, okcoin, huobi, they're on their way coming back, so that's what we see you know may happen in the next three to six months.
06:16 So the the Asian market is definitely there and you know the opportunity of looking at, exploring what's the next blockchain technology or the improvement is definitely there.
06:27 That's why we believe where we're standing right now is where we had a great here which is riding the tide of the ICO adoption.
06:41 And okay there has been a little bit of Corrections here and there at the second half of the year, but you know the concept has been proven that people knows, okay this is a good opportunity and the real question here is okay, what's next?
07:01 You cannot rely on concept all the time, and blockchain energy being, you know a technology, so it needs to combine with real assets and real business value and that's where this industry is heading to.
07:14 But in order to do that, there are a couple of issues.
07:20 Scalability is not even really there, that you can not handle transactions that are commercial level.
07:25 You know companies are a bit hesitant of you know putting everything on one blockchain which is completely out of their control.
07:35 And we look at governance, being a new business, governance has to be improved, nothing can be perfect at the very beginning.
07:45 So we need to have a certain mechanism that innovates that incentivize better governance and also competition.
07:54 That's where aelf comes from.
07:56 So aelf is a multi-chain parallel computing framework.
08:01 So similar to Ethereum, but what it does, it has multiple chain structure.
08:07 So you solved three key aspects.
08:12 So number one is about the performance.
08:15 So elf has a parallel processing logic, as opposite to the linear processing mechanism right now, so it does transactions in groups.
08:27 And also it allows all the nodes to be scalable.
08:32 So instead of having one computer as one node, we have about a group of computers as a node to process transactions, and the deep delegated POS consensus is used as the main chain, I'm going to talk about it later more.
08:52 And the other part is about resource segregation.
08:54 In order for blockchain system to fulfill multiple business scenarios, I think it's important you know, different different business cases are not interfering with with each other, so they need to have their own environment to run it.
09:11 But what happened right now is, if you have one ICO happening, which is a big one, everything else stops on the blockchain.
09:20 That's why for us, we propose a multi-chain structure where different smart contracts should be run under dedicated chains, they will not interfere with each other.
09:33 And the last one is about governance.
09:36 Okay we all know that ok token, being a crucial part of a blockchain ecosystem, is about incentivizing the right behavior, but also it's about you know engaging them to make decisions.
09:51 We need to have a upfront mechanism to agree on things.
09:54 You know, it's better to make a decision than not doing any decision because this is a fast-growing market.
10:04 That's why the token holders have their rights, to agree or to vote on decisions proposed and that leads to the evolution of the blockchain system.
10:16 Ok so what is the multi chain structure?
10:21 So right now we are looking at, if you look at most of the blockchain systems, it's one chain that you put all the smart contracts all together.
10:31 So which means ok, I can do my insurance, dapps there, I can do my payment.
10:36 Dapps there.
10:38 But everything is putting on one chain, they are computed in the same environment.
10:44 If we take a existing computing system for example, that's not the most efficient way.
10:52 Because what issue is, ok you have dapps that treasures speed, and you have other dapps that treasures security.
11:04 So what we could do is actually we have a multi-chain system that the different use cases are run on different chains and it could even have their sub layers to explore different aspects or supporting that industry.
11:20 So let's imagine you have, so we have one chain that is purely for each the assets insurance, so the tokens can be initiated from there.
11:33 You have another side chain which is for decentralized exchange.
11:39 And all of them you can have your own decision.
11:42 Okay what would be the computing environment, I can customize that chain for the best performance of the smart contract.
11:49 Another benefit here is actually you can also imagine that some large companies, they can start have built up their own private chains in the system.
12:02 So they have a certain level of control of their own provision but also having the access to the whole ecosystem of aelf.
12:12 This is also something you know that we have been talking to governments and some corporates, and one feedback here is we're not sure whether we want to be, you know, to start with.
12:25 Everybody is excited about blockchain but you know, they're not sure whether they want to start with you know, completely being a public chain which they have no control also.
12:36 Yep so what we also do is, okay since Bitcoin and Ethereum has already a very good ecosystem, so we all want also want to have a communication mechanism with them so that we can understand what are the assets over.
12:53 There so we talk about this, this is like a good planning of the CBD area where you know exactly where is the coffee shop, where are the banks, or the Wall Street, where is the place for entertainment also.
13:07 In order to link all the chains all together, so we have one main chain at the center.
13:16 So what the main chain does is actually to observe and record index all the side chains.
13:24 So it’s not trying to record everything from all the chains because that's just too hard to manage.
13:33 What it does is just to do index, to look at the market tree root.
13:36 So it records, okay so the transactions on sidechain one, section two actually happens, so but that's what it does.
13:44 The side chains talk to each other via a p2p messaging.
13:49 Yeah so we talked about you know so each chain can have their own characteristics, you know to better serve the smart contract.
14:00 That's where we.
14:00 For every chain.
14:03 So there is a minimum viable production system, so they can choose, okay for my chain I want to have a PoW, and you know okay these are the certain rules of smart contracts that I want to adopt.
14:15 So it's motorized and it's easier for people to adopt.
14:22 Okay so that's about resource segregation.
14:31 So the second part is about improving performance.
14:32 So what we have seen here is the current production system they down transactions one by one.
14:38 This is just like a one lane highway.
14:44 But what we want to do is actually we, if you observe all the transactions going on right now most of them are independent, they're not interfering with each other.
14:55 So what you could do is very simple.
14:57 If you observe all the transactions at the very beginning, you take the independent ones into different groups, that you can make it very easily to be processed in parallel without any double spending issues.
15:14 This is the similar idea of cloud computing, where you consider this as services and you treat them in parallel.
15:23 So the benefits here is definitely, speed will be much faster, and for every single note you can make them run our cloud.
15:32 So this is our idea of having a group of computers as a node, so they can they can coordinate what kind of text they do all together.
15:52 So what happens right now is, if you have for the existing blockchains, the speed is controlled by one single computer, because one computer need to process, one node need to process all the transactions.
16:07 But here, when we talk about one node is actually multiple computers.
16:11 So if you have more node and more computers joining the mining pool, actually your performance will improve as well.
16:22 Which also means that for the mining nodes, actually those are the specialized ones, so they are not just typical computers, they are group of computers, they're specialized to process the transactions, and they're the ones safeguarding the whole system.
16:46 Okay the last part is about governance.
16:55 We have to admit you know, there are so many good great ideas, but before going into implementation in our you know Ronnie for a while, nobody knows, you know, whether this will work.
17:08 And of course you know things that would happen parity, happens twice, so what you should do?
17:15 What you need to do is you need to have a mechanism that allows improvement and modification of the whole system.
17:22 And to achieve that our approach is to allow the token holders to vote.
17:29 So there will be proposals proposed by either the by the developers community and the voters will review that and vote for what's the best decision.
17:42 Because what we've seen here is for Bitcoin you know, it's hard to reach consensus because nobody knows what, there's no voting mechanism, there's no way to reach agreement.
17:57 So for us, this voting system, it's written in smart contract, so everybody will honor that.
18:03 And since it's a multi chain structure, so we you can consider this as a space center where you have the main chain you have the different chains altogether.
18:16 If some of the chains become lazy and don't improve, well another chain comes say hey, actually I'm doing similar things but even better, the whole system can even consider you know, ok maybe we should adopt the new chain and get rid of the old chain.
18:33 So that's the competition that we brought in to improve the whole system as well.
18:38 In a nutshell, we believe blockchain starts as a technology, but what it takes to make it really happen is actually on three frontiers.
18:51 So we need the capital and working with VCS and hedge funds you know, to identify what are the best use cases and get the resources in to support the ecosystem.
19:03 We need to talk to the corporates and startups which what we've been doing right now.
19:09 So actually the team has been advising quite a number of cooperates on how to adopt blockchain.
19:17 And the last part of course is about technology.
19:21 We're using the voting system that we can choose the right technology to be implemented on the other chain.
19:29 I skip that, so for us right now, so we have the foundation set up in Singapore, wherein were overseas you know the whole operation and management of aelf blockchain, and we already set up the voting mechanism for token holders to make decision together.
19:54 So this is the team, we have the founder which is called Ma Haobo, he joined this industry three years ago, so he set up while the exchanges in China before, he also made a wallet service two years ago as a CTO.
20:19 So recently he has developed a private blockchain for one of the large conglomerate in China, so he knows what it takes to make a working blockchain system.
20:34 And in addition now he's working with universities and governments in China to define what are the performance matrix of blockchain system.
20:43 So probably everybody knows that you know, in China the icos are banned, but the government is still promoting very actively on the blockchain system, because that's how China has been benefiting from Internet technology in the past.
20:59 That's why it's a very good opportunity for us actually to launch a new blockchain system.
21:04 And also, so myself, I went to MIT, I started my career as a strategy consultant, spending cap of years advising governments and cooperates on different topics.
21:17 So why interesting I realized is actually, sometimes small countries acting faster to adopt a new things, because one good thing is there's no lepsy.
21:28 You can start things from scratch and that's also one opportunity we may explore, and we've been talking to companies who are interested, you know to explore our blockchain systems.
21:40 We have another two core members on the tech side, with solid guys.
21:47 So this guy is ranked as top three contributors in terms of code on github from China, and we have a PhD candidate from Australia, who is also working with us.
22:00 So this is just the core team and besides this, we have another 10 people working on this project.
22:05 So our approach of starting this project, is actually we started a VC round, where we had seven VCS invested in us.
22:15 So among them, one of them is FBG Capital, which is a renowned name in China, so they have done a lot of investments in blockchain technology.
22:26 Also we received funding from Draper dragon, which is part of DFJ.
22:29 And just yesterday we also were happy to have alphabit, which is a crypto fund, which is happy to invest in us and become advisor for the future, and there will be more definitely coming soon.
22:47 So before I conclude, just want to share a bit more on where we're standing.
22:53 So the development that has been going on, we're looking at you know having the first asset chain and realize in parallel processing, in the first quarter of 2018.
23:02 And by first half of 2018 we'll have the test net running and by beginning of 2019, that's where we start, we foresee that at least five to ten dapps will be running on this whole system.
23:25 And yep that's all, so just to conclude, so Alf is a multi-chain structured parallel computing framework, that we believe you know, will improve the scalability and also introduce better governance into blockchain, thank you for your time.

Crusher of the Month: ælf (ELF) - Multi-Chain Parallel Computing Blockchain

00:00 Hi there this is Victoria from crush CrushCrypto.com.
00:03 For this month's crusher of the month, we have selected elf, which goes by the ticker ELF.
00:07 ELF is a blockchain project that aims to create a Linux ecosystem for blockchain.
00:11 It has a circulating market cap of 610 million dollars and is currently ranked as a number 67 most valuable cryptocurrency.
00:18 We believe this token has a potential to climb even further and we will explain our reasons in this video.
00:25 For those of you who may not be familiar with our crusher of the month series, each month we highlight an existing coin or token that we have the most conviction in.
00:32 As always, we are not paid or mandated to do any of our reviews.
00:37 Our content is based on our own research, analysis and personal opinion.
00:40 Based in Singapore, elf is a cross chain blockchain protocol that intends to become the new Internet infrastructure to support the next generation of digital businesses.
00:49 Elf will be actively identifying new business opportunities and centralized applications to be part of its ecosystem.
00:56 Some of the things that they are planning to do include interoperability with existing dApps on existing chains, nurturing new startup ideas and helping established companies become more blockchain savvy.
01:08 As a third generation blockchain, ELF tries to provide a breakthrough in three areas: performance, resource, segregation and governance structure, I will talk about these in more detail later.
01:19 The team and its advisors have been advising numerous blockchain projects in the past.
01:24 They see a few industries who could be the early adopters of ELF as shown in this diagram, such as financial services, insurance, digital identity and so on.
01:31 Let's take financial services as an example.
01:36 The multiple chains on elf can be developed specifically for various financial services, such as cross-border payments, trade finance, supply chain financing and so on.
01:45 The parallel processing feature is capable of handling business transactions globally, and the inter chain communication feature allows smooth coordination for asset registration, account management, real time transactions and so on.
01:56 This line summarizes a team's development roadmap over the next year.
02:01 As the mainnet is scheduled to launch in May of 2018, we believe the token provides good value right now.
02:09 By early 2019, the team aims to have elf ready for commercial applications.
02:13 This slide is some data on the elf token.
02:17 It was listed on December 21st 2017 and is listed on numerous exchanges including Binance, Huobi and so on.
02:24 It currently has a circulating market cap of 610 million dollars.
02:29 The average seven-day trading volume is 116 million dollars which is roughly 26% of the circulating market cap.
02:36 So the token has been quite active since it was listed.
02:38 This chart from coin market cap shows a historical market cap and price movements for the elf token.
02:43 The token peaked at $2.77 on January 7th 2018, up significantly from his historical low of 63 cents on December 22nd 2017.
02:52 The open price of elf for a crusher of the month performance calculation is two dollars and 15 cents, so it is currently up around 13 percent since we published our article yesterday.
03:04 So why do we choose ELF as our January crusher of the month?
03:09 First of all, we see it as being significantly under the radar.
03:11 Not many people know about elf because the project did not have a public ICO.
03:15 ELF raised 55000 ether through a private placement with leading VCs such as FBG Capital, Draper dragon, blocktower, AlphaBit and others.
03:24 Because ELF does not have a marketing campaign like most ICOs, many investors have not heard of the project or know what the project does.
03:32 ELF has a number of investors backing it already as shown here.
03:34 With so many institutional investors on board, it gives us assurance that the team is qualified to carry out the project.
03:40 While it is still too early to tell whether ELF will be successful or not, it tries to include many features that are highly desirable for the next generation of block chains.
03:50 I will go over five of these features and try to break down the technical concepts of it.
03:54 Elf introduces the concept of a main chain and multi layer side chains to handle various commercial scenarios.
04:00 One chain is designed for one use case, distributing different tasks on multiple chains and improving processing efficiency.
04:08 For example, ticket issuances of high frequency and a high volume of transactions per second is desirable.
04:13 On the other hand, digital legal contracts require high security and reliability.
04:18 ELF architecture enables each industry to have its own dedicated side chain to fulfill its requirements.
04:25 By adding new side chains, elf will be empowered with new functions while maintaining an easy-to-manage structure.
04:32 Elf is designed to be an efficient cross stream communication system, enabling it to communicate with external blockchain systems such as Bitcoin and Ethereum through messaging.
04:41 This diagram illustrates how this is done.
04:45 Essentially the various systems interact with each other via the main chain in the form of a Merkel tree and verification through external information input.
04:52 The main chain contains the index of the system boundaries.
04:56 The main takeaway here is an elf does not seek to replace existing block chains but rather aims to complement them.
05:02 ELF is designed to permit parallel processing for non competing transactions and cloud-based services.
05:09 This diagram illustrates the difference between linear processing and parallel processing with groups, which is what is used by elf.
05:15 During the process of block formation, notice assigned transactions to different groups based on mutex of the transactions.
05:22 Transactions within a group will be processed in sequence while all groups will be processed simultaneously.
05:26 The takeaway here is that this basically helps improve performance efficiency of blockchains.
05:33 ELF enables scalable performance as computational power increases.
05:37 The elf kernel enables each node to operate on a cluster of computers as shown in this diagram.
05:44 What this means is that when more computational power joins the elf ecosystem, it not only enhances system security but also improves transaction speed proportionally.
05:52 Current block genes do not have a predefined consensus protocol to adopt updates or new technology.
05:59 ELF is designed to allow stakeholders to approve amendments to the protocol.
06:04 This includes redefining the consensus protocol and permitting side chains to join or exit the main chain dynamically based on consensus protocol.
06:12 This introduces competition and incentives to improve each side chain.
06:15 For example, stakeholders can customize their own consensus protocols based on their specific needs.
06:22 Elf defined consensus protocols as part of their smart contract collection and can implement any type of consensus protocol based on the business scenario.
06:29 For more information on elf, please refer to these resources.
06:34 Thank you very much for watching our crusher of the month video.
06:37 Please check out our website at CrushCrypto.com for more reports and information.
06:42 Stay tuned for an ice crusher of the month in a few weeks.

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