aelf (ELF)

Mkt. Cap.
$ 58.333 M
Vol. 24h
$ 1.988 M
Open 24h
$ 0,07
Low/High 24h
$ 0,07 - $ 0,07
Circulating Supply
880 000 000
Total Supply
1 000 000 000

What Is Aelf and How Does It Work?

Aelf strives to solve the current problems connected with blockchain. This project is focused on developing unique governance system and side chains. The Aelf system segregates smart contracts using the side chains and improving scalability, as well as utilizes proof-of-stake consensus to make the governance more adaptable.

Aelf’s main chain has numerous side chains that run the smart contracts on the platform. The main chain functions as a backbone of the system and interacts with the side chains. Each of them is dedicated to a particular smart contract. Thus, chains do not interact with each other, but communicate via the main chain when transferring data. All of them are connected to the central chain with the help of the index system. This system categorizes them into the following groups:

  • Internal chains within the Aelf network
  • External chains (Ethereum, Bitcoin, etc)

It means that the central chain may have Bitcoin branch as one chain and a couple of side chains that take care of other assets. These side chains, in turn, can break into sub chains. In a word, every chain can have its own sub chain for every asset and these sub chains can break down further.

What is the Aelf’s ELF token?

Side chains provide transactions fees to the main chain for indexing. Side chains contribute resources to the main chain and the more they do, the less they have to pay. Side chains, in turn, can charge fees from their sub chains.

The Aelf token ELF was launched in December 2017. Aelf distributed 250,000,000 of 1,000,000,000 to the private investors during this sale, which is 25% of the total supply. The rest of tokens are for the following people and tasks:

  • 100,000,000 (10%) for partnerships and advisors
  • 120,000,000 (12%) for miners
  • 120,000,000 (12%) for marketing and air drops
  • 160,000,000 (16%) for the Aelf team
  • 250,000,000 (25%) for the Aelf Foundation

Currently, there are two large exchanges that offer ELF – Huobi and Binance. Binance allows users to exchange their ETH and BTC for ELF, while Huobi also trades ELFs for USD.

The Aelf network has a reward system called Candy. With this system, users get points that can be converted into ELFs for doing simple tasks. These tasks include commenting and liking Aelf’s posts across social networks, inviting new users to the Telegram channel, and promoting Aelf in all ways.

ELF are ERC20 tokens, so users can store them in any wallet that support ERC20. Most online wallets like Exodus and MyEther, as well as the hardware wallet Ledger Nano S support ELF.

Aelf is working on the main net currently and when they are done, ELF tokens will switch to the main chain from Ethereum. This way, users will be able to switch the wallets to store coins. However, there might be additional steps to follow and therefore change your ERC20 tokens to ELF coins.