The aelf project has taken a lot of people by surprise over the past few weeks. Since few people have even heard about this decentralized cloud computing blockchain network, it is surprising to see the value of its native token surge to new heights. It is evident there is a bright future ahead for the blockchain in many different industries, and decentralized cloud computing is a business model well worth checking out. Now is a good time to learn what makes aelf so appealing and how it will affect the future.
Aelf in a Nutshell
It becomes evident right away that aelf is not a project people should take lightly. Although its mission of building a “decentralized cloud computing blockchain network” may seem a bit vague at first, the project has raised a lot of money from various investors, most of whom reside in China. It is also worth noting that it is certainly possible to decentralize cloud computing. Unlike what most people think, the cloud is still a centralized cluster of computers or servers in a data center. Aelf wants to shake up that industry in the near future.
The Technology to Power it all
When it comes to ambitious projects such as aelf, the main question is whether or not it can actually build this technology from the ground up. According to its whitepaper, establishing a multi-chain parallel computing blockchain framework will not be easy. More specifically, aelf will need to develop a native operating system designed to meet commercial needs. Three main challenges will need to be countered: scalability, segregation of resources, and a predefined consensus algorithm to adopt updates.
To address all of this and more, the aelf project will consist of one main chain and various side chains. This branched ecosystem approach will open up a lot of exciting opportunities moving forward. Moreover, aelf is capable of connecting with Bitcoin, Ethereum, and other blockchain systems through an adaptor. Every individual chain in the aelf ecosystem will be dedicated to one type of transaction and tackle one type of business problem. From a commercial point of view, this solution makes a lot of sense.
The consensus protocol embraced by aelf will focus on DPoS. It is a system we have seen in a few other blockchain projects as well, although its actual potential has yet to be determined as of right now. If all goes according to plan, aelf will provide high performance combined with smart contracts running on their own blockchain and a way for token holders to vote for decision makers and representatives. A decentralized cloud network may eventually become a reality, assuming the team can put their vision into working code.
What is Next for aelf?
A lot of things have yet to be developed for the aelf ecosystem. For now, the team is focusing on Phase 1 of the project, with Phase 2 to follow in Q2 of this year. The launch of the main chain is scheduled for May, although that’s still subject to change. The governance system will come to market during Phase 4, which is scheduled for later this year. Aelf’s official launch will occur in January of 2019. There is a lot to look forward to if you are excited about aelf.