While Ethereum is the queen of the market and is the pioneer of decentralized applications and finance, it has plenty of problems of its own. First of all, the network employs the problematic proof-of-work mechanism which has drastic environmental impacts. Ethereum has also suffered from immense network congestion which resulted it dramatically high gas fees – discouraging users. A lot of projects have copied the open-source code of Ethereum to create something that solves the problems of Ethereum. Aelf is one such project. It bears a lot of similarities in its workings to the queen of the market but the infrastructural differences target the pain points of Ethereum users.
What is Aelf?
Aelf is a multi-chain and multi-layer blockchain that is designed similarly to that of Ethereum’s. The network also has an open-source operating system, Aelf OS, to enable a more integrated ecosystem for the building of decentralized applications. One hurdle faced in the adoption of decentralized applications on blockchains is the expensive ASIC mining hardware requirement. The blockchain-based operating system of Aelf is aimed at increasing the adoption of the blockchain technology by boosting the ease of use as it transforms the essentials at the foundation.
Moreover, Aelf is planning to build a cloud ecosystem for cryptocurrencies. As cloud computing is considered the future of the digital world. Cloud computing is cheaper and easier. Aelf makes use of external and internal sidechains to create a cloud computing ecosystem. It also has a delegated Proof-of-Stake consensus mechanism which is known for its speed and scalability. The testnet clocked a staggering 15,000 transactions per second.
Can ELF reach upwards?
The project has garnered attention especially since December 2020. It has reached another milestone with the launch of its mainnet token swap. The development team announced the beginning of the token swap which started on 9th September. Tokens can be swapped manually through the website or automatically through exchanges. The token swap marks the initial success of the mainnet. The mainnet ELF token uses will be enabled to participate in the developments of the network.
Currently, the cryptocurrency stands at a price level of $0.81. The price has increased by 3% in the past twenty-four hours. According to the estimates of Wallet investor, Aelf token is estimated to be operating at a price level of $1.03 in a year’s time. The five-year projection places the cryptocurrency at $1.98. Digital Coin Price projects similar bullish predictions for ELF token. Per their estimations, the year-ending price of the token is expected at $1.19 while the price by 2026 is estimated to be at $2.84.
