Aelf (ELF) has been gaining a lot of popularity since it came into the limelight in February after the meet-up in Singapore. Meet ups are becoming very popular as a place where new digital currencies get noticed. This has seen the ELF price continue being consistent and it is another way of getting to most media houses and test their reception or hostility.
Aelf is similar to most blockchain based systems however it comes with a small twist; it is an OS that anyone can be able to customize to meet their specific needs. It is envisioned that the platform will be the true version of “blockchain Linux”. The system rides on the native ELF token without which it cannot tic.
What Problems is Aelf (ELF) Solving
The future of every cryptocurrency is measured by its use cases or how it solves real world issues. The Aelf system is trying to eradicate the scalability bottlenecks that have been a huge headache for first generation digital coins. The system comes with a technology that can be custom tweaked to meet set parameters where new technologies can be added.
Many digital coin platforms have faced roadblocks in their innovations and Aelf (ELF) has moved one step ahead to ensure that all possible technological errors and related issues are addressed in advance. To achieve this goal, Aelf uses the side chain model which gives the platform the ease of smart contract administration.
Why use Side Chain on Aelf ecosystem?
The beauty of side chains it takes the strain off the larger network thus increasing efficiency. By breaking down the entire system to smaller bits, smart contract governance becomes easy, all side chains point to the main chain. The sub-division of the network into smaller potions means these cannot communicate directly to each other but to the larger chain.
In the event that one side chain is attacked in whichever way, it is easy to isolate it from the main chain and sorting the problem from the individual side chain level. This is one of the reasons why the coin system has remained secure since its inception. However, side chains tend to speed up processes and reducing delays. The side chain layer has on the other hand delivered scalable solutions.
To ensure the side chain work optimally, the Aelf system does not only deploy a standard proof of work protocol but also the delegated proof of stake. This has given the platform unsurpassed stability that is currently bearing fruits with increased adoption and price traction that has been noticeable when the market was bleeding.
What is Aelf (ELF) up to?
Much of the changes that the project developer team has been working on are scalability centered. The launch of the UTXO protocol has proved a good fit for the ecosystem, this is a self Aelf kernel validating system that has drawn a lot of interest from strategic partners and the entire community and is working magic on the ELF price.
The launch of ZQ has given the platform a boost on its functionalities. This has optimized the communication from the side chains to the main system. With the BH project expected to be activated in August, it will see a lot of progress in the Aelf internal governance.
Aelf (ELF) Price Outlook in the Market
The Aelf (ELF) has seen an impressive price surge in the last 24 hour trading session and the time of writing, the token had gained 21.25% against the USD, 15.78% to BTC and 14.36% to ETH. The spike in price has seen the coin trade at $0.741271 and the charts seem to be working in the token favor with a possibility of further gains in the coming days.
Aelf (ELF) is ranked 61 by market cap and this is a huge growth from the 71st rank in February. In the last 24 hours alone, the coin volume movement has been noticeable; a total of $40.6million worth of ELF have changed hands with BitHumb pushing 44.82% of the total volumes with the ELF/KRW being the most popular pairing.