Do I Own a Shitcoin?




aelf - Shitcoin Review


Jul 23, 2018


Some more cool shit on this one.

This project aims to take blockchain tech to the next level by creating a “Linux ecosystem for blockchain”.

Today’s token is aelf.

Let’s dig in…

aelf (ticker: ELF)

Mid-Tier Shitcoin

 

Wtf is this shit?

Yep, you read that correct, they want to be the Linux of blockchains...pretty bold statement. Additionally, aelf wants to make this shit faster and more scalable.

They believe that Bitcoin-like blockchains are good for of a static set of tasks where reliability and security are of the upmost importance. The drawback here is that you cannot easily develop applications, or take advantage of the distributed ledger in other ways. Then Ethereum came in with Smart Contracts which substantially broadened the capabilities of blockchain technology, but aelf still sees issues with the flexibility of these Smart Contracts. This includes how how resources to process Smart Contracts are distributed, the ability to customize chains to fit specific business cases, and more.  It's important to note that aelf is heavily focused on bridging the gap between business and blockchain tech.

So..to take things a step further than what Ethereum has done, aelf wants to be the Linux of blockchains.

 

Wtf does that mean?

Well let's start by clarifying what Linux is. Linux is a family of operating systems based around the Linux kernel. The kernel was first released in 1991 and has since been used in many other, widely popular operating systems. Now what is the kernel? This is the core of any operating system and is responsible for controlling all components of the system. Let's take that and apply it to the blockchain and that's basically what aelf is trying to accomplish. aelf is trying to create a blockchain kernel which developers can then use to build their own chains that are perfectly tailored to their needs. aelf will provide the core functionality needed by any blockchain while allowing developers to define their own requirements for their business.

So..they plan to implement the aelf Kernel, which takes care of all fundamental blockchain functions and provides a "minimum viable blockchain system".

Next, let’s discuss their scalability solutions.

 

How tf will they scale?

They basically propose a side chain architecture, where side chains communicate with the mainchain, and each smart contract is ran on it’s own side chain. This is something we think is pretty important. The way Ethereum delegates resources to handle Smart Contracts is shit (see CryptoKitties). Side-chains can also branch in to further sub-chains to distribute processing and certain functions even more. They also will be able to communicate with Bitcoin, Ethereum and other chains. The main chain keeps an index of all side chains and side chains communicate through the main chain via Merkle Tree verification.

This is supposed to improve both scalability and speed when it comes to processing transactions and Smart Contracts.

 

How tf does its consensus work?

They take advantage of dPoS (delegated proof of stake much like Ark and others). Go read about it in our Ark review lol, but basically token holders can vote for who the trusted miners are in the network.

 

Who tf is behind this shit?

Ma Haobo is their founder...and he kind of seems like a boss. He is the CEO of Hoopox, a blockchain project to solve scalability. It’s not explicit, but they're probably affiliated with aelf. Their whitepaper is ‘https://grid.hoopox.com/%C3%A6lf_whitepaper_v1.2.pdf’, notice the domain. He is also the ex-CTO of Gempay and involved in the Bitcoin community in China.

 

Anyways..Mid-Tier shitcoin, they're mainnet is expected to launch August 2018 so we'll see if they hit that target. We think its important to note this is yet another project that has ICO'd on Ethereum with the intention of creating a competing platform to Ethereum. An unfortunate trend that raises some concern about the future of Ethereum.

 

Hope you learned some shit.

Chat soon!

- Mike and Aaron