Hello and welcome to this blog post about aelf ELF White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the aelf ELF white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the aelf (ELF).
I can ensue you that, you will be able to understand every bits and pieces related to aelf (ELF) after going through the aelf ELF white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
aelf ELF White Paper
aelf ELF white paper will be going to provide you, all the information that is needed to get started with aelf (ELF), including the inspiration for creating, the problem it is trying to solve and the solution proposed by aelf (ELF).
“The Blockchain community has witnessed rapid development in the past few years. Firstly emerged as a secured decentralized P2P transfer mechanism, Satoshi’s Bitcoin has proved the concept of decentralized crypto-currency.
Ethereum then contributed the community with successful implementation of versatile “Smart Contracts”. It unleashed great potential of Blockchain into numerous applications and industries.
As a result, many alternative crypto assets have been built upon these Blockchains. This is only the dawn of Blockchain, as the boundary between Blockchain Community and business world are yet to be broken.
We are at a turning point that the next phase of Blockchain will lead the integration between Blockchain and physical business world, and inevitably bring in much more solid digital assets.
In order to enter the new paradigm of Blockchain, there needs to be a versatile Operating System designed to meet commercial needs. This Chain has to address three main challenges:
1. Current Blockchains are not scalable, as the performance of one single node/mining machine determines the performance of the whole system.
2. Current Blockchains do not segregate resources for different Smart Contracts, leading to interference among Smart Contract executions.
3. Current Blockchains do not have pre-defined Consensus Protocol to adopt updates or new technology.
This white paper introduces a highly efficient Blockchain architecture which incorporated State-of-Art IT design principles and technologies to bring it up to commercial standard.
We envision it creates a “Linux eco-system” for Blockchain. We focus on defining and providing the most basic, essential and time-consuming components of the system and making significant improvements based on existing Chains in the market.
The system allows developers to customize it to meet their own needs, particularly commercial requirements for various industries. It will contain the below main features:
1. Introduces the concept of Main Chain and multi-layer Side Chains to handle various commercial scenarios. One chain is designed for one use case, distributing different tasks on multiple chains and improve processing efficiency
2. Enables Ælf to communicate with external Blockchain systems via messaging, e.g. Bitcoin, Ethereum
3. Permits parallel processing for non-competing transactions and cloud-based service
4. Defines basic components of minimum viable Block and Genesis Smart Contract Collection for each Chain to reduce data complexity and achieve high customization
5. Permits stakeholders to approve amendments to the protocol, including redefining the Consensus Protocol; Permits Side Chains to join or exit from Main Chain dynamically based on Consensus Protocol, therefore introducing competition and incentive to improve each Side Chain”
White Paper Link: aelf ELF White Paper
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