aelf is a decentralized cloud computing Blockchain platform. The project is focused on two main innovations in their search to solve the problems with existing blockchain technology. The first is the creation and use of side chains, and the second is the creation of a new and unique governance system.
aelf plans on segregating smart contracts and other resources by using side chains, which will also help the scalability issue. Additionally, they will be using a Delegated Proof of Stake consensus method to give more flexible governance.
A stable and efficient Block formation mechanism is the foundation of the aelf system. The operation and maintenance of aelf is more complicated than Bitcoin and Ethereum, because aelf Block formation requires the Main Chain to record information from Side Chains, and aelf is designed to provide cloud-based enterprise services in a more complex structure. In addition, miners need to update information from multiple parallel Chains. The Main Chain will adopt DPoS to ensure high frequency and predictability of Block formation, which will improve user experience. Aelf delegates 2N+1 mining nodes. N starts with 8 and increases by 1 every year. These nodes in the aelf system enforce all of consensus rules of aelf. The purpose of these delegated mining nodes is to enable transaction relay, transaction confirmation, packaging blocks and data transfer. As aelf adopts multi-Side Chain architecture, mining nodes have to work as miners for some Side Chains.
Aelf token incentivizes honest behavior in the system. All aelf Side Chains accept the aelf Token as storage of value and a means of value transfer. It can be transferred across any Chains that accept the aelf Token. When a Side Chain applies to be indexed by the Main Chain, it receives some lockedin Tokens from the Main Chain. When the Side Chain receives transaction fees, it partially shares them with miners of the Main Chain. When the Main Chain finds indexing a Side Chain is economically unfavorable, the Main Chain has the right to terminate indexing, or permitting competition of two Side Chains providing the same services.
Aelf is envisioned as a highly efficient and customizable OS that will become the "Linux system" for Blockchain. Take Linux as an example–Linux Kernel and various Linux versions constitute the large and successful Linux family. Linux Kernel resolves the most fundamental, critical and time-consuming parts, allowing other developers to make customized systems based on application scenarios and customer needs. This makes Linux the most popular server OS, and it supports all kinds of industries. This same idea has been incorporated into the aelf design. Firstly, the aelf Kernel is implemented,which includes fundamental functions of a Blockchain system, namely the minimum viable Blockchain system. Then a "shell" is designed as the basic interactive interface for the Core. Users can either use the complete Blockchain OS, or rapidly develop a customized OS based on the Core by redefining the Core through interfaces.
The aelf Main Chain is a Blockchain run by the aelf OS, and acts as the backbone of the whole system. The Main Chain consists of a Side Chain index system, Token system, and DPoS Consensus Protocol.
Aelf will interact with Bitcoin, Ethereum and other Blockchain systems. Interworking with the main goals will be realized through the exchange of messages. And this will also be an endogenous multi-level structure of cross-chains, based on interchain interaction, for the exchange of digital assets, users and information.
The AELF Ecosystem is designed for industrial applications. "One size fits all" Blockchain faces tough dilemmas to balance the needs of different business scenarios. For example, issuing digital tickets or processing payments requires a large number of transactions per second, while digital legal contracts will emphasize high security and reliability.
Credit card and bank transfer options are fairly limited. We'd suggest you buy some ETH or BTC through Coinbase and then exchange it for ELF on either Huobi or Binance
Binance
Binanace is the leading crypto to crypto exchange around with over 100 coins supported for deposit and withdrawal.
The exchange accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with Simplex to allow credit card purchases of cryptocurrencies at a premium.
A flat rate of 0.1% is very lucrative fee for any trader who doesn’t need immediate fiat liquidation. Incredibly, it undercuts most other large exchanges, some of which charge upward of 0.2%. That’s a pretty sizeable difference if you’re working with large orders.
Huobi
Founded in 2013, Huobi is a cryptocurrency exchange with over a million users and more than $1 billion in assets under its custody. Headquartered in Singapore, the company has an international presence. Huobi offers competitive trading fees when it comes to its commissions, as the broker charges 0.2% on major crypto pairs such as BTC/USDT, whether your order is helping to create liquidity or take it away.
As we already mentioned, ELF is an ERC-20 based token, meaning it can be stored both on the Ledger and Trezor.
Ledger
As for using the Nano Ledger S, the first step towards setting up your device is unboxing and checking if you have received all the accessories coming with it. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device.
Setup guide video: here
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.
Setup guide video: here
Exodus
First, we have Exodus, which supports a ton of other cryptocurrencies along with ELF and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet. Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins.
Atomic Wallet
Another option is Atomic Wallet.
Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind. Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem. The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form. This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.
Surprisingly, the ELF token is based on the ERC-20 standard, which means it can be housed in any ERC-20 supporting wallets.
MyEtherWallet
For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.
Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.
The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.
