Blockchain will continue to be considered in the early stages of maturity until it is widely adopted by organizations. With institutional adoption, access to technology will become more accessible to those who currently lack the technical skills to understand how they work. Users may notice a presence very similar to the early days of the Internet. Unfortunately, just like in the early days of dot-coms, blockchain still faces many challenges that must be overcome before any analyst can accept that the technology has reached maturity.
One of the biggest challenges for commercial implementation is the inability to satisfy many different and complex business scenarios. Therefore, it is too difficult to apply the one-size-fits-all approach to blockchain that other networks use today to guarantee the future success of the technology. Most chains focus on one benefit area, such as higher frequency or greater security, but this is often at the expense of decentralization, cost or speed.
Yang, a member of the same team, says this is possible with the platform because “each node on his network is an independent cloud computing hub”, which allows the solution to “carry multiple threads.”
Qi Ai, PR specialist at aelf, adds: “As a public blockchain, it is fast, cheap and gives users freedom. With these three features, [aelf] can be a comprehensive Tier 2 solution “aimed at” removing industrial bottlenecks “that includes performance, lack of cross-threading functionality and poor user experience. by web team.
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aelf is designed as a custom operating system that is the “Linux equivalent” of the blockchain. Take Linux as an example, the Linux kernel and other versions of Linux make up the larger Linux family. The Linux kernel handles important parts of this family, while other developers can handle custom systems. aelf works with a similar system as the entire network is built into an innovative multi-library sample architecture that provides unlimited scalability and reduced costs.
Industry bottlenecks can be easily eliminated with this back-end. For example, when looking at performance, a business team development environment can approach 35,000 transactions per second (TPS) in a single thread, which can then be multiplied by as many additional threads as needed. Therefore, the concept of independent traffic jams is virtually absent. The team also shares its plan to set service fees at $ 0.10 so users can take advantage of high performance while keeping user costs low. To illustrate these high costs, Qi Ai provides an example of sending a message. Here, they encourage users to imagine a $ 50 gas fee per line associated with each message they send – a scenario that is very unrealistic for the average user.
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In cross-chain functions, aelf has also created an oracle that helps retrieve data and digital assets outside the chain. In addition, generic Oracle will provide two-way communication for interoperability across projects.
Finally, user experience problems are assumed to be solved by different projects, which allows users to have a more complete experience with the aelf platform.
Support for blockchain business solutions
The team shares how important and important their vision of the environment is. These include contract selection, hackathons and side auctions, with a focus on contract selection.
Nodes make decisions when creating side chains, including the number of storage tokens, the price per unit fee for the indicator, etc., determine the output of the side chains, the qualification of the developer proposal and more.
In addition to receiving rewards, blockchain participants can use tokens as currency in an autonomous ecosystem in exchange for a variety of fees, including transaction fees and departmental index fees, to store unanimously delegated liquidity or to vote.
To help expand the use of the aelf ecosystem and encourage new users to participate in the growth prospects, the team has developed a reward mechanism.
Weekly transition behaviors now occur during the AEDPoS consensus process on the subjective main chain. After each session, the aelf mainnet consensus nodes generate a return N * 0.125 ELF, where N represents the number of blocks. This profit will be added to the reward pool in relation to the node’s incentive.