What is ELF? Learn about the Aelf network and its outstanding features

What is ELF? It is the native token of Aelf, a decentralized blockchain platform designed to meet diverse commercial requirements. Aelf stands out with its high-performance multi-chain parallel processing architecture, allowing the system to scale and handle multiple transactions simultaneously without compromising speed.

What is the purpose of developing the Aelf blockchain network?

Aelf is built based on the real needs of enterprise applications, aiming to address scalability and performance issues of traditional blockchains. Instead of focusing on a single main chain, Aelf integrates cross-chain communication and a self-governing governance mechanism, enabling the system to adapt and upgrade itself without downtime.

What are the three main technological innovations of Aelf?

Aelf offers three key technological features that distinguish it from other blockchain projects. First, network nodes can scale across computer clusters, increasing overall processing capacity. Second, the system employs a resource isolation mechanism for smart contracts through the “one chain, one smart contract” model, optimizing resource utilization and avoiding conflicts. Third, Aelf allows token holders to vote on important decisions, ensuring true decentralization in system governance.

How does the ELF token function within the system?

The ELF token is central to the efficient operation of Aelf. This token is used to pay for various resource fees within the system, including deployment and operation fees for smart contracts, system upgrade fees, and cross-chain data transfer fees. In this way, ELF ensures that network activities are fairly priced and encourages efficient resource usage.

Governance rights and community voting

In addition to serving as a payment unit, the ELF token grants holders the right to participate in project governance. The community can vote to select mining nodes, decide on new features to be added to the system, and make other strategic decisions affecting Aelf’s development. This model ensures that the network’s development is guided by the collective interests of the community rather than a single centralized organization.