Blockchain is a groundbreaking technology that is going to disrupt many industries in the upcoming years.
Blockchain is constantly evolving. The Blockchain of today has a slow transaction speed, limited scalability and very little flexibility for complex smart contracts.
(Introduce aelf with some simple illustration of Multi-chain)
aelf is different – it’s the next step in blockchain’s evolution. Introducing aelf’s Multi-Chain ecosystem. With aelf, Smart Contracts are executed on dedicated Side Chains specifically tailored to a unique type of contract, but all built around the aelf main chain where they can communicate and share information, creating a highly organized “Central Business District”.
This alleviates system congestion without any one smart contract taking up too many resources from any one chain, and improves efficiency for the more complex smart contracts.
(Explain the Multi-chain system)
aelf uses the Homogenous approach. The Main chain does not run any smart contracts itself, but observes them through the Merkle Tree Root and can verify transactions from all side chains.
Those Side Chains then run the smart contracts and each Chain is created using the aelf Kernel, or core aelf infrastructure upon which the Side chains are built.
The aelf Kernel has a standard structure so companies can easily begin developing or integrating their smart contract ledger, which means that there is no need to build a Blockchain from scratch. A company or developer can also define their own Consensus Mechanism based on what fits their needs best, allowing them to choose PoW, PoS, PBFT, a Private mechanism, or any other protocol or hybrid they may want.
(Improved Performance-Multi chain system)
Within aelf’s Multi-chain ecosystem, the Main Chain uses the Decentralized Proof of Stake consensus method, which gives it higher transactions per second and faster block generations. The Side Chains share computational power, offering more of the profit to the miners with this merged mining pool.
This Main Chain also has Cross-communication with other Blockchains such as Bitcoin or Ethereum via an adaptor, enabling the data stored on other chains easily accessible by aelf and its side chains.
(Scalability-Cloud parallel processing)
aelf is the first to introduce the concept of Cloud parallel processing, meaning each aelf node can be a cluster of computers working together under a parallel processing algorithm.
This creates a system that is easily scalable and more powerful than conventional single computer nodes.
(Governance-Better ecosystem & self-evolving system improvement)
To continually improve the aelf ecosystem, Stakeholders can approve amendments to the protocols, including redefining the Consensus Protocol, while creating and developing Side Chains through a dynamic stakeholder voting system. This leads to constant system improvement, so that as the Blockchain technology continues to evolve, aelf will always be at the forefront of innovation.
Trying to predict how blockchain technology will evolve in the future is risky, but aelf has the capabilities to thrive and define the path forward in this exciting new era. aelf is the next generation Blockchain technology.