Quick inner navigation:
What is AELF?
Aelf (ELF) cryptocurrency is a decentralized cloud computing blockchain project being developed by Hoopox and is based in Singapore. In 2017, the software development company has received a funding of $5.2 million. FBG Capital from Singapore is currently leading its latest round of fundraising.
The Aelf crypto is created to utilize blockchain for digital businesses. The developers aim to increase the scalability of the blockchain technology in order for current businesses to be improved and modified. In order to provide a solution to the scalability issue contained by the blockchain technology, its developers started working on an eco-system similar to Linux.
- In the past, Aelf had a team of advisors who have been providing many blockchain projects, and they think that industries like insurance, financial services, smart cities as well as IPs and digital identity, can adopt Aelf.
The ELF project brings innovations like,
- Voting via token holders.
- Resource separation for smart contracts.
- Scalable nodes throughout groups of computers.
- It plans to run its platform based on nodes that will be systematized in clusters.
In short, ELF will run on nodes that allow transactions within various groups.
- One group will be able to perform transactions while the other group will be able to perform other unrelated transactions instantaneously within the network.
- The idea for this kind of system is to guarantee that groups of transactions are structured by the same interests. So basically, this will create an efficient eco-system that will allow for an easy business undertaking as well as turn-key solutions since different businesses will be organized into different groups.
The Technology Powering Aelf Cryptocurrency
Aelf will give emphasis on Delegated Proof-of-Stake or DPoS, a system we’ve seen in some blockchain projects. If everything will go out according to the developers’ plan, the platform will be able to provide a top-notch performance coupled with smart contracts that will run on their very own blockchain. It also allows for token holders to vote for representatives and decision makers. We may also see a decentralized cloud network turn into a reality if its team can turn their vision into a working code.
The Goal and projects of Aelf Coin
The project’s main goal is to transform how businesses are done today and at the same time, provide a solution to problems regarding security and efficiency issues. With that in mind, every transaction group and smart contract will be running on separate chains, thus creating an innovative business model as well as improving numerous mainstream markets. By forming a versatile self-sufficient community, business ventures will be simplified with fast and safe transactions combined with low fees.
- ELF’s team has prearranged a private sale where they were able to collect around 55,000 ETH on behalf of ELF coin to boost its price to make it more desirable.
- They also launched a new rewards project called Azeroth to promote the digital currency where the team invited individuals to join the said project. This project rewards those who applied and registered using free ELF coins, but it is only known to those parties who are registered that are taking part in the said project.
These strategies seem to be working pretty well as the price of Aelf coin is steadily increasing even when the majority of cryptocurrencies are experiencing massive decreases in their value. On January 26, its price even increased to 21% due to the free-rewarding program Azeroth.
Aelf had a private-only ICO comprising of an all-star lineup of investors such as the following:
- Block Tower and Galaxy Partners, US
- Hashed of South Korea,
- UK’s Alphabit
- FBG Capital Singapore
- Germany’s 1kx Capital and more
These investors were not given any discounted rate or any type of bonus, which is somewhat new. The company also said that the ICO was accomplished 5 times oversubscribed which is a positive sign. The cryptocurrency has also incentivized the involvement of the community as they’ve allocated 12% of the total tokes for airdrops and marketing activities while suggesting its users to follow ELF’s social media accounts for announcements to come.
AELF value growth
The new digital currency began being listed in a lot of trading platforms since December 2017 with its developers looking to form an efficient eco-system for a wide range of commercial requirements. Looking at the ELF coin’s price history, it is obvious that the crypto has a very active market.
Its value per token was just $1.10 when it first appeared on the CoinMarketCap. Its all-time high value was at $2.60, while its all-time low was $0.814893. As of January 2018, the value of one Aelf coin was $1.92.
The digital currency is already on two of the biggest trading platforms, Binance and Bitfinex. And though the spotlight was stolen from the coin in 2017 by popular crypto, 2018 is looking to be a promising year for Aelf crypto with the team coming up with new solutions to propel it to the top.
According to some analysts, Aelf cryptocurrency is a good long-term investment although it will not overtake Bitcoin in the near future.
- It’s a digital currency with good returns and can be a lucrative investment option.
- They see its price going up to $4.498 this year.
- It’s earning potential for long-term is +225.25% a year.
If the developers can accomplish even just a fraction of their laid-out plans, people can expect good things from this crypto.
Update: Aelf is Back with Some Interesting Surprises
May 21st, 2018: Aelf has started working on massive adoptions of the blockchain technology with the aim to implement it in various business-related spheres while becoming a part of the Innovation Alliance. The primary goal of the alliance itself is moving the blockchain related technologies forward and somehow closer to the development stage. At this point, the Innovation Alliance plans to work on the presentation of the blockchain technology as something that is capable to penetrate to the mainstream market.
What is the purpose of the ELF token?
ELF is an ERC20 token that can be used to pay for network resource fees like upgrading and operating systems such as cross-chain data transfer fees and transaction fees as well as the distribution of smart contracts. It also provides the community with the capability to vote on major decisions like the introduction of new features to the network, electing mining nodes and other most important decisions.
- Total supply: 280,000,000 ELF or $386,724,800
- Circulating supply: 260,000,000
- Token holders: 20499 addresses
- Number of transfers: 41562
- Value as of writing: $1.3812
Aelf Similarity To Golem
Golem is one of the most valuable cryptos today and is said to be the Airbnb of computing. Its successes have surprised a lot of people last year from appreciating to 15.49% to take over MaidSafeCoin to an almost 100% rise in its value last February 2017.
Both Golem and Aelf aim to develop similar things by addressing scalability issues and creating a decentralized and better internet. This in return opens up great and exciting opportunities for numerous industries and businesses. They plan to do this by enabling a platform that can be easily incorporated into other solutions.
- ELF is a multi-chain parallel computing network while the Golem Network is a decentralized computation network.
- Both utilize Ethereum. The ecosystem of ELF uses the Ethereum-based ERC20 token while GNT is built using the smart contracts of Ethereum as its transaction system for nano-payment within its network.
- Golem crypto focuses on the distribution of computing market, Aelf crypto’s main goal, on the other hand, is to revolutionize how businesses are done today.
You need an Aelf wallet:
As previously mentioned, Aelf is an ERC20, thus you can use any ERC20 compatible wallet like MyEtherWallet or ledger Nano s if you want to keep it very safe. For this guide, we will use MyEtherWallet since it’s very convenient and the easiest option for storing your Aelf cryptocurrency.
- Go to MyEtherWallet.com and input a password. Make sure it’s difficulty level is high but something you will be able to remember.
- Click “Create New Wallet” and then “Download Keystore File”.
- Read and understand the warnings and then click “I understand. Continue”.
- You will then be given an unencrypted private key for your wallet. Keep in mind not to give this information to anyone. It is recommended to print and keep it somewhere safe and then delete any references to it on your computer. You never know when a virus or malware may attack.
- Click “Save Your Address”.
- To upload the keystore files you’ve saved in the previous step, choose the “Keystore File” option and then enter your password.
- To see your opened wallet, simply scroll down the page.
- You will then see “Your Address” and below it is a long string of numbers and letters, which is your personal wallet address where you will be sending your ELF coins to. Copy and keep it somewhere secure and safe.
BREAKING NEWS: The Collaboration of aelf and Bithumb
April 22nd, 2018: aelf has announced that its token known as ELF has become the first token from Singapore that will be traded on the second biggest South Korean cryptocurrency exchange platform, which is also the seventh largest one in the world with its trading volume – Bithumb. This decision is partially aiming to feature a long run strategic support to the thriving cryptocurrency market in South Korea. The co-founder of aelf – Zhuling Chen claims that they build a “Central Business District” that is based on blockchain and they believe that it can allow business (of all sizes) to apply blockchain in various operations.
Exchange to ELF in Aelf listing exchange below:
This Hong Kong-based exchange was launched in 2017 by Changpeng Zhao. It was created by his company, Bejie Technology after its ICO successfully raised $15 million. After some difficulties with the Chinese government, the company’s servers now run from more tolerant states giving it the freedom to competitively run an exchange service. Since its launch, it has received astounding success and now sits on the top ten lists of CoinMarketCap in terms of 24hr trading volumes.
To use Binance, you have to create and register an account first. The process is easy and simple and for level 1 with a 2 BTC daily withdrawal limit, you are not required to verify your account. But for level 2 with up to 100 BTC daily withdrawal limit, you are required to upload a government-issued photo ID containing your full name, country, and gender, and then wait for their approval. For higher limits, you have to directly contact the team. Once you’re registered you can now fund your account with a wide array of cryptoccurencies they are offering.
- The average fee is 0.1% on every trade.
- You can get a 50% discount on their trading fee when using Binance tokens as payment.
- Withdrawal fees vary for every crypto. For example, BTC withdrawals is charged 0.0005 while ETH is 0.005.
There are no transfer limits and no limits on how many coins you can deposit. But, if you are not verified, you are limited in terms of the amount you are allowed to withdraw.
Huobi is a China-based exchange platform founded by Leon Li. Since it was founded in 2013, it has become one of the biggest trading platforms in the world out of China. In the past, the company has been accused numerous times of fake trading but all were never proven. They also own BitYes, a trading platform that offering services for BTC and LTC to USD trading and focusing more on international users.
Its online verification process is far more meticulous compared to most exchanges. Huobi.com is meant for Chinese traders so it’s in Chinese, but foreign traders are welcome to register and trade as well. After you’ve registered using your personal details, you have to verify via email and it will then ask you for your real name’s verification.
It is highly important that the name you provide matches that of the bank account you will connect to your account at Huobi, in order to make transfers between your bank and the platform. Once your name is verified, you will then be required to verify your nationality. While Chinese residents have a lot of options for this, while passport is automatically selected on the drop-down menu for foreigners. You also have to submit a selfie with your government documents as also a photo of the latest deposit transactions of your bank account. The last step required is mobile verification.
Huobi accepts CNY (Chines Yuan) and USD FIAT currencies as well as BTC and LTC cryptocurrencies.
- Maker fee is 0.1% of the traded amount for USD trading.
- Maker fee for CNY trading is a flat rate of 0.2%.
- CNY deposits are free of charge, while USD deposits and withdrawals are charged accordingly: 1% of the amount for international wire transfer and withdrawals of USD; OKPAY charges 1.5% transfer fee and 0.5% for withdrawals in USD.
The trading platform offers Market, Limit and Stop Limit orders. Both BTC and LTC margin trading is available with 5 times leverage and a 0.1% 24-hours fee.
The platform may be easy to use once partially translated into English, but the company has invested in some high-levels of security that even passed numerous third-party tests. There was even a time that it got hacked, but not a single customer fund was stolen.
Gate.io is an exchange platform created for trades and investments and to help investors know the current value of different cryptocurrencies buy monitoring the markets real time. Their websites can be viewed in both Chinese and English as it also aims to target Chinese investors. The exchange is based in the United States but they do not hold an NY Bitlicense. This is a bit controversial but not unusual for some crypto exchanges. Keep in mind though that there are risks involved when dealing with any unregulated exchange companies.
The platform does not offer FIAT currency trading against crypto but instead inter-crypto trading only. Investing is pretty easy, all you have to do is to first create an account using a valid email address, username, and a cryptocurrency wallet. This allows for buying and selling digital currencies listed on Gate.io. There are no minimum deposits required and you can monitor and compare personalized markets.
- 2% fee applies to every executed trade.
- Deposits are free.
- Withdrawal fees are deducted from the amount you requested to be withdrawn and will vary according to the type of coin.
- Withdrawals have daily limits.
- You can take back your funds whenever you want.
Bitfinex is another major Hong Kong-based crypto exchange and is currently one of the biggest exchange by volume in the world. High volume is essential in a cryptocurrency trader as it guarantees low spread or the difference between the asking prices and best bids. The trading platform caters to the USD trading of BTC and 7 other digital currencies such as Ethereum and Monero. It also allows for up to 3.3x leveraged and they have speculative tokens unique only to them, that traders can use in case of a Bitcoin network fork.
The company has had its share of problems in the past where its bank accounts where frozen by Wells Fargo, its correspondent bank in April 2017. This lead to BItfinex accounts currently not capable of being funded with FIAT currency. You can only deposit FIAT currency through SWIFT or bank wire transfer. However, this is a very slow and expensive way that requires verification of your identity.
Before creating an account, the Bitfinex team reminds new users that the platform is aimed towards professional traders and that they have certain specifications. So, make sure to read all pop-up boxes before agreeing to their terms and conditions. Creating an account is simple, just follow their signup process. Provide a username, password and valid email address as well as your time zone. Once done, you can now start funding your account and start trading.
Your account is reinforced using PGP encryption, 2FA and a number of advanced tools for verification designed to monitor any changes in your account’s activity.
- 1% fee on every bank wire deposits with a $20 minimum fee in addition to banking costs.
- All digital currency deposits are free.
- 2% fee for taking offers of others.
- 1% for trades placed in the order book.
- Waived maker fees for accounts which have traded more than $7.5 million.
In a Nutshell
It’s still early to tell whether Aelf will be successful or not. The team behind the blockchain project are working hard to include as many features as possible which are particularly necessary for the next gen of blockchains. With plenty of established investors getting on board, we can be assured that their team is capable of carrying out the project.
For more guides on the latest digital currencies on the market make sure to check out our other contents as we regularly update our website with the latest news on the crypto world.