aelf is a decentralized cloud computing blockchain network designed to offer a high-performance platform for the practical application of blockchain technology in commercial contexts. It incorporates features such as multichain parallel processing, resource-isolated smart contract execution through specialized side chains, and adaptability in consensus protocols. ^[1] Haobo Ma is the founder and CEO of aelf.

Overview

Founded in 2017, aelf is a layer-1 blockchain network known for its high performance and cloud-native characteristics, deploying Mainnet nodes across multiple cloud-computing data centers. This configuration establishes an environment for smart contracts, supporting parallel execution and microservitization on server clusters. The architecture, incorporating MainChain and multi-SideChains, ensures efficient network indexing and scalability.^[1][2]

aelf provides a solution for Web3 DApps. Its ecosystem offers an operational environment supported by various infrastructures and developer tools for Web3 applications. The established infrastructures, tailored for Web3 applications such as DeFi and the Metaverse, ensure users and developers experience speed, efficiency, and cost-effectiveness, thereby reducing entry barriers. Aelf also plays a role as a user-friendly gateway into the metaverse. ^[1][2]

aelf Foundation

The aelf Foundation, headquartered in Singapore, is a non-profit organization that operates as the governance entity for aelf. Its main objective is to advance the development of aelf technology and its applications, fostering collaboration and supporting corporations and startups in adopting blockchain technology. The foundation is committed to implementing a thorough management and governance model that aligns with regulatory standards and laws in Singapore. ^[1]

AElevate Gaming

AElevate Gaming is a program designed by aelf to assist Web2 gaming studios in transitioning to Web3. AElevate offers financial backing and technological and business support for qualifying candidates. The initial grant segment, the Building Grant, launched in August 2023, focuses on aiding applicants in constructing projects on aelf's sidechain and incorporating various decentralized applications (dApps) on the blockchain. This includes the integration of aelf's incubated account abstraction wallet and NFT platform, streamlining the effective launch and administration of in-game NFTs. ^[3]

“At its core, aelevate is designed to empower gaming studios, enabling them to tap into blockchain's potential and providing them with a new and supplementary revenue model.” -Linda Ang, aelf Head of Strategy

Studios receive support that facilitates through aelf's provision of lightweight and open-sourced Software Development Kits (SDKs) tailored for aelf's mainnet. These SDKs empower games to engage with both aelf's mainchain and sidechains. Additionally, studios benefit from an SDK designed for aelf's native Contract Account (CA) wallet — Portkey, facilitating the transaction and management of in-game digital assets such as NFTs and tokens. Studios can also create and deploy their smart contracts on aelf to govern game mechanics, store and showcase cross-chain non-fungible tokens (NFTs) and fungible tokens (FTs), and achieve interoperability via aelf's cross-chain bridges for accessing assets from other chains. ^[4]

“Aelevate is aelf’s pioneering initiative to empower Web2 gaming studios to transition into the Web3 space seamlessly. Our goal is to break the daunting barriers studios face in integrating blockchain technology into their games, particularly in the current uncertain and challenging crypto climate. Through aelevate, we are pledging our support for the Web3 gaming space as we provide crucial infrastructural support and expert industry guidance for our participants to thrive and succeed in this new Web3 frontier.” -Tavia Wong, aelf Head of Commercial

aelf Ventures

In September 2023, aelf introduced aelf Ventures, led by crypto experts, leveraging its role as a high-performance Layer 1 venture for noteworthy projects in the blockchain industry. The investment approach centers on the growth stage transition from Web2 to Web3, with aelf Ventures aiding transformative ventures within both aelf and multichain ecosystems. Engaging in dual-track investments, the venture undertakes strategic and financial assets, reinforcing the growth of blockchain startups and established crypto enterprises and fostering collaborations and relationships in the crypto landscape. ^[5]

Notable investments by aelf Ventures include Crystal Fun, a decentralized Web3 game ecosystem, and Mythic Protocol, a pioneering protocol for collaborative entertainment. Additionally, the venture has incubated projects like Portkey, eBridge, Forest NFT Marketplace, Awaken Swap, EWELL, and BeanGo Town. ^[5]

ELF Token

ELF tokens serve as a means to cover resource fees within the system, including the deployment of smart contracts and the operation and upgrade of systems (transaction fees, cross-chain data transfer fees). Additionally, ELF tokens empower the community to participate in significant on-chain decisions, such as electing mining nodes and introducing new system features. ^[2]

Tokenomics

The ELF token has a maximum total supply of 1 billion tokens. ELF tokens were distributed in the following way: ^[6]

• 16% - Team allocation
• 10% - Advisors and partnerships
• 12% - PoS and PoW Rewards
• 25% - aelf foundation
• 25% - Sale
• 12% - Marketing and airdrops

Governance

Aelf offers three governance models, enabling users, candidate nodes, and production nodes to govern diverse affairs actively: Parliament, Association, and Referendum. Each participant can play an important role through these governance tools, contributing to a more equitable ecosystem. ^[7]

• Parliament Governance: Users cast votes for production nodes that wield transactional governance rights on behalf of the majority. In the aelf network, production nodes utilize the Parliament model to govern crucial matters. In the initial state, the system generates a single genesis parliamentary organization.
• Association Governance: Apart from the overarching community, constituting a large organization, the aelf platform accommodates numerous small organizations. These organizations are established with specific goals and require efficient governance tools for collaborative transaction handling. Examples include DAOs (Distributed Autonomous Organizations) and others. Aelf introduces an association governance model tailored to address the governance needs within these associations.
• Referendum Governance: Neither production nodes nor associations can unilaterally determine all decisions. Particularly crucial decisions that impact user rights and interests should involve all users, granting them complete control through voting for governance. The Referendum governance model is designed for this purpose. There are two Referendum governance models within aelf. The first involves executing the decision after meeting specific conditions (vote/no/abstain), while the second allows setting options, and users can choose options based on their preferences.

aelf DAO

In December 2022, aelf introduced the aelf DAO, reshaping the governance structure and future growth of the aelf ecosystem towards decentralization. Initiated by aelf's block producers (BPs) and hackathon participants, aelf DAO comprises Mainnet ELF token holders, BPs, and ecosystem projects, working collaboratively to enhance aelf's governance mechanism. ^[8]

In this DAO, the key roles are voters (Mainnet ELF holders delegating votes) and BPs (elected to produce blocks). Potential BPs and candidate nodes contribute to network governance, ensuring a highly decentralized community-driven system with lowered participation barriers. ^[8]

aelf DAO provides complete support towards aelf's development. The official aelf DAO website serves as a transparent decision-making hub, hosting grants and hackathons. Developers can apply for exclusive SideChains, and aelf DAO plans to evolve into a launchpad, fostering Web3 DApps development through decentralized governance within the aelf ecosystem. ^[8]