ÆLF could solve blockchain scalability issues while increasing transaction speed without jeopardising security. Current leading cryptocurrencies, such as Bitcoin and Ethereum, face scalability issues that they will have to overcome if they wish to continue to grow in use. Recently, network congestions have led to high fees making Bitcoin transactions very costly. As more users enter the network, the high fees associated with this congestion will become the norm making crypto-transactions very inefficient. By utilising side chains, ÆLF will help keep transaction costs low, while allowing transactions to occur swiftly. ÆLF’s technology will help crypto technology scale into the future.
ÆLF is envisioned to be seen as a highly efficient and customizable OS which will hopefully become the “Linux system” in the blockchain community. Just like the Linux Kernel, which resolves the most fundamental, critical and time-consuming parts, allowing other developers to make customized systems based on application scenario and customer needs. The ÆLF kernel includes all the fundamental functions blockchain system, namely the minimum viable block requirements. ÆLF will interact with Bitcoin, Ethereum, and other blockchain systems; cross-chain interaction with mainstream chains will be realized via messaging. It will also form an endogenous multi- level cross-chain structure based on cross-chain interaction, in order to share the digital assets, users and information.
In traditional software architecture, distributed structure is the popular solution to debottleneck capability limitation. The blockchain system should also support distributed parallel processing; allowing multiple transactions with non-competing data to improve transaction efficiency. To improve speeds, when one chain becomes too complex, it can be split into parallel chains to offload the traffic. The initial design of an effective blockchain should focus on solving specific business scenarios, rather than combining all smart contracts on one single chain. In order to deliver optimal performance based on business requirement, the chain has to provide effective and customized data structure, smart contract logic, and consensus protocol specifically for the targeted objective (Eeles, 2006).
ÆLF is intended to ultimately become the new internet infrastructure to support the next generation of digital businesses. Use of ÆLF in the financial service industry will significantly reduce intermediaries and ensure secure transactions. It is highly likely that multiple chains will exist on ÆLF developed specifically for financial services, such as cross- border payment, trade finance, and supply chain financing. The insurance industry will find ÆLF highly attractive, as various DAPPs are built for items such as identity verification. Governments will find ÆLF promising as it will allow them to securely and conveniently to run certain administrative tasks on ÆLF. ÆLF’s light node and cloud service, which reduces the requirement for devices connected to it, will help allow internet of things applications be connected.
The ÆLF team is filled with people with extensive experience in building complex systems.They have years of experience working with both the private and public sector. As ÆLF looks into the future and partnering with or helping governments build DAPPS, these connections will help push ÆLF to the forerunners of the cryptocurrency ecosystem.
ÆLF is a project that will help deliver the lacking technology the crypto ecosystem is missing to push it to the next level. With this technology and a team as skilled as ÆLF, building and delivering a project of this caliber should be no big problem. ÆLF’s approach to building their ecosystem is similar to those of extremely successful projects such as Linux.