A beginner’s guide to aelf and how to buy the ELF cryptocurrency.
Aelf is a decentralised cloud computing blockchain network. A self-evolving network, aelf is a blockchain system designed to function as an operating system similar to Linux, providing increased efficiency and the potential for customisation.
ELF tokens are used to pay resource fees and perform other important tasks within the aelf system. For a detailed look at how these tokens work and how you can buy ELF in Australia, keep reading.
Where can I buy ELF?
You can buy and sell ELF on a number of popular cryptocurrency exchanges, including:
How to buy ELF: Step-by-step instructions
So you want to buy ELF tokens? Here’s what you need to do:
Step 1. Create an account on a cryptocurrency exchange that allows you to trade ELF
ELF isn’t available on every possible crypto exchange, so you’ll need to register for a trading account with an exchange that provides it in your desired currency pairing. You’ll have to supply an email address and password to sign up for an account, while some exchanges may also require your full name, contact details and proof of ID in order to comply with Know Your Customer (KYC) laws.
It’s also recommended that you enable two-factor authentication on your account before depositing any funds, as this provides an added layer of security.
Step 2. Deposit funds into your account
It’s currently not possible to exchange Australian dollars (AUD) for ELF directly. This means you’ll have to own or buy a currency that’s available in a pairing with ELF, such as bitcoin (BTC) or Ethereum (ETH), before you can acquire any ELF.
To make a deposit, login to your account and click on the “Deposit” link to generate a wallet address. You can then transfer the desired amount of coins into your trading account.
Step 3. Buy ELF
You can now exchange your BTC or ETH for ELF. The order process differs slightly between exchanges, but you’ll generally need to search for your chosen pairing (such as ETH/ELF) and then click on “Buy ELF”.
It’s then a matter of entering the amount of ELF you want to buy, reviewing the total cost of your transaction and finalising the purchase.
How to sell ELF
If you want to sell your ELF tokens, the process for completing a sale is quite similar to the “how to buy” steps outlined above. However, just remember that cryptocurrency exchanges don’t offer every possible currency pairing, so directly exchanging ELF for your desired currency may not be possible.
For security purposes, it’s recommended that you store any cryptocurrencies you hold in a wallet rather than on an exchange. ELF is an ERC20 token on the Ethereum blockchain, so there are plenty of Ethereum-compatible wallets you may consider using, such as:
How aelf works
Originally known as Grid, aelf is a multi-chain parallel computing blockchain framework. Its creators envision it as a "Linux ecosystem" for blockchain, and aelf is designed to act as a versatile operating system to meet commercial needs. In other words, it’s hoped that aelf will provide the infrastructure for a new generation of digital businesses.
As outlined in the aelf whitepaper, the network does this through the use of five main features:
- A Main Chain and multi-layer Side Chains to handle various commercial scenarios. Each chain is designed for one use case.
- Communicating with external blockchain systems, such as bitcoin and Ethereum, via messaging.
- Permitting parallel processing for non-competing transactions and cloud-based service.
- Reducing data complexity and providing the potential for a high level of customisation.
- Permitting stakeholders to approve amendments to the protocol, including redefining the Consensus Protocol.
Based in Singapore, aelf launched in December 2017. Rather than holding a public ICO, it raised 55,000 ETH in a private token sale to investors such as Alphabit, Block Tower, 1kx capital, FBG Capital and more.
Things to consider when buying ELF
You should never invest in anything you don’t fully understand, so it’s essential to be aware of all the risks associated with cryptocurrency trading before you make any purchases. Crypto coins are complex, speculative and risky, so make sure you thoroughly research any coin or token before buying.
If you’re thinking of buying ELF, below are some of the factors you should consider:
- Supply. At the time of writing (25/01/18), the circulating supply of ELF was 260,000,000. The total supply of tokens is 1,000,000,000.
- Use. ELF tokens are used to pay resource fees in the network, such as the deployment of smart contracts, transaction fees and cross-chain data transfer fees. ELF holders can also vote on major decisions, such as electing mining nodes and introducing new features to the system.
- Switch from ERC20. ELF is currently an ERC20 token but, with the release of the aelf Main Chain (scheduled for May 2018), those ERC20 tokens will be converted to aelf’s own currency.
- Roadmap. You can find a timeline for upcoming developments, upgrades and releases in this aelf presentation, as well as more details about how the aelf system works.
- Potential. The large-scale commercial adoption of blockchain technology is yet to occur, but there certainly appears to be plenty of opportunities for the blockchain project that can make this a reality. However, you’ll need to thoroughly examine the aelf network, as well as the challenges it may face from competitors, to determine whether ELF tokens are worth buying.