Odaily and BlockBeats successfully co-sponsored StakingCon in Beijing on July 10th, 2019. The main theme was “Technology, Utility, Security and Benefits of a staking ecosystem”. As the first large-scale offline conference in the blockchain industry with the theme of Staking Ecosystems, the event aims to better educate the concept of staking while promoting consensus protocols that utilize staking (Proof of Stake and Delegated Proof of Stake). This event saw nearly 100 projects invited, including aelf, Algorand, Dash and Tezos; with Ma Haobo, aelf’s founder and CEO, delivering a speech on the varied applications a staking economy can provide.
During the event, Ma Haobo discussed the direction in which the staking ecosystem is developing, “Staking is not a savings account, it is a process through which token holders share the profits generated by the system”. Haobo also explained, “A good staking model needs to have three elements. First, a well-designed system must ensure that in the long run, more system activities translate to more rewards to token holders — driving the self-sustainability of the ecosystem. Second, the benefits and risks of the model must coexist in a sustainable balance such that while there are incentives aplenty for the users to participate, the risk is also high enough to sufficiently deter bad behaviours from the nodes. Finally, Staking must be flexible; its parameters, and even rules, should be actively adjusted to best reflect various factors such as the environment, price and market situation.”
Regarding the nature of Staking, Haobo added, “The inert nature of blockchain is to counter intermediation, while promoting fair distribution of profits to all system participants”
“Evolve, but not replace.”
Haobo explained the fundamental purpose of blockchain, “Blockchain is not meant to create a new world, but to further develop the current world through encryption. aelf’s vision is to evolve the real world through blockchain. As an early blockchain which uses cross-chain technology, aelf contains both “traditional” and “innovative” components and is capable of supporting large-scale and established infrastructure. aelf’s “main chain + multi-side chain” architecture allows each sidechain to be designed and adjusted according to the specific commercial needs. Compared with Cosmos’ asset-only transactions, aelf can meet almost any business design requirements. Additionally, aelf optimizes the efficiency of single transaction execution. In verifiable tests, aelf’s smart contract execution efficiency is 1000 times faster than the EVM.”
Haobo then explained aelf’s Economic System characteristics, “aelf paid specific attention to network participants throughout the staking model design process. aelf’s Economic System has four core characteristics:
1. ELF holders can invest in different elements of the system to obtain rewards
2. ELF holders lock tokens to participate in system rewards
3. ELF holders receive rewards for participating in network governance
4. ELF holders receive the distributed authority to adjust the Economic System parameters and rules
Regarding aelf’s technological and business development, Haobo said, “aelf has released the aelf Enterprise 0.7.0 Beta version, a complete set of commercial blockchain solutions which is supported by AWS. Based on aelf Enterprise, users are able to deploy efficient and fast development environment within 8 minutes. Following this release, companies from Dubai, Vietnam, and China have already committed to using aelf platform for their businesses.
In the past year, aelf has ranked as the third most active project on GitHub with 12,349 commits.
To further the business development outreach, aelf created the Innovation Alliance, introducing high-quality financial resources from Roland Berger and FBG Capital, and providing foundational advice and support from throughout the blockchain industry. Recently, aelf has cemented strong cooperation with France’s largest telecom operator, Orange. “We are actively promoting cross-disciplinary cooperation and exploring aelf’s varied application scenarios in traditional fields.” stated Paul de Leusse, CEO of Orange Bank.
After the meeting, Haobo talked with the audience about the future direction of Staking. As a new concept, staking is destined to face various difficulties in the development process. As Haobo said, any concept in the blockchain industry cannot be adopted without thorough commercial viability testing.
The conference provided a great opportunity for participants to share their opinions. It not only provided a platform for close interaction from many PoS projects but also provided overseas investors a clearer understanding of multiple Chinese projects. aelf will take this opportunity to work with the industry to promote the PoS concept and Staking innovation, in addition to providing technical support for multi-field development.
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For more information, visit aelf.io
