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DeFi AMA on Telegram & Twitter

Last Friday ( July 29, 2020), aelf hosted an AMA about DeFi on Twitter, featuring aelf’s COO Zhuling Chen & aelf Dev advocate. Below is a transcript of the questions and answers.

Twitter Part:

Q: Currently on the DEFI market is becoming a trend and focus of investors and since then startups are also more about the DEFI trend. First of all, what do you think about this? And Aelf how to compete with other DEFI projects what are the specific differences you can detail? @thihuyen93

A: We place DeFi in first priority! Initiating DeFi can make us attract more money flow, make the system to interactive more with existing DeFi chain, say, Ether, and for our ecosystem, the tokens can be exchanged, financed at any time, making value transfering much more liquid. We have various kind of high-end technologies in aelf(cloud computing, parallel processing, AEDPoS, CCTP, high efficiency cross-chain, multi layer side chain designing, etc.), and all the code are written by ourself from scratch. This make our system can not only support different vertical business scenarios, but also make different scenarios’ value transferring among each other, even with value in different blockchains. With all these in rather high speed. We can achieve at least 10000 tps in practice.

@vicatz1

Q: DeFi is now a good form of transaction because it is not regulated by any organization or government. So I want to ask if the aelf ecosystem can create some additional advantages for defi?

A: We can make value of our Dapps on whole ecosystems transferred more efficient and trustiness even with ecosystems of other blockchain projects with cross chain technology. And DeFi has been one of aelf’s fundamental infrastructure and be a central hub of value transfer.

@sridhar_naini

Q: Why should DApp developers choose Aelf blockchain instead of the alternative blockchain network? Why do DApps need blockchain?

A: We have various kind of high-end technologies in aelf(cloud computing, parallel processing, AEDPoS, CCTP, high efficiency cross-chain, multi layer side chain designing, etc.), and all the code are written by ourself from scratch, that is, we do not rely on any kind of existing infrastructures.

@pandalucu66

Q: DeFi is one of the hottest topic in the blockchain space right now. Can aelf share your opinions on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is aelf approach towards the DeFi sector?

A: It will coexist with the tradition centralized financial system.
It will make lot of financial scenarios in decentralized manner, especially for countries without enough fiscal policy protection, and any other projects with a vision of decentralization and autonomy.
We start from lending and AEswap, and cover all the relating aspects of this field.

@AmeliaPNanda

Q: What is DeFi hottest topic in the blockchain space right now. Can you share your opinion about DeFi hottest topic with us? Do you think that DeFi hottest Topic will disrupt the existing financial system?

A: The AMM and cross-chain DeFi or CrossFi are the hottest.
AMM can provide liquidity for more assets and reap liquidity mining shares, with cross chain, different blockchain projects’ token value can exchange with each other, and foster all these projects to better place.

@JuliaWhite22

Q: The aelf team has already achieved a great deal and deserves serious respect. With that being said, what are the largest obstacles for aelf? From technical and business development perspectives.

A: At current stage, there’s no roadblocks for us. We are executing our plan to audit our blockchain and then launch it. What will be our main focus in the future are developer community buildup and enterprise adoption. For developer community, we have internally been making defi and enterprise solutions to demonstrate how easily it is to build applications on aelf. and once those applications are published, developers will see the real examples. On enterprise adoption, we have partnered with Huawei cloud APAC and also Tianjin University, a top university in China, to push for blockchain adoption. And with these large institutions, they have opened many doors for us to explore.

@EndtimeProphet2

Q: The biggest DeFi needs is that of interoperability, providing cross chain interactions and multiple blockchains, how does AELF achieve this?

A: We can make value of our DApps on whole ecosystems transferred more efficient and trustiness even with ecosystems of other blockchain projects with cross chain technology. And DeFi has been one of aelf’s fundamental infrastructure and be a central hub of value transfer.

@_rhythms29

Q: Some DeFi projects were recently “hacked” as per their explanations. How do you think these recent events on other DeFi products affects the trust by users? What can @aelfblockchain do in order to ensure crypto enthusiasts that #DeFi is safe and reliable?

A: We have held some hacker bounty programmes, and there have been no way for a hacker can corrupt our system till now.
The system infrastructure’s codes are written by aelf team from scratch, so aelf system is very flexible to adjust and debug from the lowest level, which means from the very beginning we have take the hacking problem into account.

@dosanisohil5

Q: This year Defi is warm and many aslo joined the Defi so What technology stands behind aelf’s DeFi and why it’s better than the existing one?

A: We have various kind of high-end technologies in aelf(cloud computing, parallel processing, AEDPoS, CCTP, high efficiency cross-chain, multi layer side chain designing, etc.), and all the code are written by ourself from scratch, that is, we do not rely on any kind of existing infrastructures. They make the low transaction fee, high tps and liquid value transfer across different blockchain projects.

@Vinodrekha0922

Q: Investors & Partners, who have invested in #ELF how will you make sure that they get goods returns & how will you Protect the Value of #ELF for them?

A: We have always been transparent and engaging with our supporters. We are building the best cross-chain solution emerged from Asia, and this is definitely unique. With our well planned tokenomics and incentives, all network participants will get decent rewards.

@hoavouuy

Q: Currently the Staking and Mining Program is very popular. Will Aelf support that? If so, for users with no technical expertise, how can they be involved in Staking?

A: Please check our website about economy and governance whitepaper. We already have staking and mining planned out. Once token swap is finished, all token holders can enjoy rewards from the network. And our tokenomics is more advanced in the sense that small token holders and big token holders will all get rewards. and it is as simple as doing a wallet transfer on our portal.

@AfrizalIslam

Q: As we know, every successful project has a few stories behind the scenes, what’s the story behind aelf success? What was that vision when it first emerged as an idea? Are there any upcoming aelf updates that you want to show/share with us?

A: A few interesting points, Ma Haobo, aelf CEO, has been a blockchain developer since 2013. His experience has been in building blockchains and also defi-related applications, such as exchange, payment system etc. These knowledge in fact helps aelf to be better prepared for future applications. The vision when aelf was first started was simple: to build a better blockchain that all companies and developers can use. In terms of updates, you can see from yesterday’s announcement that we have launched our new website, to accomodate all the new information coming with mainnet launch. And today, we will share with you guys a full landscape of what aelf offers in one diagram. This will help the community to understand the breadth of aelf development. And in coming weeks, we will launch our final code auditing before mainnet. A lot of things are happening!

@JaLakB4Li

Q: What are the next big milestones prepared in the aelf project? What about community growth, is it going as planned, are you expanding well in social networks and adepts?

A: Towards end of 2020 (the year of uncertainty), we have these three goals with certainty:

  1. Final audit to ensure aelf blockchain has no major security issues.
  2. Launch mainnet (basically the same testnet code but with public access) and conduct node election, in this way we will gradually pass the control of aelf blockchain to the community.
  3. Smooth token swap with exchanges so that all token holders have access to aelf mainnet.

From next year onwards, you will see cross-chain and high speed Dapps in the market powered by aelf. For the future, A few exciting things we have been working on based on the versatile technology we have built. The first one is defi services, where aelf blockchain will empower defi services with faster speed, lower cost and also cross-chain capability. The second one is aelf-based POW chains, where we create a aelf sidechain using different consensus, so that our users can enjoy POW mining in the system. Going forward, we will also push more cross-chain establishments with other blockchains to have a full interoperability. Our community has been growing well as you can see on twitter we are constantly publishing articles and also community events for education and interaction.

@ketuart02

Q: How will aelf want to be a leader in the mass distribution of decentralized cloud computing blockchain network?

A: First of all, our product is compatible to all public cloud providers and also private clouds. This makes aelf capable of working in any hardware setup. In addition, we are constantly publishing new applications for different clients, and hence to gain adoption. Customers will soon figure out that aelf is the only blockchain that can run on cluster nodes and hence allow parallel processing.

Telegram part:

ahihi132: @ahihi133

Q: What is the plan of AELF For defi?

A: Zhuling: We have been building defi on aelf for quite a while. Defi is one of the applications that showcases the advantage of blockchain really well. In the coming days, we will announce our own version of decentralized exchange, which is under internal testing and you may have a good test of it soon. And in near future, we will launch our lending protocol and other defi infrastructures. Aelf has established robust technical features for defi. This will make defi really shine on aelf. A few features will make defi performing well on aelf, first of all, high speed and lower cost on aelf. this is crucial for users as this is part of the user experience. Secondly, cross-chain capability on aelf will allow assets to flow freely across chains. thirdly, governance, aelf has a well designed governance module for defi to customize their own approach and engage with the community

@Dev30000

Q: What your plans in place for global expansion, are $ELF focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?

A: Zhuling: We focus on all the aspects you have mentioned. Creating popular projects and protocols, for example, concerning DeFi. Launch more on-chain activity for community members to participate, usually with incentive, and give more proportion of total ELF supply to support these members. Attract community members to developing DApp on our system.

Rembrandt Lucky: @drzy16

Q: After ‘Mainnet’ launch, how will you assure that transaction fees will stay low? We know what sometimes happens to fees on ethereum blockchain.

A: Zhuling: Aelf has high throughput via parallel processing, this allows aelf to process high volume of transactions at short time period, and also keeping cost low. If transaction volume goes exponentially high, developers should put different DApps onto multiple side chains, in this case, we will offload the busy traffic into different side chains and hence lower cost.

Selvi🌺: @selvi33

Q: What is the structure of the company, is it a decentralised, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

A: Zhuling: We have most of our team based in Asia and a lot of ambassadors across the world. the project itself is open source, hence anyone can contribute to aelf development on github. For our community, we also welcome people to volunteer in our community. In terms of incentives, we provide bounties and rewards to our contributors. For example, we just finished a 100k USD worth of hacker bounty

Rembrandt Lucky: @drzy16

Q: Could you describe the partnership with Huawei in more detail? What are the main goals together?

A: Zhuling: We target to serve corporates with blockchain solutions, most of whom are already cloud service users. Therefore, by listing aelf on all major cloud service providers, we expand our outreach to corporates. A much deeper partnership has been established with Huawei cloud, where we are meeting clients together to provide them blockchain solutions. Huawei and other cloud providers are our bridge to corporates.

Shita: @buduh11

Q: Tell us about your plans for 2020, what are you currently working on, and are you going to expand the list of big exchanges?

A: Zhuling: Towards end of 2020 (the year of uncertainty), we have these three goals with certainty:

  1. Final audit to ensure aelf blockchain has no major security issues.
  2. Launch mainnet (basically the same testnet code but with public access) and conduct node election, in this way we will gradually pass the control of aelf blockchain to the community
  3. Smooth token swap with exchanges so that all token holders have access to aelf mainnet.

From next year onwards, you will see cross-chain and high speed dApps in the market powered by aelf.
For the future, a few exciting things we have been working on based on the versatile technology we have built. The first one is DeFi services, where aelf blockchain will empower DeFi services with faster speed, lower cost, and cross-chain capability. The second one is aelf-based POW chains, where we create an aelf sidechain using different consensus, so that our users can enjoy POW mining in the system. Going forward, we will also push more cross-chain establishments with other blockchains to have a full interoperability.

@Paula9999

Q: What are the ways are aelf generating profits/revenue to maintain your project and what is its revenue model ? How can it make benefit #win-win to both investors and your project ?

A: Zhuling: We have designed a sustainable tokenomics for the blockchain to evolve in the future. The project will receive revenue from transaction fees and resource token exchange, which both will increase when more users get onto the platform. This money will not go into the team directly but will be voted by the community on how to spend it best. This ensures that the platform is truly community driven in the future. So the solution where everyone benefits is achieved through that when aelf creates more values and redistributed them to token holders.

@sivaa32:

Q: What is your strategy for attracting more unaccustomed users in the DeFi world, is your platform suitable for beginners or advanced crypto user?

A: Itsu Ace: We start by building AEswap, attract liquidity and swap, and use liquidity mining to incentivize, and use cross chain to make tokens of other blockchain interact with aelf chain, along with token on aelf.

Paula: @Paula9999

Q: No Project can ever Guarantee the Safety & security of the Platform, Isn’t it? What is the AELF Plan to do that?

A: Zhuling: Aelf launched aelf enterprise last year and it has gained good tractions with enterprises. We are not looking at launching a blockchain that builds blocks, but rather come with the full suite of tools and features as we envisioned in the whitepaper. Aelf’s goal has been ambitious and we have delivered that. Our testnet has been running securely for over half a year and a lot of people did test runs on our apps, such as wallet, bingo game, etc. Right now, we are at the final stage of security checking and soon auditing. Stay tuned and exciting things will come soon.

Samuel: @Spott

Q: What problem can this project solve that other DeFi related projects cannot solve?
A: Itsu Ace: The high transaction fee and low transaction speed of blockchain projects like Ethereum. These are the problems caused by infrastructure, Ethereum can hardly make big changes because of its token cap and giant community, but for aelf, we design quite high efficiency infrastructure that totally get rid of these problems.

Du Dinh: @Duylinh20

Q: As a one-stop-shop protocol based in DeFi, how does aelf overcome DeFi’s ecosystem problems such as capital inefficiency, low liquidity, unintuitive UX and accessibility, hidden risks and regulation?

A: DeFi is still nascent and hence it lacks capital currently. This will improve in the future. In addition, from a protocol point of view, we could provide pooled capital to bootstrap multiple DeFis and provide more liquidity. Currently liquidity mining has been an effective method to add more liquidity. UX and accessibility can be improved on aelf based on the much easier development environment and mobile friendly design. Using C# instead of solidity will also reduce smart contract risks.

Zafer metin: @zaferce

Q: What methods does aelf use to speed up integration with the businesses and how is security and functionality achieved? What does the enterprise solution promise for enterprise applications?

A: Itsu Ace: We have various kind of high-end technologies in aelf to support this (cloud computing, parallel processing, AEDPoS, CCTP, high efficiency cross-chain, multi-layer side chain designing, etc.) and all the code is written by ourself from scratch. That is, we do not rely on any kind of existing infrastructures. We aim to let enterprise applications perform like a central-server speed and in decentralized manner.

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