Mainnet AMA Recap — Guest: aelf’s CEO & COO
Zhuling Chen’s talk
We like to think about aelf as a space-station. Today is the launch of the core piece of the space-station (the mainchain), and we will see how stable it is as a foundation of the whole ecosystem.
In the coming weeks, the side chains will be launched and connected with mainchain to form the space-station. That is where we will see how grand the whole architecture is exciting things coming up for all of us to look forward: 1. token swap with exchanges 2. node election 3. dapp deployment
1Q: How does $ELF handle cross-chain issues like slow transaction speed and high fees? What kind of Real-World Data and APIs can $ELF connect to smart Contract?
1A: aelf has an elegant design CCTP (cross-chain transfer protocol) of using merkle roots to enable cross-chain communication. aelf has made partnership with chainlink to bring real world data and APIs onto smart contract
2Q: Have you tested the security of the aelf mainnet? What role can the mainnet play in the next step for aelf?
2A: The test is over. The launch of the mainnet is a sign that paves the way for the following DApp development (especially DeFi). The joining of high-performance production nodes and the deployment of enterprise alliance chain.
3Q: As far as I know, the mainnet of aelf will be launched soon, so do the aelf tokens currently held by users need to be replaced with new mainnet tokens? How to replace? When can it be replaced?
3A: Haobo: Yes, all ERC20 ELF tokens will be migrated to mainnet ELF tokens. We will conduct the migration together with exchanges to ensure it is easy and secure. We have developed CCTP for cross chain transfer and Centralized Asset management protocol for exchanges to better manage users’ funds. Now we are working with exchanges to ensure they are ready to support the token migration. Please stay put for update.
4Q: Does $ELF intend to partner with promisor projects as Algorand, Cardano, ATOM ?
4A: aelf has cross chain capability to communicate with other blockchains. In the future, our community or the team may build bridges between aelf and other projects, starting from ETH (Which has already been done)
5Q: I think the success of a blockchain project needs three essential parts: technology, business adoption(2B), and marketing(2C). I believe the technology of aelf, so I’d like to know more about your business adoption and marketing plan.
5A: You are absolutely right about the key competencies in a successful project! enterprise wise (2B), aelf is well positioned as a enterprise blockchain (with DPOS consensus for consortium chains, high customization and cross-chain communication. That has attracted cloud providers to work with us to offer blockchain solutions to companies. In china particularly, we have launched a blockchain lab with leading university, Tianjin University, to offer blockchain solutions to companies and governments in China. That has been getting a lot of tractions and putting aelf as one of the innovative and chosen blockchain solutions in China. Marketing wise, (2C) aelf is one of the few projects that are listed on all global exchanges with high liquidity. This means any users can get access to ELF. To reward token holders, we will soon enable staking after token migration. Very soon, users can use DeFi services on aelf (which we have demonstrated our product innovation when built Sashimiswap on Ethereum). you can expect better experiences on aelf due to its higher performance. DApp competition will take place soon as well so that we can get more developers to build in the ecosystem
6Q: Will there be a web wallet available ? any partnerships or collaborations in the works ? will aelf token decrease in supply during main net migration or same total supply as erc20 token ?
6A: Haobo: The web wallet has been developed and being tried out by users on the testnet. Partnerships and collaborations are well ongoing, as we elaborated on another questions (we are doing a lot of actual development for companies in China), and we are working with huawei cloud APAC to serve global companies with a blockchain vision. Token supply and tokenomics stay the same after token migration. The tokenomics will burn ELF tokens when more traffic happens on ELF.
7Q: What do you think about the launch of Polkadot? can it be a strong competitor for you?
7A: Polkadot is a great project and a noticeable project. We believe aelf and polkadot will both progress the whole ecosystem together. While polkadot is focusing more on cross-chain communication, aelf focuses more on enterprise-friendly, high performance and self-governance. We have come across potential partners who have their preferences and so far the competition is benign.
8Q: Stage 3 of the RoadMap includes the mainnet node election and replace the mainnet launch Committee. Which will be the process of replacing the Committee?
8A: Haobo: We will conduct a full community voting to elect BP nodes, who will replace the current nodes running by aelf team. In this way, we are setting up a security monitoring period for the young mainnet and gradually pass the power to community. The node election is the most important step for the community to get full control of aelf blockchain and we encourage everyone to take part in it.
9Q: The Cross-Chain Transfer Protocol created the interface and framework for building decentralized services for cross-chain asset transfers, therefore I want to know how the Mainnet will enhance the dApps creation?
9A: With CCTP, different dapps can run on different chains to leverage their respective features. In addition, it greatly reduces congestions, improve transaction speed and reduce transaction cost. This also enables DEFI and NFT assets to move freely from Ethereum to aelf. One example, is that SashimiSwap and AESwap can easily talk to each other and work together.
10Q: Do you think ELF will be unique and in demand? Is that why we need ELF?
10A: Cross-chain and onchain governance are crucial for blockchains and aelf has offered that. In addition, aelf is suitable for DEFI services with low cost and high speed, which users will have a unique experience in DEFI than before.
11Q: Is the main direction of the company’s development chosen? I keep my fingers crossed for you, good luck.
11A: Very soon users will experience low friction and cost DEFI protocols on aelf. Enterprises will also build services on aelf to serve their own customers. In addition, with all the tools built on aelf, developers can easily innovate on next generation dapps on aelf
1Q: When will the ETH bridge be activated on mainnet?
1A: Haobo: When We start to initiate the token migration (token swap), the ETH bridge can be activated
2Q: Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens and what benefits you would give them?
2A: Zhuling Chen: we have been running smoothly with a good community for three years. I guess we have passed that test already?
3Q: What is the ultimate price of an elf?
3A: Zhuling Chen: It will be collectively decided by the community, my friend. Let more people understand the cool features of aelf and the rewarding economic system, it should be a no brainer for more people to follow aelf
4Q.Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
4A: Zhuling Chen: we have been here for over 3 years, we have passed that test my friend
5Q: As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
5A: Zhuling Chen: For us, the key is to market aelf and the blockchain in a professional way so that people slowly get trust. Our economic model incentivizes users and contributors with ELF token as well. In china, we have been doing a lot of educational sharing with universities and one book about building on aelf blockchain has been published in chinese as well
6Q: Which companies or governments use aelf to build enterprise solution? We need concrete example.
6A: Haobo: Any company, organization or institution are welcomed to use aelf Enterprise 1.0.0 as their business solution. Besides, we already have some partnership with big guys.
7Q: What are the plans of aelf in 2021 and what will you focus on mostly?
7A: Haobo: make mainnet run steadily, increase the number of side chain, make developers understand the specialties of aelf and develop dapp different from Ethereum
7A: Zhuling: While constantly improving the stability of mainnet, you will first see smooth DEFI products on aelf, and then more dapps that are different from those on ethereum. On enterprise side, we expect some companies/ government in china may choose to use aelf blockchain
8Q: DeFi and Dapps are 2 pillars primed to rule 2021 in crypto space, what’s your approach to DeFi and Dapps. What roles do you play in innovativeness of DeFi?
8A: Zhuling Chen: Great idea. Please check out sashimi.cool. We built this innovative DEX with lending features and vault. This is one of a kind in the space. And you can bet that we will bring these experience onto aelf.
9Q: As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
9A: Zhuling Chen: We have a team of 40 ppl and healthy financials. Our team has been prudent in managing cost and Covid does not impact us much (as most of our team members are in Asia, where life has become normal).
10Q: Are you going to launch new blockchain ketones and push the price down?
10A: Zhuling Chen: Not sure what is ketones, but for us, we won’t change supply or tokenomics during token migration. In fact, mainnet has a burning system to reduce total token supply.
11Q: What is your ultimate vision in your platform?
11A: Zhuling Chen: The most powerful blockchain to operate dapps and the bridge to connect different blockchains
12Q: Security is very important and valued by today’s users. Can you describe the security that Your project ??? And if there is a hack, is there insurance for investors?
12A: Zhuling Chen: We have done a code audit by slowmist. We are also doing a mainnet security monitoring phase (right now) to ensure there are no major issues.
13Q: What features/improvements are you planning to add to your products in the near future?
13A: Haobo: We have our own wallet, and other wallets are still being accessed, the access situation mainly depends on the influence of the community
14Q: What features/improvements are you planning to add to your products in the near future?
14A: Zhuling Chen: Some interesting and challenging things we are going to do:
- launch a POW sidechain on aelf, so that people can do POW mining on aelf.
- Link SashimiSwap (on ethereum) and AEswap (on aelf) to provide seamless DEFI service to users.
15Q: At this point, do you think you need exchanges as a binance to keep growing? Or is it better to forget those things and focus on other activities?
15A: Zhuling Chen: ELF has been listed on all major exchanges such as binance. so we don’t really have any limitations on that front
16Q: What really MOTIVATED you to bring such a great PROJECT into existence?
16A: Zhuling Chen: 1. Our Virtual machine (VM) has great performance, which greatly helps developers. 2. our wallet can use a QR code to log in, which is much easier than remembering private key. 3. The combination of parallel processing, multi-chain structure and cluster nodes is unique in the space as well
17Q: What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
17A: Zhuling Chen: all you guys, we want to build things that are meaningful, and attract engaging users like you.
18Q: Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
18A: Zhuling Chen: Yes, when you read our economic whitepaper, you will see that aelf has a “burning mechanism” to reduce token supply
19Q: Is there any plan to use IPFS？
19A: Zhuling Chen: We might set this up as a research grant for the community to assess the benefits and feasibility
20Q: Any plan for NFT?
20A: Haobo: The aelf team will focus on developing the underlying technology. dapp like NFT, we will invest or use other ways to support developers in their development. Our contract standards will support NFT.
21Q: Will the token swap end in 2020? Or 2021?
21A: We are very proudly working with all major exchanges on token swap. Despite their busy schedule, they are helping our community to get access to mainnet token asap. So I think we all shall thank them for supporting aelf. A more realistic estimation would be early 2021 (Christmas is coming soon in December).
22Q: Voting rate were quite low in the early stage of previous DPOS projects，any idea to solve that?
22A: Zhuling Chen: In aelf’s design, voters will get rewards (on the high side compared to other DPOS projects). In addition, we will engage the community more to let them involved in governance topics so that the community will build a great culture of voicing out.