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Recap: aelf AMA with Binance

aelf answered a series of questions that interest Binance community the most

General Introduction of aelf

aelf is a high-performance next-gen layer-1 blockchain based on the cloud computing infrastructure. The processing speed of the layer-1 network, as aelf has it, is even faster than most of the layer-2 projects. To enhance the performance of aelf, aelf has optimized a lot for both single-chain and multi-chain functions. For a single chain, aelf provides an environment that supports smart contracts to run in parallel and at ultra-high speed. The execution of smart contracts can run on server clusters, which is exactly an implementation of microservice. For multi-chain, aelf has realized a multi-level main-chain side-chain structure and built-in cross-chain function.

Q&A with aelf

1. Can you please give us a detailed introduction of aelf and its features?

aelf is a high-performance next-gen layer-1 blockchain based on the cloud computing infrastructure. The performance optimization on aelf can be mainly classified into two, single-chain and multi-chain.

Q2. Why is aelf doing a mainnet swap?

aelf mainnet is one of the most cost-effective blockchain networks so that everyone can use it. The transaction fee is very close to zero. And aelf will launch a transaction fee reduction mechanism that allows the reduction of up to 1,000 ELF token per account per day in the very near future. In other words, our users will be free to do anything, including transfer fungible and non-fungible tokens.
Essentially, a mainnet swap means switching from one blockchain network to another. At this point, the old ERC20 and BEP20 ELF tokens are gradually replaced by newly generated mainnet ELF tokens, and all blockchain activities are moved to aelf mainnet. Once swapped to the mainnet ELF token, everyone can contribute to aelf’s ecological development and participate in various events on aelf mainnet. The events include on-chain governance, voting, and interacting with DApps, etc.

Q3. What are the use cases of mainnet ELF tokens?

With mainnet ELF token, you can stake&vote, pay for transaction fees, and you can use mainnet ELF token to purchase resource tokens.
To be specific:
1. ELF holders can stake and vote. On aelf mainnet, users can choose their roles to participate in the on-chain governance. They can be production nodes, candidate nodes, and voters. Different roles have different contributions.
2. ELF is used to pay for transaction fees and side-chain index fees;
3. Developers can use ELF to purchase resource tokens (tokens needed for projects to be developed and running on aelf) and pay method fees for calling smart contracts.

Q4. How can I swap my old BEP20 ELF tokens?

The easiest way is to deposit your tokens into your Binance account and withdraw through the network you want. Binance supports ELF tokens in 4 networks: aelf mainnet, ERC20, BEP20, and BEP2 token.
And if you want to try out the manual swap, you can also go to the aelf swap site. It will give you a direct presentation of how smooth the experience is on aelf mainnet. After you have equipped yourself with the mainnet ELF, you can participate in the mainnet staking, ecological governance, project voting, and many more.
Tutorial for BEP20 holders
Tutorial for ERC20 holders

Q5. What will happen if I fail to swap my old tokens?

In this case, you will not be able to stake, vote, or participate in the Grant raffle, and many other events. aelf team would highly encourage you to swap to the mainnet ELF tokens so that you would be able to surf the aelf ever-expanding ecosystem. However, you can keep your ELF tokens in whichever network that is supported by your favorable exchange. Deposits and withdrawals on all four networks are supported by Binance.

Selected questions from the community

Do you guys have NFT marketplace?

Currently, some of the participants from our hackathons have developed NFT projects and we are busy negotiating with them. To name one, Forest marketplace has been deployed to our TestNet. So basically, we will have many NFT marketplaces on our MainNet very soon.

Are there any active grant programs or hackathons for AELF builders? Or maybe there is an upcoming one?

aelf welcomes and supports builders to develop and deploy their DApps on aelf. So far, two hackathons have been successfully hosted, attracting a number of projects which are now running on our TestNet. Meanwhile, aelf DAO is also planning to launch Grant and bug bounty programs for developers. Please do feel free to join our developer community if you want to participate.

Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your eco projects to gain a position in the market and become good projects in the blockchain industry?

It’s pretty true that many projects fail to achieve good results, but aelf, as a developer-friendly public blockchain, we provide many solutions to help developers gain a position in the market, such as offering technical support, granting large amounts of seed funds, and sharing marketing resources.

You stated this during the introduction aspect that “AELF has a DAO online governance. How do I apply for AELF DAO online governance to be eligible to participate in network maintenance and also how do I become eligible to receive STAKING REWARDS?

1. So far, users can propose and participate in proposals through our explorer. A proposal is essentially a contract. You can vote for or against these contracts based on your own judgments. This is how you can participate in the governance of the ecosystem.
2. If you want to be deeply engaged in the construction of aelf, you can run a node to become a BP (block producer) or a candidate node. These nodes shall have more voting weight and claim more rewards from the network.
3. If you are a common user, you can vote for the nodes mentioned above to receive rewards.

What is the vision and where do you see yourself in 5 years? What are your competitions and challenges you face?

aelf has great faith in the development of the Web3.0 industry and is trying our best to keep pace with the industry. We have the ambition to lead the development of the industry. aelf will play an important role and will provide an accessible entrance to the metaverse for everyone. Since C# is used to build smart contracts on aelf, it will attract developers from the Unity community to write smart contracts here, leading aelf one step forward towards the goal. However, to achieve this, we need to be more dedicated to the construction of Web3.0 and other infrastructures, such as privacy computing, decentralized storage, and decentralized identity (DID).



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