Aelf On Track for Launch After Completing Testnet Development
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This month, aelf completed their testnet v1.0, where they achieved 14,968 transactions per second. With these results showing the model’s capability of handling high transaction models, the project is ready to move forward with further development.
aelf’s aim is to build a system where blockchains can handle much larger transaction volumes than they’re currently equipped to deal with. Right now, this is one of the biggest issues holding back mainstream blockchain adoption.
It’s a problem because large businesses and organizations are interested in blockchain on a wide scale, with a number of successful and promising trials having taken place in the last few years and more to come.
Unfortunately, unless blockchains can increase their transaction capacities, the technology will be of much less interest to large-scale businesses, as the blockchains won’t be able to handle the strain placed on them.
Currently, Bitcoin’s blockchain can only process around 7 transactions per second, with Ethereum only able to do 20 transactions per second. According to aelf’s current testnet results, their blockchain should be able to handle nearly 15,000 transactions per second.
Aelf focuses on nodes — the individual computing units that make up a blockchain network — to generate high transaction capacity. In many blockchains, a lot of nodes are slow and drag the network down, becoming a liability.
In aelf’s model, it’s possible to share a node between several computers. These computers are able to run in parallel, processing and verifying multiple transactions at once. This massively boosts scalability by increasing transactions per second and overall network power.
Also, the transactional ledger of the blockchain is shared between a cluster of computers in the node to reduce the burden.
Based on the current testnet results, this model seems to work. And now aelf aims to test its blockchain’s capacity even further, with plans to launch the mainnet in early 2019.
The CEO of Alphabit Fund, Liam Robertson said, “The market needs such a solution if crypto is ever to become more than a market for speculating on the value of early stage disruptive tech projects. Aelf solves for these debilitating constraints with their cross-chain protocol.”
The need for blockchain to move beyond speculation and hype is a big issue for the community right now. Projects like aelf’s are focused on doing exactly that, by prepping the technology for application in the wider world.
If blockchain can be scaled enough to support big businesses and be transferred successfully to the physical world, it’ll really begin to achieve its potential. This is an important moment in the technology’s journey, and the next stages will look very interesting indeed.
Image via Pixabay