 What's up everyone? I'm Giovanni. Welcome to another coin telegraph AMA show Today, I have the pleasure to be joined by ELF an open source blockchain network that offers a complete solution for businesses and we're gonna talk about this project We are we have a two special guests today Chi the PR specialist at ELF and Ian R&D director at ELF. How are you doing guys? Hi Nice to have you on the show guys. So before we start with the questions I would like to remind our audience that this is an interactive show So please don't hesitate to ask any questions come to your mind in the chat and we're gonna ask Chi and Ian about them. So Before we get started also, don't forget to like this video and subscribe to our channel if you haven't done it yet So let's get into it guys First of all, let's let's give our audience a bit of background of your project. So what is ELF and a little bit of generic information about The project maybe Chi you can start Okay, I can get this First so after the blockchain network imparted by the computing and cloud computing Of course, the whole network is built in our innovative multi-level solution structure Which enable unlimited scalability Each node each node within our network is an independent cloud computing center You can see that and it can carry multiple chains When data or this is digital asserts rather than the center They could transmit from one chain to another chain directly This is a logic behind our network multiple chains, yeah We developed the underlying framework like our fantagoras of midnight of Oracle and the diversified diversified the five protocols Yeah, so let me translate what Ian just said a little bit So what is ELF? ELF is a public blockchain. It's fast. It's cheap And it gives you freedom With these three features, we are a one-stop layer two solution to breaking the industrial bottlenecks Including performance and the cross-chain function. So first performance our development framework of enterprise has the credit to approach 35,000 TPS on a single side chain and Multiplying as many set chains as needed. So there will never be traffic jams on L With TPS at this high, we could set our service fee at 10 US cent So users can enjoy our high performance at the viral of price and second the cross-chain function We build a versatile Oracle that helps retrieve off-chain data and the digital assets The versatile Oracle is great. It's opening up the two-way communication among all the projects and third We are very proud of our user experience with our development capability We can develop diversified DeFi projects so that our users could have a more comprehensive experience with us so so in some we own and can seamlessly connect with Existing ecologies and now it's safe. It's efficient. It's autonomous. It's stable. It's easy to use and it's totally parent transparent Thanks guys So before we actually get more information about your project and I wanted to ask you also some information about your your team There is already a question from the audience mark one is asking where can I get one of those dolls? so Actually, we have many of helping this call up in and Yeah, we'll be Can send an email to social at out.io. I request one. I think it's 100 You need to stay 100 out to get this and we will we will like mail it to wherever you are in the whole world Yeah Okay, cool So we're gonna talk about how to stake else later so that people that want to get one of those can Get started with it But first I want to to know a bit more about the background of your team Can you maybe give us some information about your team's background? Oh? Sure, absolutely. We are funded in 2017 in Singapore for many years. We are we are we are gathering the best developers from all over the world To build the fastest the most secure the most user-friendly Blockchain system and we are very confident to say that we have the most Ambitions engineers in our team So everyone in the team has a very unique background and life stories Ian here He worked for Microsoft for many years before joining out and when he first learned and was attracted to the blockchain Development he learned solidly by himself and we have developer who graduated from Monash University with a PhD degree And we have our super smart CEO how well he started his crypto journey in 2010 which is very early, so he's very very experienced and he's now one of an executive members of IEEE we have approximately 30 developers in total in the development team and this genius spent like four years to develop and to launch the Alphamonet When Alphamonet was launched last December it was quite clear that the bullish market just came and that's when we believe It's a perfect time for us to start reaching out to people with our truly good product our Alphamonet So we start to reach out to more token holders to to developers to potential platform users to media and to more business partners We started to build a globalized marketing team and that's approximately when I was recruited Before joining Alph I studied at work for in the United States for a couple of years I had a master's degree in communication studies from the University of Miami After graduation, I started my journey in the public relations in LA, California So also in the marketing team I have colleagues from Russia from Korea from France and I have colleagues from very diversified background information who some of our our BD manager was graduated from Northeastern University in Boston United States and we have a PhD colleague from Canada a University whose name I cannot really recall and many many more Awesome. So yeah, it sounds like pretty solid and the globally spread team Also, if you want to know more information about it, you can always check Alph's Alph's website, which is Alph Alph.com if I'm not mistaken, right guys. Yeah Cool That is our new website. It's very fancy and please please serve on that. I like it Actually, I also Check it out. It's pretty cool. I Love the design pretty cool website. So yeah Let's get started with more questions. So let's get more in depth into the into the project. So You aim to offer a new blockchain solution that is going to solve the bottlenecks that are present right now on the market So what are according to you the main obstacles that are still preventing the commercial adoption of blockchain technology? And how does Alph aim to overcome these challenges? Okay, this is a very good question and for a very long period of time The whole team the whole company has been constantly thinking about this question. However, it's kind of hard for us as Insiders and in the shoes of traditional developers who are trying to get involved in the industry So we hold a series of off offline event including forums Surveys we reached out to developers just trying to explore the answer of your question exactly your question and Here is it affordability There are three dimensions of affordability Namely, they are their learning cost economic cost and the opportunity cost so first for the learning cost you for a very long time you need to learn solidity before developing anything in blockchain and Solidity is a unique coding language other than any widely used one such as Java such as C sharp pattern and many more and solidity is either room exclusive Yeah for the learning cost to basically we use C sharp to develop a blockchain and C sharp is kind of similar to Java if you ask any developer That's total like 60% or more developers in the daily world can write our smart contract codes Which we use C sharp counter to do to write a smart contract. Yeah in this way by using Java and C sharp We can definitely attract more developers Yeah, and yeah, and second economic cost. This is quite simple Like thinking like from my personal opinion if I can send message to my friend Yeah, I mess it. Yeah, what's that or I'm using which had more frequently recent days Then why should I send a message with approximately with like $50 gas fee on chain? Why should I as a normal people this is a huge obstacle for the majority general? Yeah, so for the service fee part and on half a minute the service fee is fixed at around ten cents and regardless of market conditions, so it's cheaper than the postcard and Okay, we'll go through the later for the service fee part. Yeah, and yeah, and and third the opportunity cost Even until today, we have very limited on chain scenarios DeFi emerged and became popular on the age of 2020 and most people including me first heard the concept of NFC at the beginning of this year when an NFT of a crypto kiddies was auctioned for $500,000 if I remember this correctly and Recently in the month were a tool game five became a popular topic, but it's just a baby It's really an infant So the examples I offer here indicates a very crucial fact that when developing a decentralized app You have very restricting the past to troops that leading you to the so-called success. Yeah, we have so So we have vitalize our DAO, which is the centralized autonomous organization management the system to incubate the apps so far we have a defy and Directive project ongoing smoothly and our DAO team starts with Establish game five team in the near future Everything I mentioned is invested by our friend and they will be part of else in the future Yeah Awesome Okay, that was a pretty good overview of the main challenges faced by blockchain technology nowadays, I was pretty curious to to Hear that you elf claims to offer a blockchain solution with a limited scalability so scalability is one of the three components of this dilemma that is Faced that blockchain is facing which is made by The scalability component then you have then you have privacy and Then you have like a third component which was I think Scalability privacy and You guys maybe can can add the third component of the Scalability of the three lemma faced by blockchain or maybe Well, it doesn't matter. It doesn't matter. I think that's our audience already get it. So we can We can talk about scalability So what is the solution that you offer in terms of scalability? Why? Is a limited scalability the stability here and my understanding of this is speed Is actually the TPS of one blockchain. So remember the structure of our network? It's a matter life or such and structure so Each note within our network is an independent cloud computing center and in which you can add as a multi-selections as as it needed so To offer a straightforward view of enterprise has passed a three strict standardized tests from our government It's an institute is called CSI Including performance functionality and the reliability the three tests the past and the F Enterprise has approached Approach the 35,000 TPS on a single solution Our mennet with such more loads TPS on a single solution could Still reach at a 3000 at minimum at minimum Multiplying the increasing number will sell a chance and I think of your the module of blockchain This scalability and the reason some like ACS the our contract standard and you can develop a contract in our blockchain and Our code structure is very fair and it is Appreciated by the chaff base team and I think it's easy to develop to add a module to our code So that's how Mm-hmm. Thanks. Actually, I just found out about this third component I was thinking about it said so the blockchain through lemma is decentralization scalability and security so as I understand you you you maximize this Scalability you you maximize the scalability Problem, what about for example? Decentralization, how do you Approach the component of decentralization in your network which the deep holes consensus and there is the logic of people content is coded on our contract not not like other blockchains. It is hard coded in their chain code and The logical for our deep holes consensus is in our small contract It's called a deep holes and you can you can check the code in our explore blockchain explore and And the it is it can be updated or upgrade very easily In the future as long as the permanent and like the block producer so forever may not agree Yeah, and we have a whole voting system. Yeah, we have voting for some system to elect as a block producers Yeah, it's a it's a core intention of deep holes Mechanism, yeah, and so far at this moment. I think we have three million Tickets on our midnight to Yeah, it's nearly four million tickets already locked up for voting. Yeah, just voting for for different Yeah, block producers. Yeah, so so they are elected like the US president Democracy it's a demo. It's a democratic system. So We have another question from the audience here. So they they are curious to know about the The mechanism of interoperability. So they asking that they are asking the biggest defined needs are That of interoperability providing cross-chain interactions and multiple blockchains. How does elf achieve that? Okay Inter It's a question part and we'll go through it later. So and You want to talk about later? Yeah, yeah, okay, we can we can also talk it now. So there are two question paths on elf The first one's the homo structure question This is within elf and another is Hector structure question between elf and the other blockchain projects. So I guess that I got started with the first one is the homo structure question and The structure of elf mention and section are alike So when designing a blockchain, we have emulated the cross-chain agreement and with its agreement Data or digital source can easily transfer between our main chain is that chance? So this is a Homo structure for after and when conducting cross-chain transfer between elf and the other blockchain can product projects Who have a totally different structure with elf Water was a toe We have a subtle was a toe versatile yeah Oracle and the F work who can use the organization ARC sorry, I'm kind of nervous I've worked with organization and use a relevant to set Set to generate any reports on the off-chain data continuing the structure information of Organization members The report can be applied to any blockchain that supports my contracts So in this way and heterostructure Hector structure cross-chain interaction will be done through the Oracle endorsement. It's like a classical solution for these parts and then the combination of for I've mentioned a midnight and I've org Extends a two-way network among among all the projects with seeing the proctor industry So we are capable of expanding the Capability of full concept Yeah capacity yeah, oh for projects in need Thanks guys, so you mentioned oracles so as we know oracles are these mechanisms that connect the blockchain with real-world data so I was I was curious to know about these mechanisms because These these mechanisms are usually Relying on off-chain It's enough. It's an off-chain solution. So a lot of networks today are Providing with these hybrid systems that are not fully on chain But they still rely on this on these off-chain solutions How does your project working in this respect? Is it like a fully on chain all the mechanism are fully on chain? Are you still rely on on off-chain solutions? Yeah, because if you If you see the on chain For else in the other blockchain products will be the off-chain of else. So Basically the oracle Relays on the reputation system The the report itself does rely on the Organization member signature so if we can if the contractor can recognize a signature and the origin data the And according to the reputation system the Data can be trust so in this way we remove the off-chain data to on chain and For every on chain we have a reliable off-chain data from actually from Oracle organization Yeah, of course, you are correct. It's a oracle oracle mechanism was Eminence moving Off-chain data to the blockchain, but for For any blockchain the other blockchain is also a off-chain off-chain data So we just just use this mechanism to moving data from distant to that chain and of course This is a cross-chain Yeah, mechanism got it got it. Yeah, that's that makes sense Yeah, so Let's go back to the questions from the audience. We have a lot of questions. It's very exciting It means that the audience is involved into the project so See the questions live way I Mean me and you I'm not seeing the Audiences so I'm wondering. Oh, are they are they are they engaging with us? So I guess maybe you are not too I'm not sure you are able to answer this question, but People are asking regarding the regarding regulation. So we know that you are based in Beijing, right? So how how are the Regulatory restrictions imposed by China on the cryptocurrency space affecting elf if in any ways. Oh We are we worked in Beijing, but the company is based in Singapore and legally we are a Legal-wise we are a Singapore company. So the regulatory from from Chinese government is on cryptocurrency does not like Actually focus on us and currently based on my personal Explanation they are focusing on the Chinese exchanges Chinese centralized. Yeah, and now for the blockchain project Yeah, and we worked in Beijing like mostly for the technology part is for blocking technology and Chinese government encourage technology Yeah, so even with the government projects using the elf Blockchain, we have another name and we use our techniques to support governance job Yeah, yeah It's just technical being not not cryptocurrency being not money thing. Yeah. Yeah, the group companies in Singapore Yeah, it seems that the Chinese government has this two ways approach on the industry It is very encouraging towards Blockchain development not as encouraging when it comes to when it comes to cryptocurrencies exchanges and so and so forth Yeah, but let's let's move on to the next question. So You were talking about you were talking about service fees on your blockchain. So You claim to to be able to keep the service fees on the main net To be fixed at zero point one dollar regardless of market conditions So, can you maybe explain us how you can achieve that fixed a service fee on your main net? Okay, this is yes, and this is not a how this is just Firmly written in our code and and and you may be curious like how when like when you have so like large amount of transactions you need to execute how could you steal to copy services so well and Here is the mess remember like five minutes ago even Ian was talking about the minimum TPS on a single set chain is 3000 which means each second even the transaction fees Fixing at point one US dollar each second We could still charge three hundred dollar on one set chain and we have unlimited That chains which means like as long as it's needed We can add more set chains and this three hundred dollar per second is earned by our block producers And thanks to our performance We are able to to like provide super affordable services to the users Well, getting enough money to insensitive our our block producers our valid backup news our voters and Developers within the LV colleges. So so everything thanks to our our performance our super high TPS Oh, yeah, so here's something I would like to add about the performance In the past years Two groups of people have trying to train very hard to fix the performance issue of blockchain Some of them trying to ember Amidate a EVM engine Unfortunately, even today is not strong enough to support the parallel Transactions so in this way the real two developers are facing challenges in long term of time Also earlier in August and after room finished as a EIP 15 59 upgrade trying to reduce the gas fee It turned out the the price of ETH was plump and consequently the cost of for Ethereum users did not actually go down Yeah Totally brand new solution to the to the real problem. Yeah, actually we use a free charge plug in To charge the block to charge the Transaction fee not not a gas fee and this can be fixed For cool Okay, now now I would like to dive a little bit deeper into the Cross-chain interoperability interoperability solution that you that you mentioned earlier because as we know Interoperability is one of the key aspects of The DeFi ecosystem so the possibility to connect one chain to another you you mentioned the fact that your chain We'll be also able to interact with the block with block chains like the Bitcoin blockchain like the Ethereum blockchain but of course there are also Many other solutions that offer cross-chain interoperability right now. So what is your? Competitive advantage compared to all those others what what makes elves interoperability solution so unique if you had to explain it. Oh I just explained this question before so the Homo structure and the heterostructure. They both put the to this two paths and the home structure is like our constant women's and is coded And at the very beginning of our project and we use and we use our Oracle mechanism to support the Heterostructure cross-chain Okay, as I explained before as long as the other blockchain supports contract So basically the Bitcoin Concurrently there's no contractor mechanism where we can't support the Induction in interaction But but this is a W PTC it's in Ethereum we can support that Yes, so yeah, so basically within our ecology we can launch different projects on different settings So if different projects was launched with as long as they launched within our our ecology They can do the cross-chain interactions as They are homostructure cross-chain just like they can just like interact with each other's directly because they are homostructure They're they're basically the same here's And when the when we are going to like reach out to Projects for example out is going to reaching out to either real At this time our Oracle will house. Yeah Actually, you if you did swipe your F token your ERC-20 F token to our native at F token and your users can choose to use a swap dot F dot IO that is a website and you can lock your ERC-20 F to our to a Ethereum contractor provided and then the in the background our Oracle even an official Organization is working to transmit the recipe to from Ethereum to our to F then after maybe several seconds or At an accident One minute you can receive your F token in our F minute. Yeah, so logically this is a this is a cross-chain transfer Yeah, logically, it's very very very complicated back back in the in the back. Yeah, because we use of midnight We use Oracle with we use a dozen of smart contracts But actually to our users if you have if any of our audiences has tried to Swap of midnight tokens on our website recently You will know this is just two clicks. You need to click lock On the left and receive on the right and that's it. That's it. You will get the native Yeah, and that's how you you transfer your digital assets from either realm to out. So, yeah, two clicks So the our command is already in use for swiping Yeah, actually I wanted to I wanted to get into this topic right after so they The alpha network Just a few weeks ago I think launched this token swap by which the elf token which used to be ERS C20 token So on the Ethereum blockchain it has migrated to the native blockchain of elf. So People were Invited to swap their all the ERC 20 token for the new elf token if I will understood right the guys Yes Okay, and So, can you maybe explain better? What was the rationale behind this move? Why did you decide to migrate the token to a native to the native network from your C20? Tokens and what are the functionalities of this new of this native elf token that you just Created Sure as I also explained a little bit earlier the midnight tokens web Intrinsically equals to a midnight migration. So when the ERC 20 elf token were replaced by midnight tokens the token assets will migrate from the Issyrium to our native blockchain network On elf the coins will be utilized for the practical value Specifically, there are three ways well first users can use elf as currency within elf ecology for this for fees such as transaction fees section index fees Deposit block rewards and many more and second users can hold elf tokens as delegated consensus equity sharing representative of Elf midnight this part is the EPO 80 DPS Submission by Ian before like you can vote and third you can participate in the development and governance of Elf midnight And for the government this part Here is something I would like to to add as we just complete the initial fees of voting on Elf midnight And if you can nicely share the picture the chart the return rate chart with our audience There we go in the first phase of Voting completed by September the 16th the hardest weekly return has approached amazingly 100 147 percent, which is a 7,640 percent API and here is the data like when you lock up ten thousand elf tokens on Elf midnight to vote for the candidate news and you choose to lock up for three three years The initial phase, which is seven days. Remember here. It's it's just a week return a weekly return the weekly return rate approached 146.91 percent So so I we have a colleague He saved 10,000 elf tokens to vote on September the 9th the first day of our midnight tokens He locked his tokens for three years and on September 16th, he redeemed 14,691 tokens as return just in a week and here he still has his 10,000 elf tokens take on our midnight, which means he could continuously receive dividends every week in the future Three years. I was very jealous as the return rate is just so enviable So I would highly encourage our token holders who who have the Who has the elf tokens to carefully think about it the EPI you should You would probably never ever find any other signal if you're like this But do please be reminded the return rate may decrease due to the increasing voting ticket And you can go to our our governance page to stay and to vote Mm-hmm Yeah, that sounds like a pretty great initial phase return rate so If someone maybe someone in our audience never was a token holder For these E for this ethereum token that you had before so if you don't have that token, how can you? Participate in this in this system. How can you get your hand over the elf token? Maybe you can explain just Like the procedure that someone can get to participate in with this token Okay, so the easiest way will be Binding midnight elf tokens on the exchanges who has already support out midnight tokens The support is exchanges now include upbeat Beats on will be global. Okay. Yes gate.io So far, right? Yes This five exchanges already support the alf midnight tokens once you have the alf midnight tokens you can This job. Yeah, we saw the the midnight tokens to midnight To to your alf night wallet, which is yeah, you have to create a alpha count using a wallet Wallet our attention Yeah, yeah, you can all the extension you can search you can search alf official wallet in Apple store, I think yeah, I store Yeah, so so so you can you can transfer your your midnight tokens to your wallet and then you just go to our website Just to stay a lot lobbying and vote for vote to someone and you have to catch the Kind of dividends. Maybe a few days later Yeah, and if you are you are you are a huge fan of non-supportive exchanges You will conduct the midnight tokens what by yourself Yeah, okay. So basically if you go to your website, you can decide the time frame You want to lock you want to stake your alf token for right? You can decide to stake them for one year or for two years and then you receive your Your returns according accordingly, right? Yes And the longer price is customized, right? Yes cut nice form three months to three. Yes Well, you can also click the link in the in the in the AMA below join our telegram our our community manager will be very Revealing to answer any of these questions. Yeah. Yeah Should be Awesome guys, so that sounds exciting so let's let's Wrap up things with one final question, which is the future of alf So what are the milestones that you that you hope to achieve in the following months? Oh Sure, sure I'll go through it. So as you can see we have been dedicated to carrying out our our works based on our roadmap And if you can show to our audience the roadmap of out for this year Yes, this one. So for the rest four months in 2021 We will start to deploy our new election and the second option These two things will be the key stones that buttress of midnight into a stabilized stage And we are trying our best to push things forward and we sincerely hope the state of life stage could come earlier So once I'll midnight turn stabilized We'll start to connect a mass number a huge number of projects to to increase the diversity of our Ecology and we will also spend some time Providing a blockchain solution to the traditional industries Yeah Technically out I will go to continue there and the several versions of alf itself country the the alf code is version is One point one point zero. So this is the version we use for swapping Some native con native tokens in the next version It should be one point one point one. We are upgrades the money token contractor, which is one of our system contracts and Refactor for alf network module will be done and at the same time an Ft Ft contractor will be deployed very soon and we are going to use some new tech technologies like DAPR To reflect some parts of alf code to basically speed up the transaction execution into a to a photo place I mean the GPS of a single section could be higher in the future besides decentralized storage mechanism and WebAssembly transaction Exciting environment is also shared on our Don't mind. Yeah. Yeah, and you can follow our media our our website join our our Telegram community and everything will be the subject and they will be They will be published as long as it's Unounceable. Yeah. Yeah, just to catch up the most the latest news Yeah, actually, I'm very much looking forward to this gaming platform because nowadays Gaming is one big part of the DeFi Ecosystem and there are very very cool things coming up in this field. So Guys, that was an amazing conversation Maybe you have any final Thoughts or remarks that you want our audience to know you can go forward Well, we really appreciate you hearing us for for the for the past 45 minutes and I hope I have explained the questions clearly and if you have any questions for me for Ian or work for the team Please go to our telegram communities and you can talk to us directly Yeah, I have I have to give away some useful information and more projects will be joining joining joining elf very soon We also know how to now to stake the elf token to get one of those puppets so Just Drawing the community and she will give you guys a very thorough tutorial Great and also don't forget to check out the website, which is a new brand website of elf. It's a elf dot com written a Elf dot com so everyone who is interested check it out We'll be looking forward to see the development of your project guys. Thanks a lot for being with us today Thank you. Thank you. Thank you Yeah, I'm Giovanni your host thanks everyone for watching and see you next time See you