Aleph is a secured decentralized network developed for Decentralized Finance (DeFi). The protocol commits to rendering safe storage and computing to decentralized applications (dApps) on any Blockchain.
Their mission is to decentralize and transform the web and the cloud by formulating a layer two network resolution, specifically concentrated at information storage and computing capability for dApps. Prevailing dApps are usually unpredictable, crawling and fastened to single Blockchain structure. However, dApps have to surmount these limitations, coupled with the necessity to interact with other Blockchains.
Most Blockchain projects in existence lack the ability to scale to the point where they are required for comprehensive utilization such as social networks, web apps, IoT providers, among others. Aleph proposes to implement a remedy to these constraints with swift exclusive cross-chain relief based on a decentralized and robust ecosystem.
Aleph provides tools and network to empower developers to build decentralized applications and accessories. Currently, application in use is the My Aleph Beta, which is a privacy-oriented peculiar storage dApp substituting centralized cloud arrangements and notes taking software.
How Aleph Works
Blockchains that employ the Aleph network can sign transactions and messages instantly. The messages can originate from sources like IoT, dApps, web apps and others. When the messages go to the protocol, it processes them along with other applications. The process advances a novel element to the dApp system.
Therefore, it facilitates a second layer responsible for interconnecting aggregated Blockchains, basically constructing a link among all of them. Aleph additionally permits considerable more competitive, or sometimes no fees, engagement with dApps offering users the capacity for sizeable content writing on the Blockchain enabling a fee-free transaction.
The procedure becomes possible through what is achieved by representatives conveying messages on the Blockchain, and consuming the local chain asset but accepting the Aleph network token.
The ALEPH Token
Known as ALEPH Token, it is the native utility currency for the Aleph ecosystem. It has various use case applicability within the system that make the network function in its entirety.
These applications include:
- As a Reward for signed messages written on the Aleph Blockchain.
- Reward for storage of application data and availability of API (These two factors are compulsory for nodes).
- Payment for computing on the Aleph Blockchain.
Additionally, the token has an economic incentive angle for its community and hodlers. There are a couple of means to earn tokens in the network as well:
- Running nodes and staking on the nodes.
- Staking NULS on pocm.nuls.io to receive ALEPH tokens (15,000 tokens distributed to all stakers every day).
- Liquidity providers on Uniswap receive 15,000 ALEPH shared equally on a daily basis.
Chains on Aleph
So far four prominent chains are interconnecting with the Aleph Blockchain:
NULS: NULS was the first Blockchain to interconnect on the Aleph network. It utilizes the business information on transactions model with all Aleph messages getting sourced on the NULS Blockchain for utmost safety.
For example, the python NULS block explorer built by Aleph developer Moshe Malawach affords a speedy route to question the NULS Blockchain and locate particular transactions. NULS has a block time of 10 seconds while its Proof-of-Credit (PoC) algo provides ideal protection to the Aleph Blockchain.
Ethereum: Applying an Ethereum Smart-Contract, Aleph messages associated with Ethereum addresses, Smart-Contracts and digital assets become referenced on the ETH Blockchain for the best safeguard.
With IPFS network adaptability with the Ethereum block is leveraged to ensure synchronization.
Binance Chain: With transaction mentions, Aleph messages linked to Binance Chain addresses or assets receive referencing on the Binance Blockchain for highest security. Messages assigned to a fixed binance chain address get scanned for Aleph messages.
NEO: The Neo Blockchain underpins several languages for the native Smart Contracts, and it is a popular choice for many dApps. Its delegated Byzantine Fault Tolerance (dBFT) consensus mechanism is a pioneer and reliable outlook for Blockchain security.
Aleph messages connected to Neo addresses, smart-contracts and assets are referenced on Neo Blockchain for the purposed of ensuring tight security. Authorized messages sent by synchronization agents go through a scan.
Join Aleph Community
If you are interested in joining the Aleph community, here are links to their social media accounts:
Check out the source code at the Github.