Aelf (ELF) can go big if they keep up the good work

Aelf’s month of July was pretty much more of the same stuff we saw from many other alts out there. The coin saw some action during the 18th, when Bitcoin’s initial run caused several coins to initiate a small, day long “alt season”. At its monthly peak aelf was traded at $0,8433, with its BTC value reaching 11330 satoshi. Throughout the following week the coin slowly bled out, reaching $0,58/7479 satoshi at one point. Since then we saw it recover slightly and rise up to its current levels of $0.712790 (2.37% improvement in the last 24 hours)/8678 satoshi (1,58% improvement in the same time frame). The coin sports a market cap of $178,197,500, which makes it the 62nd most valuable cryptocurrency on the market.

AdamNo_L posted the above image on TradingView with the following analysis:

“Hard bounce on the daily. Bullish RSI . Killer Project. Its going up. Only question is, are you coming?”

His sentiments aren’t shared by others, as some feel that the latest run-up the coin experienced ran out of steam too soon, and the general feeling is that a weak support at $0,70 will be broken through in the short term. A bullish run would need to go over $0,76 to confirm itself and lead to further gains.

Read: Check out some more popular crypto wallets like Exodus wallet, Electrum wallet, Jaxx wallet.

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The most important thing about aelf is that it currently has a live testnet, which was launched in early July. Apparently the testnet is bringing in some results as the team implemented the following improvements to the main chain:

  • Implemented rollback functionality for transactions and state in case of fork.
  • Improved current implementation to support different consensus protocols.
  • Improved metadata module for detection and storage to support transaction scheduling.
  • Refactored the network threading model in order to have a more efficient pipeline.
  • Standalone/multi node testing including manual testing, automated testing scripts creation and other testing tools setup.

In other news, there were several important meet-ups and events throughout the past week. Aelf, Arrington XRP and Signum Capital cooperated and arranged a gathering aptly named “The Crypto Connection” which was held on the 16th in Seoul, South Korea. This event was a part of the Korea Blockchain week and managed to host around 600 people and investors from major funds like FBG, DHVC Hashed, Galaxy etc. The purpose of the event was to network with similar-minded individuals and discuss the issues and opportunities which currently exist in the blockchain industry. Just a day later we saw aelf COO Chen Zhuling speak on “Beyond Blocks Summit Seoul”, where he took the time to praise his project:

“In the current marketplace, the project team needs to work harder to improve its products. ELF is an outstanding project which has international investors, communities and teams combined,” said Zhuling. “The test network has been released as planned and we expect more participants from the communities to improve the product together,” he concluded.

20th of July saw the team attend TXGX forum organized by Kakao and Ground X, where Zhuling delivered a keynote speech. This technology-oriented forum has always welcomed blockchain projects in the past, and this apparently hasn’t changed. Zhuling had more words of praise for aelf here:

“Aelf provides strong performance support for the network through node and parallel processing algorithms and specialized multi-level side chain structure,” he explained to the gathered crowd.

A couple of cooperations have also been confirmed, including exchange listings (BitForex, HitBtc), becoming a part of the Huobi HB10 index and making a partnersip with Republic, a SEC licensed, FINRA-regulated investment platform. Republic is the first partner in the aelf-backed project called Innovation Alliance, which aims to provide investment counsel to projects under it and provide enterprises and new blockchain projects in the alliance the opportunity to host compliant token presales on Republic platform. Zhuling had a lot to say about this partnership:

“Many existing businesses interested in blockchain integration, or smaller projects working on blockchain-based business solutions, are up against an uneven funding landscape that is geared toward the wealthy. Republic’s approach to cross-border collaboration and regulatory robustness will help to reshape the way founders and decision-makers overcome these imbalances, making it the perfect fit for the Alliance and the partners’ mission to improve and professionalize the overall blockchain ecosystem. Leveraging Republic’s deep regulatory knowledge within the United States, one of the world’s most stringent and conservative jurisdictions for blockchain experimentation, the alliance will demonstrate the value of qualified blockchain investment counsel for the increasing number of projects calling out for guidance on a global scale.”

A couple of community related events are also happening at the moment. A “SuperLock” promotion is being organized in cooperation with Hyperpay, where users will be paid a 2.5% interest for holding ELF tokens in their HyperPay wallets. Finally, an awards ceremony will be held for the fans and members of aelf’s telegram group on July 28th, where such accolades as Most Active User, Most Valuable Comment and Funniest Comment will be handed out to lucky winners.

The project which aims to become “the Linux of blockchain” seems to be heavily invested in completing the tasks at hand and as such should be in a good position once the actual alt season starts.

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