Have you ever heard of any consensus mechanism other than Proof of Work or Proof of Stake? Actually on the market today there are many Blockchains using different consensus mechanisms, however they are not really popular so most only know PoW or PoS. Today, you and I will learn about another project that uses a rather special consensus mechanism, Aleph Zero.
To better understand Aleph Zero, people can refer to some of the articles below:
- What is Blockchain Layer 1? The Importance of Layer 1 in the Crypto Market
- What is Consensus Algorithm? How Blockchains Work Efficiently
- What is Ethereum? All About Ethereum
Overview of Aleph Zero
What is Aleph Zero
Aleph Zero is a layer 1 blockchain, targeting businesses and organizations with the AlephBFT consensus mechanism, helping to increase scalability, reduce costs and transaction times.
Features of Aleph Zero
The first thing to mention is new consensus mechanism AlephBFTthis is the mechanism that makes Aleph Zero infinitely scalable, minimizing transaction costs and making transactions proceed fastest.
As in traditional blockchains, transactions will be collected and put into blocks and then wait for authentication from nodes in the network. However, the AlephBFT consensus mechanism uses a Direction Cyclic Grass (DAG) type data structure, allowing multiple users to create units/blocks at the same time and the blocks are then sorted and validated according to the new consensus. . Such an approach allows for large gains in both speed and throughput of the entire platform. However the project is still a blockchain and not a DAG like Nano and Iota, as it only uses the DAG as an intermediate data structure to help facilitate faster transaction completion times.
The second characteristic of Aleph Zero is Strongly enhance privacy. Why is this important?
Like other Blockchains, transactions and user interactions will always be public on the Blockchain. This has no effect on normal users because no one knows who the exact owner of that wallet is, although However, for users who are organizations and businesses, it is different. Many of their transactions are directly related to profits and business secrets, so completely disclosing transactions and interactions on the blockchain in a way going public seems impossible. Understanding that problem, Aleph zero has created a Liminal security layer. Liminal uses a combination of zk-SNARK and sMPC technologies to protect user transaction data. Zk-SNARK ensures that transaction information remains private while nodes can still confirm its validity, while sMPC allows data fragmentation, one node cannot have full information Complete data without consensus from all other nodes.
The third feature of Aleph Zero that must be mentioned is the ability to interact with the cross-chain. Aleph zero is built on the Substrate framework (similar to Cosmos SDK). This does not make Aleph Zero a parachain of Polkadot, but it is fully compatible with Polkadot, allowing the project to join Polkadot’s huge ecosystem.
The above three characteristics are quite outstanding features that make Aleph Zero different from other blockchains and it is quite suitable for businesses that want to integrate Blockchain technology.
Development Roadmap
The road map implementation project includes 7 phases
Phase 1
- Launch of the BFT consensus protocol at the conference
- Run a test of the BFT protocol
Phase 2
- Announcing the results of the test: The test of the consensus mechanism had quite good results of 89,600 tx/s.
Phase 3
- Trade AZERO coin on blockchain
- Polkadot integration
- Re-implement the on-chain consensus mechanism using Substrate
Phase 4
- Account explorer: Allows users to view data about transactions on bc
- Validator elections: Validator elections, whoever is authorized to hold more shares will become the validator.
- Launch of smart contracts
- Allows storing AZERO on Ledger wallet
Phase 5
- Prepare for future chain upgrades
- Launch of a basic smart contract template including backend templates and wallet user interface integration
- Metamask integration
- Launched Validator Dashboard
- Launched Liminal v1
Phase 6
- Define the role of the Foundation
- Develop tools for smart contracts
- Launched Liminal 2.0
Phase 7
- Switch to community governance mechanism
- Launched Liminal 3.0
- Launching decentralized applications
Currently, the project has completed Phase 7.
Core Team
- Adam Gagol Co-Founder of Aleph Zero Foundation: He has a PhD in mathematics. Adam also has extensive experience in data science and machine learning.
- Matther Niemerg is Chairman of the board of directors of the Aleph Zero Foundation. He holds a doctorate in mathematics from Colorado State University and is a member of the IBM Center for High Performance Computing. He has also been involved in DLT since 2014 and provides consulting for various projects. His areas of expertise are security, consensus models, cryptographic schemes.
- Michal Swietel Co-founder of Aleph Zero Foundation. He graduated from Jagiellonian University and received a doctorate in mathematics in the field of geometry and a bachelor’s degree in computer science.
- Antoni Zotciak is Co-Founder of the Aleph Zero Foundation. He has extensive experience in technology marketing and has participated in many projects for ING, Samsung, Sony, Olympus and Nikon.
Investors and Partners
On February 14, 2022, the project raised $1,500,000 in Seed round from investment funds: RR Capital, Super Nova invest, Ret rock Capital,…
Tokenomics
Information about Aleph Zero token
- Token name: Aleph Zero
- Ticker: AZERO
- Blockchain: Azero blockchain.
- Total supply: 300,000,000
Token Allocation
- Foundation: 23.3
- Pre-sale: March 18
- Seed: 16.7
- Pre-seed: 16.7
- Team: 10
- Public Sale: 10
- Community Sale: 5
Token use case
AZERO is used to secure the network through staking and payment of transaction fees
Exchanges
Currently you can participate in buying and selling AZERO on the exchanges Cooperative, Gate, Kucoin,…
Aleph Zero Project Information Channel
- Website: https://alephzero.org/
- Twitter: https://twitter.com/Aleph__Zero
- Discord: https://discord.gg/alephzero
- Telegram:
Summary
Aleph Zero is a layer 1 blockchain project focused mainly on businesses and organizations, this could be the right direction and minimize competition with other layer 1 blockchains. Currently, the project also has a $50m incentive program to stimulate development projects in the ecosystem. If you are interested in the project, please follow me to update the latest information.
