aelf recently announced the results of their testnet, and they’re highly promising. The project managed to achieve almost 15,000 transactions per second, an incredible achievement which shows the technology is working exactly the way it should.
aelf’s vision is an inspiring one — they want to make blockchain technology much more applicable to real-life projects and business use cases. Their goal is to move the technology out of the realm of speculation and hype and bring it into the physical world.
Blockchain has a ton of possible use cases, and the tidal wave of hype and excitement surrounding the technology in recent times is well justified. But if it’s to really make its mark on the world and achieve its true potential, blockchain has to tackle the scalability problem.
Right now, blockchains are struggling to process enough transactions per second. Bitcoin only manages around 7, and Ethereum around 20. That’s not enough to support big enterprises with huge volumes of data.
That’s where aelf come in — they want to massively increase blockchain’s transactions per second so large organizations can truly rely on the technology.
Their solution focuses on nodes. Right now, every blockchain network is made up of nodes: computers which hash transactions, create blocks, store the ledger of information, and verify transactions. Essentially, nodes are the network.