Scalability, sustainability, and security are the three critical issues facing blockchain developers. Innovations that surpass the Bitcoin proof-of-work method must also handle higher volumes of transactions and offer greater security for transactions.
Alephium is one of the outstanding blockchain concepts available today. This blockchain network claims to offer an improved, more scalable UTXO model compared to Bitcoin, along with better programming capabilities for developers.
While it is still at a fairly early stage, our Alephium review considers whether the concepts introduced by this network can solve those key issues.
What is Alephium?
Alephium is a purpose-built blockchain project that aims to solve the numerous problems of Bitcoin and other major cryptocurrencies. Foremost among these is scalability. Bitcoin is notoriously poor at scaling for small transactions, with high transaction fees pricing many average crypto enthusiasts out of the market during high-traffic periods.
This platform takes several key concepts of Bitcoin and aims to improve them. These include:
- UXTO (unspent transaction output) – made more scalable to facilitate smaller transactions more efficiently.
- POW (proof of work) – switched to POLW (proof of less work). Developers claim that this system saves almost 90% of the energy used to mine Bitcoin. It is a dynamic mixture of regular physical work and adjustments made according to Coin economics.
- Improved TPS using sharding – the sharding algorithm used by Alephium is called BlockFlow. Sharding means distributing a data set between several databases. Consensus between “sharded” information allows transactions to be processed much faster and more securely. Developers project that this method could allow the Alephium network to process up to 10,000 transactions per second.
For reference, the Bitcoin blockchain processes around 7TPS while the Alephium blockchain processes around 400TPS. This could increase dramatically in the future.
How Does Alephium Work?
The platform aims to allow users to build decentralized apps, smart contracts, and protocols on a secure, scalable blockchain. It uses a programming language called Ralph for dApps. Programmers familiar with the Rust programming language will find Ralph both familiar and intuitive. Smaller dApps may benefit from the blockchain’s scalability, as this allows smaller transactions to be processed more efficiently.
Users can apply for grants for projects. The ecosystem is governed by users, and worthwhile projects may receive backing to launch on the platform. It also allows users to earn rewards through mining.
Step-by-Step Guide to Creating an Alephium Wallet
- To create your Alephium wallet, visit the website’s homepage at alephium.org and click the “get the wallet” tab at the top-right of the screen.
- This links out to the release page. Here you can see all the latest developments in the Alephium wallet and download your own.
- You can then start mining the coin for rewards.
- The coin is also traded on gate.io.
Who is Alephium For?
The platform is ideal for developers looking for ways to make small transactions more efficient and thereby make small crypto projects more viable. Reducing the transaction cost and increasing the TPS volume means that Alephium has numerous advantages for developers compared to Bitcoin and Ethereum. It supports dApps, NFTs, and countless other applications.
It also aims to help developers create more secure applications. To this end, it uses a proprietary VM known as Alphred to make developers’ lives easier and minimize the risk of security issues. Its programming language, Ralph, was developed with the further goal of making decentralized finance transactions (DeFi) easier for developers to implement securely.
A longstanding issue with the Bitcoin blockchain is that while it remains the biggest engine in crypto, it is increasingly inaccessible to smaller developers and currency holders. Alpehium is one of several projects aiming to answer this problem for independent developers and traders.
Who is Behind Alephium?
Cheng Wang, a software developer, founded Alephium in 2019. The platform has undergone steady growth since then and has acquired backing from several parties, including Alphemy Capital, Archery Blockchain, and White Paper Capital. Its presale raised $3.6m, with 80 contributors investing.
What Makes Alephium Unique?
Sharding may become common in blockchain development over the next decade. Alephium is pioneering the technology in crypto. Using sharding to increase the TPS volume and make transactions more scalable addresses one of the key issues with larger cryptocurrencies.
Conclusion
The platform identifies and aims to address the core problems with Bitcoin, Ethereum, and other major cryptocurrencies while building on their strengths. Alephium remains a fascinating prospect moving forward – visit the platform’s website to learn more.
FAQs
Is Alephium legit?
Yes – the currency and blockchain are both legitimate.
What do you do with Alephium?
Users can mine the currency as soon as they download an Alephium wallet. Alternatively, developers can write programs using the platform’s proprietary language and even apply for funding for dApps and development projects.
What exchange has Alephium?
The coin is traded on gate.io and can be mined directly when you sign up for a wallet.
