As always It’s my pleasure to welcome you to this week’s crypto review where we take an in-depth look at some of the latest and most talked about projects in the space. This week we’ll be stepping back into that hot Defi space to review a new project called Aleph.im.
Introduction
Aleph.im (ALEPH) is a cross-blockchain layer-2 network built on the NULS ecosystem and focused on decentralized applications and their related infrastructure (storage, computing servers, security). Where the projects focus is to decentralize and revolutionize the web and cloud services. Many of the current blockchain-related technologies cannot scale to the levels needed for large applications (social networks, web apps, IoT providers, etc) used on a daily basis. Aleph intends to provide a solution to these issues by offering fast single cross-technologies and cross-chain solutions on a decentralized and reliable ecosystem.
Aleph launched their mainnet on June 4th, 2019 with their website currently operating off that network. Aleph is building this second layer solution by adding an extra layer of truth to the existing smart contract economy via “agents” running API servers. Agents will commit the messages on the blockchain for the users and be incentivized to do so by the network’s token. They will then spend the native chain asset and receive the token in exchange for their service. Then that agent’s work will be verified by the previous agent, validating the transaction and increasing the agents credit score. This will allow for free and instant interaction with dapps for efficient batched inserts on the blockchain. The hashes of the data are stored on-chain but the data itself is stored encrypted or not on IPFS. Posting is done either via API by the dapps to an API node, or by IPFS if available on the browser. Rewards are issued for each signed message, storage of application data and locking tokens into the underlying NULS chain. Of those rewards, a part will come from monetary creation, and apart from dApp owner incentive to focus on the use of their apps and their user fees. Meaning Aleph.im operates as a cloud storage service for existing blockchains. Current underlying chains able to operate on the network are NULS, Binance, Bitcoin, Ethereum, NEO, and EOS. In future upgrades, the Aleph protocol will look to add ID services for defi verification systems.
Earlier this year Aleph absorbed the existing codebase from the now-defunct project PikcioChain (PKC/PKX). The platform offered a private and customized search engine, a decentralized peer-to-peer chat, and a wallet that operated with smart contracts on ETH, later integrated to the NEO blockchain. After falling victim to attacks and many token changes as a result the registered company PikcioAG shut down in early February 2020 after being delisted that same month. The team at Pikcio then decided to dedicate their remaining time and effort to collaborate and transfer its technology into the hands of the Aleph.im network team. Concluding with Aleph conducting a token swap ratio of 1 ALEPH for every 5 PKX/PKC NEP-5 tokens on the NEO blockchain.
The Token
ALEPH was originally issued as an NRC-20 token on the NULS blockchain. Started in August 2019, Aleph and NULS jointly completed testing of a new staking service, staked coin output (SCO). This means there was no IEO or ICO for…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
