We are seeing the landscape of blockchain technology constantly change and evolve over a relatively short period. The impact of the technology and utilisation has continued to grow and is now commonplace in many industries. One of the main drivers of adoption right now is the push towards Web3 and its multitude of applications.
We wanted to find out more, so we had a chance to speak to Linda Ang, Head of Strategy at aelf, who is in charge of driving the platform’s growth and impact. As we delve into this Q&A with Linda, we’ll explore how aelf differentiates itself in terms of scalability and security, the success stories emerging from the platform, and the strategies in place to foster the growth of the Web3 ecosystem in Southeast Asia.
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With aelf’s unique architecture and forward-thinking approach, the platform is redefining the possibilities of blockchain innovation, not just for native projects but also for traditional industries looking to embrace the digital future. As we discuss the various projects and applications built on aelf, we’ll get a glimpse of the platform’s versatility and the potential it holds for diverse sectors.
How does aelf differentiate itself from other blockchain platforms regarding scalability and security?
Currently, there are many blockchains in the market that position their features as unique and distinct from other blockchains. While some claims are true, some may not be. However, at aelf, we fortunately have time as proof of our visionary direction. At launch in 2017, our chain was built on the concept of mainchain-sidechain architecture.
This early vision sets us apart from other blockchain platforms as at conception, we know that blockchain will eventually be adopted on a global scale, and the chain must be geared for scalability. How do we achieve this? Our unique architecture allows projects built on the sidechain to offload the traffic from the mainchain. This means less congestion on the mainchain and better resource segregation as each sidechain will have its dedicated channel to process transactions.
Through this multi-chain architecture, security is also attained as each dApp (decentralised application) operates independently on its dedicated sidechain, isolating potential vulnerabilities and ensuring that issues in one chain do not compromise other sidechains or the entire network’s security.
These key features and capabilities of aelf position the chain as a promising layer-1 solution that can redefine the possibilities of blockchain innovation, not just for blockchain-native projects but also for traditional industries.
What are some of Southeast Asia’s most successful projects or applications built on the aelf platform, and how do they showcase their capabilities?
As a layer 1 blockchain network, aelf’s reach goes beyond the Asia region, and our market is global. Since we set base in Singapore in 2023, aelf saw the launch of numerous dApps on our blockchain. This includes a Web3 account abstraction wallet, Portkey; an NFT marketplace, Forest NFT; a hyper-casual game, BeanGo Town, and most recently, a token swap platform, AwakenSwap.
I want to bring attention to one of the dApps, Portkey, which I believe captures the potential of blockchain when done right. Portkey as a wallet, is integrated with familiar Web2 logins. Google accounts, Apple IDs, emails, and even mobile numbers, are all usable to create a Portkey account. Also, in the event you lose access to your account, most Web3 wallets require seed phrases for account recovery. Portkey does it quite differently. Through its Account Abstraction technology, you’re able to recover your account with your social accounts. Also, with the wallet’s compatibility to store various digital assets like tokens, NFTs, and inscriptions, Portkey might very well be the only gateway you need to enter the world of Web3.
How does aelf plan to support and foster the growth of the Web3 ecosystem in the region, especially for new and emerging startups?
I’d say that Southeast Asia’s startup landscape is very similar to the Web3 ecosystem – nascent yet fast-growing. It has seen rapid growth and development as a region over the past few years and is set to become a vibrant hub for innovation and entrepreneurship. To foster the Southeast Asia Web3 ecosystem, we are proceeding on a few fronts.
Developers should be empowered to integrate blockchain features into their projects seamlessly, and we are facilitating that with our new Developer Center. The centre is a complete guide for developers to start a local development environment on aelf, develop smart contracts and deploy to testnet.
We also recognise that Web3 projects often face struggles in securing funds to further scale up their projects. To encourage more innovation, aelf has allocated a US$50 million ecosystem fund into our global investment arm, aelf Ventures, for innovative Web3 projects to receive the support needed. Web3 gaming has been a great area of focus for aelf, which has led us to create our gaming vertical, aelevate, to provide support for Web2 gaming studios who are looking to transition into Web3 gaming.
Going beyond financial backing, we recently launched our incubator, AEVOLVE Labs, offering tailored support to promising early-stage blockchain startups. Depending on the nature of the project and the resources needed, startups that are enrolled into the incubator will receive 1:1 mentorship, networking opportunities, funding and advice on their go-to-market strategy.
We are also always on the lookout for strategic partnerships with key enterprises across different industries. This ensures that we continuously innovate and explore value-creation opportunities within and outside the blockchain space. I am proud to share that we have recently joined hands with Plug and Play to tap into their extensive network of corporate partners to explore new blockchain use cases and applications across various industries. This allows us to reach companies that were previously unfamiliar to blockchain technology and introduce them to the world of Web3.
With the increasing importance of decentralisation and user empowerment, how does aelf ensure that its platform remains accessible and user-friendly for a diverse range of participants?
At aelf, we adopt a user-first approach in everything we do and our platform is designed with our users’ experience in mind, ensuring that both newcomers and experienced users can seamlessly navigate and engage with our ecosystem. From intuitive user interfaces to seamless onboarding, we aim to democratise access to blockchain technology through our platform.
aelf has also been advancing towards deeper decentralisation to become the one-stop solution for Web3 dApps. We are a community-driven blockchain and we want to empower our users with decision-making power in not just our governance, but also in the development of our ecosystem. By doing so, we will be able to tap into our diverse and vibrant community and unlock the potential of a decentralised future.
What’s next for aelf?
2024 is a year that’s widely anticipated by the Web3 community and like many, I foresee the year to be a bullish one. As everyone waits with bated breath on how the market will perform, aelf is ramping up on our efforts in building and innovating more products to offer to our community. We pride ourselves on leading the charge in driving Web3 gaming and NFT adoption. We are at the forefront of the latest industry trends and constantly innovating to ensure that we are staying ahead of the curve and exploring new horizons.
Looking ahead, aelf is committed to bringing fresh and exciting ideas and products to the market that redefine what’s possible in the realm of Web3 gaming and NFTs, and solidify our position as a key player in the blockchain ecosystem. We also want to expand our reach to more game makers, developers, artists and creators, creating a pool of talents that will contribute towards a stronger ecosystem.
Ever since I dabbled into the Web3 space a couple of years back, I have witnessed the industry’s transformative growth and the untapped potential of a truly decentralised future. From DeFi and NFTs to Web3 gaming, I am thrilled to be a part of this revolutionary space and are excited to introduce more projects that will unlock new possibilities for our users worldwide.