Halving 101: How to Prepare for Halving (Part 3)

The aelf halving is right around the corner, marking a significant milestone for the AI layer 1 blockchain network. In part 2 of our aelf halving series, we looked into the ripple effects and impact of halving events on blockchains. As we approach this exciting Web3 event, it's time to gear up and prepare for the changes and opportunities that lie ahead.

How Investors and Miners Like to Prepare for Halving Events

Crypto investors and miners often take specific steps to prepare for halving events, recognising their potential impact on the market.

Taking a cue from past Bitcoin halvings, crypto investors would practise a mix of the following: Research, diversification, and future planning. On the other hand, miners prepare by evaluating hardware needs and rewards strategies.

Investors:

Research: Investors closely monitor the timing of upcoming halving events, study historical price trends, and gauge market sentiments. They also keep abreast broader economic news that could influence crypto prices.
Diversification: Halving events may lead to price increases, but it's not guaranteed. Diversification can help protect investments and mitigate risks.
Future plans: Many investors mull over long-term strategies, recognising that crypto prices can be highly volatile in the short term but have shown significant growth over the long term, especially following halving events.

Miners:

Hardware needs: In anticipation of a halving, miners may upgrade their hardware to more energy-efficient models. They also carefully evaluate operational costs, including electricity and maintenance, to prepare for reduced rewards.
Rewards strategy: It may include holding on to mined coins in anticipation of a price increase or adjusting their mining setup to remain competitive in light of halved supplies.

aelf's First Halving: Understanding the Significance

The aelf halving is more than just a technical event on the AI blockchain; it's a testament to aelf's commitment to long-term sustainability and network health, through Web3 and AI integration. By reducing the block rewards from 0.125 to 0.0625, aelf aims to control inflation and ensure the longevity of its native ELF token.

This event also provides an opportunity to reflect on aelf's impressive strides in Web3 and AI technology over the past four years:

Launch on mainstream exchanges: aelf has achieved significant traction in the cryptocurrency space, with the ELF token listed on major exchanges like Binance, OKX, and Upbit, increasing accessibility for global crypto investors.
Thriving ecosystem: A vibrant ecosystem of decentralised applications (dApps) has blossomed on aelf's AI layer 1 blockchain, and they've consistently demonstrated strong growth. Portkey, a Web3 wallet built on aelf, boasts over 300,000 users, while AwakenSwap, a decentralised exchange, has reached $2.49 million in total value locked (TVL). ETransfer, aelf's cross-chain bridge, has facilitated more than $10 million in transaction volume.
AI partnerships: As a newly forged AI layer 1 blockchain, aelf has formed partnerships with prominent AI projects like Aethir, Nukl.ai, and ChainGPT. This focus on AI integration in Web3 unlocks new possibilities for developers and Web3 users, enabling innovative solutions across various industries.
Community governance: The launch of Network DAO in collaboration with TMRWDAO signifies aelf's commitment to decentralised governance. Votigram, a new Telegram bot built on TMRWDAO's infrastructure, was a marquee launch that lets users create community polls with on-chain recorded votes.
Tireless improvement: aelf has consistently delivered mainnet upgrades, enhancing usability and performance for both users and developers. These upgrades, along with contract upgrades and a significant reduction in transaction fees, demonstrate aelf's dedication to providing a seamless blockchain experience.
Visionary roadmap: aelf's pivot towards an AI blockchain, marked by a brand refresh and the release of its Whitepaper 2.0, outlines AI-powered features like smart contract audits, gas fee optimisation, AI chatbots, and an AI oracle

How to Prepare for aelf's Halving

Here are some practical steps you can take to prepare for the aelf halving:

Stay informed: Keep abreast of the latest updates and announcements regarding the halving. Follow aelf's official channels and community forums to stay in the loop.
Review your ELF holdings: Assess your current ELF token holdings and consider your investment strategy in light of the halving
Explore staking and DeFi opportunities: Research staking mechanisms and DeFi platforms to discover potential avenues like liquidity pools
Engage with the aelf ecosystem: Dive deeper into the aelf ecosystem and explore its diverse range of dApps and projects. The halving presents an opportunity to discover new use cases and participate in the network's growth, which saw Web3 and AI integration.
Spread the word: Share your knowledge of the aelf halving with your network and encourage others to learn about this significant event

In Closing: The Future of aelf, Post-Halving

The aelf halving is a pivotal moment in the evolution of this AI layer 1 blockchain platform. By understanding its implications and taking proactive steps to prepare, you can position yourself to navigate the post-halving era and embrace the exciting opportunities that lie ahead.

Join us as we embark on this next chapter in aelf's journey, and let's witness new frontiers that AI and blockchain can unlock.

aelf's layer 1 AI blockchain is equipped with artificial intelligence functionalities that provide real-time support to Web3 users and developers, making the technology more accessible and user-friendly.

With its customisable architecture featuring a MainChain and dAppchain, aelf boasts scalability and interoperability, making it conducive for supporting a variety of dApps across DeFi, gaming, and SocialFi.

aelf is preparing for its first halving event—set to take place on 12 December 2024—a key milestone that will see a greater expanse of growth and evolution for the AI blockchain.

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*Disclaimer: The information provided on this blog does not constitute investment advice, financial advice, trading advice, or any other form of professional advice. aelf makes no guarantees or warranties about the accuracy, completeness, or timeliness of the information on this blog. You should not make any investment decisions based solely on the information provided on this blog. You should always consult with a qualified financial or legal advisor before making any investment decisions.

About aelf

aelf, an AI-enhanced Layer 1 blockchain network, leverages the robust C# programming language for efficiency and scalability across its sophisticated multi-layered architecture. Founded in 2017 with its global hub in Singapore, aelf is a pioneer in the industry, leading Asia in evolving blockchain with state-of-the-art AI integration to ensure an efficient, low-cost, and highly secure platform that is both developer and end-user friendly. Aligned with its progressive vision, aelf is committed to fostering innovation within its ecosystem and advancing Web3 and AI technology adoption.

For more information about aelf, please refer to our Whitepaper V2.0.

Stay connected with our community:

Website | X | Telegram | Discord

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Tool/Platform	What's it about
ChainGPT	An AI-powered assistant for the blockchain and crypto industry, specializing in content creation, language translation, smart contract coding, and more.
aelf	A high-performance, customisable multi-chain blockchain framework with AI-powered smart contracts and a developer-friendly environment.
Quick Intel	An AI-powered crypto security platform that helps investors avoid scams, rug pulls, and honeypots by analysing smart contracts, social sentiment, and on-chain data.
Cogwise AI News Aggregator	An AI-powered news aggregator that analyses real-time news and global trends to predict market movements in the crypto market.
OpenAI Codex	An AI system that transforms natural language into code, automating code creation for smart contracts, blockchain applications, and other development tasks.
QnA3	An AI-powered Web3 knowledge hub that provides real-time information and insights on cryptocurrencies, blockchain projects, and the broader Web3 ecosystem, with unique Solana Actions integrations.
Fetch.ai	A platform that combines AI and blockchain to create autonomous economic agents (AEAs) for various applications, including supply chain optimisation and smart city management.
Octavia	A decentralised digital identity (DID) platform for creating and managing self-sovereign digital identities, empowering users to control their data and online presence.
TensorFlow	A versatile open-source machine learning framework used for building AI models that can analyse blockchain data, enhance security, and predict market trends.
Alethea	A platform that creates 'Intelligent NFTs' (iNFTs) with unique personalities and the ability to engage in conversations, powered by AI and blockchain technology.

Chain	URL	Explorer
AELF	https://aelf-test-node.aelf.io/	https://explorer-test.aelf.io/
tDVW	https://tdvw-test-node.aelf.io/	https://explorer-test-side02.aelf.io/

Feature	Description
Inheritance	ERC-404 inherits from the interfaces IERC-404, IERC721 Receiver, and IERC165, implementing functions specified in these interfaces, behaving as both ERC20 and ERC721.
Data Structures	Mappings track balances, allowances, approvals, and ownership of tokens. Double-ended queue stores ERC721 token IDs. Data for managing ownership and indices of ERC721 tokens.
Constructor	Initialises token name, symbol, decimals, and other necessary variables for ERC20 and ERC721 tokens.
Token Minting and Burning	_mintERC20 function for minting ERC20 tokens. _retrieveOrMintERC721 function for minting ERC721 tokens and retrieving from a bank. _withdrawAndStoreERC721 function for depositing ERC721 tokens into the bank.
Transfers	Functions for transferring ERC20 and ERC271 tokens between addresses. Distinguishes between token types based on ID. _transferERC20WithERC721 function handles transfers involving both types.
ERC20 and ERC721 Interactions	Approve function handles approvals for both token types. Functions like transferFrom, safeTransferFrom, and permit handle transfers and approvals.
EIP-2612 Support	Supports EIP-2612 permit functionality for ERC20 tokens.
Interface Compatibility	Implements necessary functions for ERC-404 and ERC165 interfaces, indicating compatibility with ERC20 and ERC721 standards.

Role	Max Number
BP	2N+1, N starts from 8 in 2022
Candidate node	5*(2N+1)
Voter	No limit

Benefits	Description
Makes smart contracts 'smarter'	AI-driven smart contracts can autonomously modify terms based on predefined conditions and real-time data input, ensuring that the contracts are not just automated but also intelligent and self-improving over time.
Levelled up data analysis	Data is the new oil, and AI is the machinery that refines it. It is possible for AI to reduce large-volume blockchain data analysis time by up to 90%.
Boosts security	Through machine learning models, AI can prevent frauds and detect security threats in real time. It can identify potential breaches, predict future threats, and adapt to evolving security measures.
Lowers carbon footprint	AI algorithms help optimise energy consumption in blockchain operations, given the flak drawn by activities like Bitcoin mining.