Largely under the radar, the company announced they completed an ‘oversubscribed’ funding round that included an all-star lineup of investors. They plan to build a cloud-like operating system that acts like a ‘central business district’ for all blockchains, including Bitcoin and Ethereum.
Ælf, a blockchain technology company developing a new ‘Cloud Operating System’ that will act as a central hub for all Blockchains, has announced the company has raised 55,000 Ether (the spot price was USD 450 by then) in a private-only token sale from an all-star lineup of investors. The company stated that none of the investors received discounted rates or bonus tokens for their investments.
A New, Decentralized ‘Cloud Operating System’ for ALL Blockchains
The current challenge preventing large scale commercial adoption of Blockchain technology is its inability to meet the requirements of various complex business scenarios. The “one size fits all” Blockchain faces tough dilemmas to balance needs from different business scenarios. For example, digital ticket issuance or payment processing would require high number of transactions per second, while digital legal contracts would emphasize high security and reliability. In a perfect world, there would be one blockchain that would have high efficiency, flexibility, adaptability, and compatibility.
However, the fundamental nature of technology development doesn’t normally accommodate for one complete solution for everything. Specifically, with blockchain, it’s currently not possible to provide all of these solutions due to a number of issues, including: Block Inflation, Dilemma of Protocol, transaction rate and scalability.
Ælf has proposed one platform that would serve as an operating system for all Smart Contracts without performance interference. For example, if Cryptokitties is running on one side chain of Ælf, other Smart Contracts would be running smoothly on other chains. In addition, operating system usually features powerful computational power to handle complex transactions. Ælf achieves that target via enabling nodes to run on a cluster of computers, processing transactions in parallel instead of linearly.
One of the first private-only token sales’
In an announcement, the company has stated that they have raised 55,000 ETH from a group of all-star group of investors, including: Alphabit (UK), Block Tower (U.S.), 1kx capital (Germany), Hashed (South Korea), Signum Capital (Singapore), FBG Capital (Singapore), Galaxy Partners (U.S.), and more. The company also mentioned that the sale was oversubscribed 5x by private investors.
The project is being developed by Hoopox a software development firm which has received $5.2 million in funding already so far in 2017 for the project. The current fundraising round was led by FBG Capital out of Singapore.
To incentivize community involvement, Ælf has indicated that 12% of all tokens will be allocated for marketing activities and airdrops and suggested users to follow their social channels for future announcements.