One of the biggest names in Cryptocurrency has backed a new Blockchain network to be the major investment play for 2018.
Alphabit CEO Liam Robertson, who manages the US$300million regulated Alphabit Digital Currency Fund, has said that AELF is his crypto pick for the coming year.
Speaking during a press conference in Dubai this week, Robertson predicted that AELF, (token symbol Elf), will deliver large scale commercial adoption of Blockchain technology and solve major transaction issues through its decentralised cloud operating system.
“I think we are witnessing a turning point in the Blockchain industry,” Roberston said. “AELF is a new generation of scalable Blockchain computing network, using multi-chain structure and parallel processing to solve issues around efficiency, transaction throughput, and governance.”
He added: “I think this is the perfect storm of high efficiency, flexibility, adaptability, and compatibility – one Blockchain to bind them, one chain to rule them all, so to speak.”
Based in Singapore, AELF launched in December of last year and already has a circulating market capitalisation of USD$520 Million.
At the time of going to press AELF is trading at around US$2 on the Binance Exchange with 24-hour trading volume at an average of USD$146 Million.
“Elf is going to 50 dollars by the end of 2018,” Robertson said. “It is already ranked as the #73 most valuable cryptocurrency in the world”.
AELF’s crosschain protocol is solving key challenges current chains are facing, namely limited performance, lack of resource segregation, and a working governance model.
“The new technology is keeping an eye on the big picture,” Robertson continued. “It allows communication across existing as well as new Blockchains and provides a Linux-like framework for creating and adding new commercial chains onto the ecosystem.”
AELF did not engage in a public ICO, choosing instead to raise 55,000 Ether, (before the ETH price surged above US$450).
The private placement took place with leading crypto funds such as FBG Capital, Draper Dragon, Blocktower, AlphaBit, and others.