GUIDE ABOUT EXCHANGING MONERO TO AELF | Only a few decades have passed since the creation of the first cryptocurrencies, and the victorious ascent of the most famous digital asset began quite recently.
In such a short time, digital money has acquired the same properties and functions as fiat currencies. In particular, they can be:
- A means of accumulation;
- Means of circulation;
- By means of payment;
- A measure of value;
- An instrument of exchange.
This implies that cryptocurrency can be exchanged not only for goods, services, securities but also for any other digital coins. That is, XMR to ELF exchange is possible in the same way as exchanging dollars for Bitcoin or Bitcoin for Ethereum.
What is Aelf
The Aelf network is based in Singapore. It is an advanced business solution based on blockchain technology. In the structure of the network, there is the main chain and several side chains. Thus, the ability to effectively isolate resources is realized.
This means that it becomes possible to run and deploy decentralized applications on independent side chains of the network.
high network throughput is achieved through parallel processing transactions combined with the innovative AEDPoS consensus mechanism. The interconnection and interaction between the chains of the system are provided by cross-chain technology.
Aelf provides governance models for a variety of areas ranging from application management to parliamentary governance model. Self-sustaining evolution is possible due to a well-thought-out incentive system in the network. In doing so, developers can develop, deploy and improve applications using the technical base of the network.
For settlements within the network, the Aelf (ELF) cryptocurrency is used – a token of the ERC-20 standard.
Where to Buy Elf to exchanging Monero to Aelf
The ELF token is available for purchase on several popular major cryptocurrency exchanges, OKEx, Huobi, and Binance. These exchanges belong to a large group of custodian services. On custodian trading platforms, mandatory registration and verification of the user account are provided, all operations are performed with the collection of exchange commissions.
Custody services are the best choice for users who do not yet have crypto assets, since, among the available methods of buying cryptocurrency, there is at least one way to exchange fiat money for digital.
From the point of view of maintaining anonymity, it is much preferable to exchange on the LetsExchange non-custodian exchange.
The platform does not ask for any personal data and this ensures the maximum possible confidentiality of each transaction. For exchanging Monero to Elf you need:
- Open exchange widget;
- In the upper field, select XMR for sale and indicate the amount of the transaction;
- In the lower field, select ELF to buy;
- Indicate the address of your crypto wallet;
- Deposit coins.
You do not need to waste time looking for a deal with the most favorable conditions – this will be done by the search engine of the service. The system performs all calculations and other actions to complete the swap automatically.
Where to Store ELF
Since digital money can be accumulated, you should take care of a safe place to store your funds. You can store ELF in any wallet that supports ERC-20 tokens. The choosing a crypto wallet depends on the following factors:
- Purposes of acquiring cryptocurrency;
- The desired amount of savings;
- The duration of the intended storage.
These parameters determine the required degree of mobility and security for your coins.
In the most general case, for the storage and active use of relatively small amounts, it makes sense to pay attention to wallets with simplified access to funds. These can be web clients, mobile apps, or desktop software.
For long-term storage of large amounts, hardware wallets are preferable. These devices are offline most of the time and your funds are not available to cybercriminals.