ælf is a decentralized self-evolving cloud computing network.
To establish a Blockchain infrastructure for various commercial requirements, ælf provides a highly efficient multi-chain parallel-processing system with cross-chain communication and self-evolving governance. It brings three innovations to future Apps, namely scalable nodes on cluster of computers, resource isolation for smart contracts via “one chain to one smart contract” and voting by token holders.
tl:dr $ELF is a cryptocurrency based on the above information. Most of the above info doesn't matter to most people. Bottomline, it's just another crypto$.
EDIT It's based on ETH(Ethereum), the reward/bounty program for $ELF is invite only, right now.
Here is their twitter if you want more info
https://twitter.com/aelfblockchain