  The scaling limit $A_{\hbar,\eta}(\hat{sl_2})$ of the elliptic algebra
$A_{q,p}(\hat{sl_2})$ is investigated. The limiting algebra is defined in terms
of a continuous family of generators being Fourier harmonics of Gauss
coordinates of the $L$-operator. Ding-Frenkel isomorphism between
$L$-operator's and current descriptions of the algebra
$A_{\hbar,\eta}(\hat{sl_2})$ is established and is identified with the Riemann
problem on a strip. The representations, coalgebraic structure and intertwining
operators of the algebra are studied.
