What is Elastos (ELA)?
Elastos is the new and innovative coin that uses the blockchain concept to power a self-sufficient ecosystem that is an operating system, a decentralized internet, and a virtual machine all on one platform.
The Elastos project plans to be the internet of the future by creating the world’s first blockchain-powered open-source internet operating system. The Elastos team believes that Ethereum and other DApp platforms face limitations of scale. Their argument is that, while they are great for smart contracts, they are slow, inflexible and not convenient for full applications. Basically, the team wants to create an infrastructure of a new internet that is more secure and allows for the transfer of value and generation of wealth.
Elastos Internet & Runtime Environment
By using the blockchain to power its own internet, Elastos will, in a way, copyright assets and contents by digitizing them, prevent hacking, eliminate phishing, prevent malware and virus infection.
It is an internet based on the blockchain with a secure ecosystem for the development of an automated economy. This is will let individuals transact without passing through intermediaries and vulnerable systems. This new digital economy will make it easy for virtual assets and data to be converted into monetary earnings.
Elastos provides a runtime environment that can run on other operating systems like Windows, IOS, Android, etc. Any operating system can run Elastos DApps. This makes it easy for developers to adopt the system.
The Elastos Blockchain
The Elastos blockchain applies a mainchain and sidechain solution to create a better and more efficient environment for building and running decentralized applications. What this means is that every app is capable of designing its own individual sidechain. Users enjoy the benefit of sidechain support. These are easy to use and can be customized, which makes it possible for users to opt for a different consensus method according to use case.
What Problems Does Elastos Hope To Solve?
The rate of cybercrime is rising and is expected to continue affecting more internet users globally. The reason for this is not far-fetched. Every device and every operating system is a potential security threat and bring with them the possibility for online organizations to hoard data. A 2-sided gate is created for every connection to the internet.
The Elastos team has created a fully decentralized, peer-to-peer internet that can solve many issues our existing internet currently faces. Although the Elastos project didn’t start as a blockchain project, it has been leveraging on blockchain to creates this new internet.
Rong Chen, founder of Elastos was trying to create an operating system better than the others that were available and discovered that blockchain technology could give the internet several layers of security and the transfer of value it was missing.
The Elastos Smartweb is interoperable with other blockchain’s as well as traditional operating systems like Windows, Android, iOS, and Linux.
Applications built on Elastos do not necessarily have to run on the blockchain which is one reason why Elastos is so unique.
The Elastos OS runs the DApps. This system is interoperable and allows the Elastos applications to run on any internet operating system while also allowing any application to run the Elastos smart web. To access the Elastos Internet, all you need is an ID based on Elastos, which is pseudo-anonymous and serves as a crucial layer for the smartweb.
The Elastos Token (ELA)
ELA is the Elastos network currency. It can be used for any activity ranging from digital asset investment to paying fees.
Currently, there is a total supply of 33 million which, compared to other projects, is not much and is the reason for the high value of ELA coins. The total number of ELA will increase by 4% every year and 30% of mined coins going to the ELA foundation while the remaining 70% goes back to the miners.
The ELA coin can be used for several functions on the platform, which is one of the reasons driving the coin. ELA can be used to pay for Elastos-based domain names, Elastos storage services, and issuing tokenized content such as books, videos, and music.
Furthermore, the ELA token will be the Elastos smartweb currency. It can be used to reward developers, pay for smartweb products and services, or participate in the token sale of new projects launched in the Elastos ecosystem.
Another great feature of ELA is that its holders are entitled to token airdrops from DApps created in the Elastos network.
The Elastos Team
Ring Chen, as mentioned earlier, is the creator of Elastos. Ring has an MSc. in computer science and was a senior software engineer for Microsoft for over a decade before he founded Elastos in 2000, calling it Kortide at the time. He was working on operating systems at Microsoft when he began to try out his ideas for a new, revolutionary operating system.
Next is Fend Han, who is a co-founder and has a strong academic background. He is currently Associate Dean of the Massachusetts Blockchain Research Institute, Huwai Blockchain Advisor and principal of the famous Yuncol School in China. He is the chief architect of Elastos.
This experienced leadership is backed by a team that is comprised of 2 senior technical managers, 26 engineers, and 19 team members who focus on other business aspects like community and ecosystem development as well as specialists in digital assets.
Where To Buy ELA
ELA purchasing options are currently limited. ELA can be bought on Huobi in pairs with BTC, ETH or USDT. Hopefully, more exchanges will pick up ELA with time.
ELA can be stored in the official wallet created by the team. The wallet can be reached with this link https://wallet.elastos.org/. At the moment, it’s only available through the web client, though it is mobile responsive so it can be used on a smartphone.
The Elastos team probably describes Elastos best as a trustworthy ledger plus smart contracts plus monetizable DApps and digital assets. It works to improve the problem of scalability and flexibility that other networks face, which is why the network is built mainly for DApp performance. It’s sidechains and runtime environments help to accomplish this.
Elastos is still being developed and in a short while, the full vision of the team will become clearer. However, partnerships with NEO and Bitman show that there’s more to come.