Founded in 2000, Elastos is an open source project sponsored by powerful companies such as TD-SCDMA Industrial Alliance, Foxconn Group and Tsinghua Science Park. It works as an operating system such as iOS, Android or Windows that is based on blockchain technology and, in turn, is the world’s first open source web operating system.
Rong Chen and Sunny Feng Han were responsible for the initial design of the project to solve blockchain security problems thanks to the internet. However, the long experience combined with the development of these years in a campaign with the blockchain has made its objectives much more ambitious than previously thought possible.
Its current objective is to configure a completely new Internet system in which the blockchain is the main pillar. In this new internet, everyone can have digital assets and generate income from them. A base layer on the current Internet 90% safer than we have known until today.
In general terms and with all the precautionary measures that users take today, the Internet may seem safe, however, it is imperative to note that the Internet Of Things can influence this aspect. If we connect 30 devices to the Internet we must ensure each of them, a concern that disappears with Elatos.
Elatos is mainly based on three fundamental sectors of the crypto ecosystem, which differentiates it from other cryptocurrency projects. As mentioned above, deal with the Internet Of Things, since each device connected to the Internet is a channel through which we can be attacked. With Elastos these work as one, with which there is less to worry about.
In the second instance, Elatos focuses on DApps and their consumers. Each DApp has its own sidechain, with this it is achieved that the pressure of each DApp does not affect the rest. For example, Cryptokitties collapsed the entire Ethereum network and caused other Ethereum projects to suffer. Elastos aims to build a complete economy of digital assets based on scarcity. In fact, it has already aroused interest among important companies which want to run their decentralized applications on the platform.
It also gets involved with Corporate DApps, allowing companies to run applications in Elastos, so all information about their products is transparent in the blockchain.
ELA is the token chosen for the platform. It is based on its own blockchain, which it uses only as a kind of identification system to connect to the Elastos intranet. So, infrequently you will need to use the token for it. Still, users have several reasons to acquire ELA tokens.
Among the advantages of saving ELA is interest. Owning the token gives us an interest of up to approximately 4% per year. For this it is necessary to retain at least 300 tokens for a certain period of time. It should be noted that to make use of the DApps of the service the token will be necessary. For example to register a domain or use search engines.
In addition, you can buy products. Users can easily acquire DApps and digital products by paying with ELA. The launches also motivate the acquisition of the token, as the holders will receive future coins distributed as airdrops in the Elastos network.
In order to respect Satoshi Nakamoto, the project wants to use Satoshi ELA (Sela) as the minimum monetary unit for ELA. 1 ELA is the equivalent of 10ˆ8 Sela.
The total token supply amounts to 33,574,235 ELA. The team wanted to issue a limited amount of tokens, making it work in a deflationary manner, just like Bitcoin.
To compensate for the natural loss of tokens, such as those that remain in wallets whose private keys were lost, as well as to keep up with the slight inflation. The amount of ELA in circulation will be increased at an annual rate of 4%.
Fused Mining System
The ELA mining process is merged with Bitcoin. It is a procedure in which consensus is reached in both chains simultaneously. The Bitcoin blockchain works as the main Elastos chain and the Elastos blockchain as an auxiliary. The mining associations will deploy a merged mining code and the miners will present Proof-of-Work (PoW) on both chains simultaneously.
Energy consumption will not be increased with merged mining, it will be equal to the energy needed to undermine only one chain. In this way, the Elastos Blockchain has secured a large amount of computing power and making it capable of providing the Blockchain with innovations on a global scale.
The founders and professionals who have been working on the project for 18 years are Ron Chen and Feng Han. Ron Chen was a senior software engineer at Microsoft.
On its website there are barely 8 team members. A small number for a currency that is included in the ranking of the 100 cryptocurrencies with a greater market capitalization. Which suggests that there may be more professionals behind the project.