Elastos (ELA) – cryptocurrency review, mining and forecast

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Elastos (ELA)

Cryptocurrency Elastos (ELA) is a digital token of the smart economy platform. This project focuses on creating a secure, intelligent and decentralized system that operates through peer-to-peer network infrastructure.

System users will be able to use it to authenticate digital rights, transfer smart contracts and turn digital data into specialized assets thanks to block technology. In addition, the network provides for the storage of information on “Internet things” (IoT devices) and the use of special product logos that are protected from forgery.

Development history and team

The Elastos project started on January 2, 2018 through an ICO. The authors of the project conducted three stages of the sale of tokens to raise funds to finance their ideas. Elastos development itself took over 17 years. The headquarters of the Elastos Foundation, which is behind the implementation of the project, is located in Shanghai.

The platform is based on open source software developed by giants such as Tsinghua Science Park, TD-SCDMA Industrial Alliance, and the Foxconn Group. Elastos has already published over ten million lines of source code.

The team of developers, designers, entrepreneurs and researchers working in Elastos includes about 15 people:

  • Rong Chen (project founder, chairman of the Elastos Foundation, director of Tsinghua iCenter).
  • Feng Han (co-founder, board member, research fellow at Columbia University, advisor to the Central Institute of Huawei).
  • Yipeng Su (board member, chief architect).
  • Fei Li (marketer).
  • Shunan Yu (senior technical manager).
  • Sueyong Gu (Professor, Tsinghua University, Head of International Relations at iCenter).
  • Dadi Sin (technical consultant, one of the leaders of the blockchain technology research laboratory at Purdue University).
  • Ziheng Zhou (Advisor and Member of the Academic Committee of Alibaba Research Institute).

 Overview of Elastos main goals

The authors of the project strive to create a new type of Internet on the blockchain. In it, people will be able to own digital assets and receive income from this. Today in the world there is a huge amount of audio, video and game content. But people do not always really own their digital property. Buying a digital book is much easier than selling it yourself.

The goal of Elastos is to make digital assets identifiable and tradable with the possibility of registering property rights. The creators of Elastos intend to introduce a new version of the World Wide Web, which will respect these rights.

This will allow users to access text content, films and games directly without using a media player or other intermediary. The Elastos online store allows video content creators to be aware of how many views their films received.

Elastos will become a platform for decentralized applications (Dapps-applications) in a peer-to-peer network format with the ability to access via mobile devices.

Elastos Web will be a special economic zone where the ELA token will play the role of the base currency.

Key components of Elastos

The Smart Web platform will bring together four key elements:

  • Blockchain & Smart Contract. Establishes trust in network security. The main chain of Elastos will distribute computing power between Bitcoin miners based on the Proof of Work (PoW) algorithm. Elastos will also expand the range of services for third-party applications through side-chaining and increase computing capabilities through cluster services. This will protect the main chain from high computing loads. To provide “reliable computing,” Elastos will support smart contracts on secondary chains. This will make the network flexible.
  • Elastos Carrier. A peer-to-peer decentralized network platform that plays a very important role in network infrastructure. Its purpose is the development and operation of DApp applications.
  • Elastos Runtime. It forms a reliable runtime environment for applications, operating on top of the client device. Developers will be able to create DApp applications with digital broadcasting. The Elastos virtual machine guarantees control of blocks that provide users with digital content for consumption and investment.
  • Elastos SDK. The service will expand the capabilities of conventional applications. It is intended for digital trust signatures, authentication and other standard functions for the blockchain.

The creators of the project believe that the Ethereum blockchain is great for implementing smart contracts, but is not suitable for launching Dapp applications for two reasons:

  • Blockchains are created for consensus-based records, but are not able to change their speed and flexibility;
  • Current block networks are intended for recording transactions, and not for storing data (their blocks are simply limited in volume and are not suitable for storing large amounts of digital data, such as films and books).

To solve the first problem, Elastos will use a flexible main chain and side chains. The main block chain will be responsible only for the main transactions, while the side chains will take over the implementation of smart contracts to support various applications and services.

To solve the second problem, Elastos will run applications on a separate Elastos Runtime service to avoid blockchain congestion. This method is also considered more secure and involves the use of trusted channels of identification-verification (trustable and identity-verifiable channel) for data transmission.

Elastos Runtime takes various forms:

  • Independent operating system;
  • Virtual machine;
  • Software development kit with the ability to integrate other major operating systems into native applications.

How to mine Elastos

The Elastos blockchain uses combined mining with the Bitcoin blockchain. Through this process, consensus is achieved in both chains simultaneously. The Bitcoin blockchain acts as the parent blockchain with respect to Elastos, which is an auxiliary BTC chain.

At the same time, additional power is not wasted on ELA mining. It is carried out in parallel with BTC. The inflation rate is 4% per year (PoW). 35% of tokens are available for mining: AuxPoW 35% + DPoS.

When mining ELA through pools, energy consumption does not increase due to the pooling of the capacities of a large number of participants and remains similar to the costs of solo mining. Thanks to this mechanism, the Elastos blockchain has extremely high computing power and makes full use of the existing computing resources of the Bitcoin blockchain in addition to its technologies.

The auxiliary (or side) blockchain, depending on the combined mining of two networks, does not need the consensus of several nodes at once. One node is enough for this, but this does not reduce the reliability of the information in the main and side block chains. No other consensus algorithm can boast of such characteristics.

Elastos Token (ELA)

ELA is the currency of the Elastos network. You can use them for any actions in the system, for example, to invest in digital assets, trade or pay commissions – these are just a few examples.

The economic parameters and principles of the distribution of this token are quite complex.

The team minted 33 million ELA in the genesis block, and most of the tokens were blocked by investors in order to receive rewards.

The size of these rewards varies from 4 to 6 percent depending on the duration of the block.

The team also reserved half of the total number of tokens to reward people who contribute to the ecosystem.

In addition, the network will create new ELAs with an annual inflation rate of 4% through a process called joint mining.

Where to buy ELA

At the moment, the choice of purchase options for ELA is limited. You can buy them for USDT, BTC or ETH on Huobi. And it’s all.

If you are confused and do not know where to get these coins, check out our guides for acquiring Bitcoin and Ethereum.

Where to buy ELA

At the moment, the choice of purchase options for ELA is limited. You can buy them for USDT, BTC or ETH on Huobi. And it’s all.

If you are confused and do not know where to get these coins, check out our guides for acquiring Bitcoin and Ethereum.

Period and conditions of the ICO Elastos

The ELA token sale took place from January 2 to January 23, 2018. The value of each coin was $ 18.09. In total, $ 94.1 million was raised, including $ 57 million as part of the preliminary sale. Payment was accepted at BTC and NEO. In total, the Elastos network provides 33 million tokens.

On January 25, 2018, Elastos announced the successful completion of the third and final round of the token sale. According to its results, it was possible to collect 2,500 BTC and distribute 2 million ELA.

The authors of the project have not yet published the final data on the results of the ICO. All results are at the stage of analysis and calculation. In addition, the next steps are expected to be announced regarding the possible distribution of the remaining tokens.

However, in the final round of the token sale, there were external technical problems, due to which the tracking of some NEO transactions was postponed. The authors of the project confirmed the security of tokens, but due to technical problems, some investors were unable to participate in the ICO.

Over 300 participants were excluded from the final round and were unable to get their coins. Following a community survey, Elastos decided to give excluded participants in the final round 10 consolation tokens in addition to 1 coin as a common gift for all ICO participants.

Forecast and Prospects

Can Elastos be considered a great investment for 2018 and a longer period? Probably yes. Elastos is a serious company that has a large business plan and broad goals for the future. Behind it are not only ordinary blockchain developers, but also specialists from major Chinese universities and research centers.

Elastos is a great choice. Its creators have a good and promising vision regarding the future of blockchain technology and possible directions for the development of a new generation of the Internet, known as Internet of Wealth.

Conclusion

Elastos is an Internet and decentralized application platform in which users have complete control over their digital assets.

The project is working to solve the scalability and flexibility problems that are common to other blockchain platforms, and their network is clearly built with the aim of improving the performance of decentralized applications.
To achieve this goal, side chains and runtimes that optimize the network for mobile devices are mainly used.

It will be a long time before we see that the Elastos strategy is fully realized.
But partnerships with NEO and Bitmain portend positive news and much broader plans for the future.

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