What is Elastos All You Need to Know About ELA

Elastos (ELA) is a blockchain-powered internet platform aiming to create a secure, decentralized web where digital assets and data are protected.

Embarking on a journey towards digital independence, the internet’s evolution heralds an innovative paradigm: a foundational platform designed for decentralized applications (DApps). This innovation operates on a peer-to-peer network, eliminating centralized control and fostering an environment where users have sovereign control over their data, assets, and interactions.

At the heart of this transformative movement is a fully open-source Internet Operating System designed to redefine how we interact with the digital world. Seamlessly integrating this vision into reality, Elastos (ELA) stands at the forefront, powering a new era of the internet with security, transparency, and true user empowerment.

What is Elastos (ELA)?

Elastos (ELA) was conceptualized in 2000 by Rong Chen, a visionary with a deep background in software engineering, during his tenure at Microsoft. Chen’s ambition was to architect a safer, web-oriented operating system that would fundamentally change how applications interact with the internet, aiming to eliminate direct internet access and thereby reducing the risk of malware attacks. This vision laid the groundwork for what would become Elastos, which officially came to life in 2017 through a collaboration between Chen and Feng Han, a scholar with significant influence in blockchain research and education.

In June 2017, the Elastos Foundation was established, marking the formal inception of the project with the goal of integrating blockchain technology to realize Chen’s vision of a secure, decentralized web. This integration aimed to develop the Elastos Smart Web, comprising four main components: the Elastos Blockchain, Elastos Runtime, Elastos Carrier, and Elastos SDK, collectively designed to establish a trust-based internet ecosystem where digital identities are verified on a blockchain, ensuring security and privacy.

By 2021, Elastos introduced BeL2, a Layer 2 scaling solution that leverages SmartWeb technology to enhance Bitcoin transactions, showcasing its commitment to innovation and its role in the future of decentralized applications. Today, Elastos continues to evolve, backed by a team of over 50 professionals, and partnerships with entities like Bitmain and Tsinghua Science Park, driving forward Chen’s original mission for a redefined internet experience.

How Does Elastos Work? Core Components and Merged Mining

Elastos reimagines the digital landscape through its four foundational pillars, designed to forge a decentralized and secure Smart Web. This holistic approach combines blockchain technology with a unique runtime environment, a peer-to-peer network, and a comprehensive software development kit (SDK) to empower developers and users alike.

Elastos Blockchain acts as the ecosystem’s cornerstone, establishing a trust layer across the internet. It ensures that every device, individual, website, and digital asset has a verifiable and trustworthy ID. By leveraging blockchain technology, Elastos creates a decentralized web where transactions and interactions are secure and transparent, paving the way for a new era of internet reliability.

Elastos Runtime is akin to a lightweight, secure operating system that encapsulates applications, preventing them from directly accessing the internet. This innovative approach minimizes the risk of malware infections by ensuring that applications and services can only communicate through designated, secure channels. Running on users’ devices, Elastos Runtime protects data privacy and integrity, creating a safer digital environment.

Elastos Carrier extends the ecosystem’s capabilities as a fully decentralized peer-to-peer network. It handles all network traffic between virtual machines and apps, acting on their behalf to relay information securely and efficiently. This carrier ensures that every interaction within the Elastos ecosystem is direct and unmediated, fostering an environment where digital communications are private and free from central oversight.

Elastos SDK provides developers with the tools needed to create applications that leverage the full potential of the Elastos Smart Web. Through the SDK, apps can access digital IDs and utilize Elastos Carrier services, enabling a seamless integration of decentralized applications into the ecosystem. This SDK is a gateway for developers to innovate within a secure and decentralized framework, bringing new possibilities to the digital world.

Together, these pillars form a robust framework for the Elastos Smart Web, offering a comprehensive solution for creating a secure, decentralized digital ecosystem. As we delve into the specifics of how Elastos integrates these components, it is essential to highlight the innovative concept of merged mining. This approach not only enhances the security of the Elastos blockchain but also ensures that the ecosystem remains sustainable and energy-efficient, paving the way for a discussion on the significance and mechanics of merged mining within the Elastos infrastructure.

Source: elastos.org

Merged Mining

Merged mining represents a cornerstone in the Elastos ecosystem, combining environmental sustainability with robust security measures. Elastos employs an innovative consensus mechanism called Elastic Consensus, which integrates Auxiliary Proof of Work (AuxPoW) with Bitcoin, Bonded Proof of Stake (BPoS), and Proof of Integrity. This trifold approach not only ensures the security and efficiency of transactions but also enables Elastos to leverage Bitcoin’s immense computing power without needing additional energy resources.

The process of merged mining allows miners to secure both the Elastos and Bitcoin blockchains simultaneously. By submitting Proof of Work to both networks, miners enhance the security of Elastos while utilizing the same amount of energy required for mining Bitcoin alone. This method offers significant advantages: it leverages Bitcoin’s established trust and computing power, extends the security model to Elastos sidechains, and maintains environmental sustainability by avoiding extra energy consumption.

The Elastos blockchain benefits from merged mining by gaining a high level of security against potential 51% attacks, leveraging the Bitcoin network’s hashing power. This symbiotic relationship not only fortifies Elastos’s network but also contributes to a greener blockchain ecosystem, making Elastos a pioneer in eco-friendly blockchain innovations.

Furthermore, the auxiliary blockchain system allows for scalable and efficient sidechain operation, with the potential for recursive merged mining across multiple chains. This unique setup enhances the trust hierarchy within the ecosystem, allowing for a single node to maintain ledger reliability without compromising the integrity of the main or auxiliary chains.

In summary, merged mining with Bitcoin positions Elastos as an environmentally sustainable blockchain with unparalleled security and scalability. This innovative approach underpins the Elastos Smart Web, enabling it to harness global computing power and establish a new paradigm for blockchain technology. Through this, Elastos secures its network and sets a precedent for future blockchain projects, emphasizing the importance of collaborative and energy-efficient mining practices.

Elastos Sidechain

Elastos employs a hierarchical structure with mainchain and sidechains to enhance the user experience for decentralized applications (dApps) while ensuring security, governance, and ELA circulation through the mainchain. Sidechains like the EVM-compatible Elastos Smart Contract Chain (ESC) and Elastos Identity Chain (EID) support advanced applications and digital identity management. Elastos’ architecture allows adding new sidechains through the Cyber Republic DAO’s governance vote, offering flexibility for private and public chains. The ESC enables developers to build dApps and smart contracts using Solidity in a cost-effective environment. At the same time, the EID chain provides a decentralized solution for managing digital identities and assets, leveraging the W3C DID standard for secure online identity management and supporting smart contract development for expanded dApp functionalities.

Source: elastos.info

Elastos Use Cases

Elastos offers a multifaceted ecosystem designed to revolutionize how we interact with digital content, emphasizing ownership, security, and accessibility. Here’s how it stands out:

• Monetization and Ownership of Digital Content: Elastos enables creators to tokenize digital assets, like movies or e-books, limiting the circulation to create scarcity and value. Through smart contracts, creators can directly monetize their work, ensuring only authorized access and transactions.
• Decentralized Applications (DApps) Without Internet Access: DApps on Elastos run on the Smart Web, a secure environment protected from malware and hacking attempts. This allows for seamless operation without traditional internet vulnerabilities, enhancing user security and app reliability.
• Super-Wallet for Comprehensive Digital Management: The Elastos Super-Wallet offers a unified platform for managing digital identities, transactions, decentralized storage, and more. It is a hub for engaging with the digital economy, ensuring users have complete control over their assets and interactions.
• Personal Data Sovereignty: Users can create unique digital IDs (DIDs) to manage their data securely on the Elastos Smart Web. This empowers individuals to control, sell, or keep private their personal information, reinforcing the principle of data ownership in the digital age.

In conclusion, Elastos redefines the digital landscape by offering a secure, decentralized content creation, distribution, and consumption platform. It fosters a new economy where creators are rewarded for their work, and users enjoy unparalleled security and control over their digital assets and identities. Through its innovative use cases, Elastos is not just a technology but a movement toward a more equitable and secure digital future.

What is the ELA Coin?

ELA is Elastos’ native cryptocurrency, enabling digital transactions and smart contracts. Its maximum supply is capped at 28,220,000 units, of which 21,893,000 (77.58%) are already in circulation (February 2024).

The ELA Coin is the intrinsic cryptocurrency of the Elastos platform, facilitating transactions, investments in digital assets, and payment of blockchain processing fees. It represents a core trade unit within the Elastos ecosystem. It is designed to respect Satoshi Nakamoto’s legacy by introducing Satoshi ELA (Sela) as its minimum currency unit, with 1 ELA equivalent to 10^8 Sela. The tokenomics of ELA include a total supply of 28.22 million units to ensure scarcity and value, with a distribution plan that allocates 50% for ecosystem development, 15% to angel investors, 24% through private and public crowdfunding, and 11% to the Elastos Foundation. To accommodate for the natural loss of tokens and slight inflation, ELA’s circulation will see an annual increase of 4%, supported by a mining process that produces new coins every two minutes, distributing 30% to the foundation and 70% to miners.

Source: elastos.org

ELA’s use cases extend to paying for Elastos-based domain names, storage services, and the issuance of tokenized content such as books, videos, and music, ensuring a vibrant and secure digital economy. Additionally, it serves as the currency for the Elastos Smart Web, rewarding developers and enabling users to pay for smart web products and services or participate in token sales of new projects launched within the Elastos ecosystem. ELA holders are also entitled to airdrops from DApps created on the network, fostering a rich environment of participation and investment opportunities within the Elastos community.

Elastos Ecosystem

The Elastos ecosystem is a vibrant and innovative hub within the Web3 community, uniting a diverse group of users, developers, thought leaders, and project teams to forge the future of the digital realm. This thriving ecosystem is deeply committed to the principles of decentralization and the open, collaborative ethos of Web3, welcoming anyone interested in shaping the digital future.

Alibaba Cloud and Elastos

The strategic partnership between Elastos and Alibaba Cloud is a groundbreaking initiative aimed at creating a safer, more inclusive internet. Through this collaboration, Elastos introduces Elastic Consensus and its open-sourced Digital Rights Management technology. This partnership facilitates the development of advanced solutions, including one-click tools for easily launching validator nodes on Elastos’ blockchain platforms, further enhancing security and inclusivity for internet users. The collaboration aims to leverage Alibaba Cloud’s vast resources, bringing unparalleled efficiency and scalability to Elastos’ infrastructure.

Elastos and Tencent Cloud

By partnering with Tencent Cloud, Elastos is setting a new pace for Web3 innovation. This collaboration is built on a shared vision of a secure, inclusive Web3 internet, combining Elastos’ decentralized solutions with Tencent Cloud’s expansive infrastructure. This partnership is poised to offer cutting-edge resources and support to developers and startups, significantly accelerating the development and deployment of Web3 applications. The alliance also aims to streamline the integration of decentralized technologies, making them more accessible to a broader audience.

Integration with Celo for Identity Solutions

Elastos’ collaboration with Celo represents a significant step towards enhancing Web3’s global equity and inclusion. By bringing decentralized identity solutions to Celo’s carbon-negative blockchain, Elastos sets a new standard for secure, interoperable, and self-sovereign digital identities. This partnership will empower projects within Celo’s extensive ecosystem with advanced identity management tools, facilitating a safer and more user-centric Web3 experience. It underscores both organizations’ commitment to leveraging blockchain technology for social good, particularly in emerging markets.

Elastos Name Service (.ela)

The Elastos Name Service introduces a revolutionary approach to digital identity on the blockchain. By replacing cumbersome crypto addresses with simple, memorable .ela domains, this service simplifies Web3 interactions. It not only enhances the user experience by making transactions and communications more straightforward but also ensures a high level of security and user control over digital identities. This initiative is a testament to Elastos’ commitment to improving the practical usability of blockchain technology, making it more accessible to everyday users.

These initiatives underscore the breadth and depth of the Elastos ecosystem, highlighting its role as a leader in driving forward the Web3 revolution. With an ever-expanding portfolio of projects and partnerships, Elastos continues to push the boundaries of what’s possible in the digital domain, fostering innovation and collaboration in the pursuit of a decentralized, user-empowered internet.

Is ELA a Good Investment?

Elastos prioritizes development over marketing, focusing on creating a robust Web3 infrastructure, which may appeal to investors looking for projects with substantive growth potential. Its strategic partnerships with Alibaba Cloud and Tencent Cloud, aimed at enhancing scalability and security, and its integration with Celo for identity solutions underscore its commitment to innovation and sustainability. These collaborations expand Elastos’ use cases, from digital identity and content rights management to decentralized communication, potentially increasing ELA’s utility. While this development-focused approach suggests a solid foundation for long-term value, investors should conduct thorough research and assess their risk tolerance before considering ELA as an investment, considering the volatile nature of cryptocurrency investments.

How to Own ELA?

To own ELA, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy ELA.

News on Elastos

According to what was reported on the official Elastos blog, in December 2023, the BeL2 whitepaper was released, introducing a groundbreaking initiative titled “Be Your Own Bank.” This innovation merges the Bitcoin-Elastos Layer 2 solution (BeL2) with Elastos SmartWeb technology, promising significant enhancements to Bitcoin’s scalability, programmability, and privacy. BeL2 addresses current limitations by employing zero-knowledge proofs and BTC-powered Ethereum Virtual Machine (EVM) smart contracts, revolutionizing transaction speed and versatility. Governed by the Cyber Republic’s Decentralized Autonomous Organization (DAO), BeL2 supports community-driven decision-making. This development unlocks dormant value in Bitcoin, extending its functionality and potential in DeFi and digital rights markets, marking a pivotal step in Bitcoin’s evolution.

Take Action on ELA

Check out ELA price today, and start trading your favorite currency pairs.

• ELA/USDT