What is Elastos?
The Elastos coin or ELA is a utility token native to the Elastos ecosystem. The latter is a blockchain-based ecosystem of products paving the way for Web 3.0.
ELA is the driving force behind the Elastos project. It mainly serves as a medium of exchange for the entire ecosystem of Elastos. It can be used to cover transaction fees or to buy and sell digital assets, among other things.
According to the project’s whitepaper, Elastos aims to release a maximum of 33,000,000 ELA. This would make Elastos deflationary. As such, there’s a chance that Elastos price will grow as the number of available ELA decreases.
Elastos coins have been allocated as follows:
- 50% - Ecosystem;
- 24% - Private & Public Sales;
- 15% - Co-founders & Partners;
- 11% - Elastos Foundation.
Anyone can acquire ELA via major supported exchanges. Check out our recommended list of exchanges for purchasing ELA in the section above.
However, it’s crucial to do your research before making any crypto-related purchase decisions. This is due to the high levels of volatility that the crypto market experiences.
In the case of Elastos, you can have a look at price fluctuations via the ELA price chart which is provided above.
What are the Main Features of Elastos?
As discussed in the What is Elastos section, Elastos is a Web3-centered platform powered by blockchain technologies.
It’s an entirely open-source project. This means that its codebase is publicly available for anyone to review.
One of the primary goals of the project is to facilitate the emergence of a blockchain-based internet - Web 3.0. To be more specific, Elastos aims to address the scalability problem in regard to decentralized applications (dApps).
When it comes to dApps, Elastos has made it so an internet connection is not needed to access them. Instead, dApps run on Elastos-exclusive Smart Web.
Another goal of Elastos is to create a kind of Web3 environment that provides full ownership of digital assets including art, music, movies, and games, among many others.
Elastos ecosystem consists of in-house products such as Elastos Essentials and Elastos Hive as well as third-party dApps.
Elastos Essentials is a digital asset management app available on the Apple Store and the Google Store. Besides serving as a digital wallet, Elastos Essentials allows users to exchange, stake, and even bridge their digital assets across multiple blockchain networks. It also grants access to dApps, among many other features.
Elastos Hive is a decentralized storage service that allows developers to store their data in public or private vaults. In addition to storage, they can set accessibility parameters that determine who can access said data.
Decentralized ID is integrated into both Elastos Essentials and Elastos Hive platforms.
In addition to digital products and services, Elastos offers a physical product called the Elabox.
The ecosystem itself is made up of 4 components - blockchain, runtime, carrier, and SDK.
Elastos is secured via a hybrid consensus mechanism. It combines both Delegated-Proof-of-Stake (DPoS) and Elastos-exclusive Auxilary Proof-of-Work (AuxPoW) algorithms. This allows Elastos to reach a new level of security.
Who Developed Elastos?
Rong Chen, the co-founder of Elastos, has been working on the project before the first cryptocurrency was even launched. He began the development of Elastos in the early 2000s. Although, in the early stages, Elastos was supposed to be a new operating system.
16 years later he was joined by co-founder Sunny Feng Han who helped integrate blockchain technologies into the project. Sunny Feng Han is also the founder of MIT IDE Blockchain Pillar,
Even though the roots of the project began sprouting in the 2000s, the Elastos crypto project itself was launched in mid-2017.
Rong Chen is an operating systems (OS) professional who has a background in computer science. Prior to founding Elastos, he spent almost 8 years at Microsoft. Currently, Rong Chen serves as the Chairman at Elastos.
Elastos has two other co-founders including the abovementioned Sunny Feng Han and Ben Lee.
Elastos has partnered up with major players in different industries such as Foxconn, an electronics manufacturer, and SAIC Motor, a car manufacturer based in China.
Before jumping into the project, don’t forget to have a more in-depth look at the ELA price on the graph above.
