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Why Elastos is important?

Elastos is a Chinese cryptocurrency project set out to create its own blockchain-powered Internet; an ecosystem where people will have the ability to own digital assets and generate wealth from them. Elastos’ decentralised Smart Web will act as a closed ecosystem where digital asset ownership will be rooted in unique IDs tied to Elastos’ dual-layered blockchain. Fundamentally, the project is developing a platform for fast and flexible decentralised applications where adoption will prove central to Elastos’ success. Launched in June 2007, Elastos has been making steady progress with a strong focus on diverse industry partnerships including recent ones with Origin Agritech and Far Eastern Air Transport. Announcing merged mining with Bitmain, the alpha release of the Elastos Smart Web and the official live version of Cyber Republic, Elastos’ dedicated online community, on their one year anniversary event in Thailand earlier this year, the project presents a promising outlook for both investors and adopters.

Four Pillars

The Elastos Smart Web rests upon four pillars: Blockchain, Runtime, Carrier and SDK. The Elastos Blockchain distributed decentralised application functionality between its main and side chains such that the former handles basic transactions and transfers while each side chain executed the application’s smart contracts. The side chains also allow clients to customise their consensus mechanism and transfer tokens across both chains. Elastos Runtime executed blockchain-based smart contracts across a range of runtime environments, including Windows, Linux, iOS and Android. Carrier is essential to Elastos’ decentralised applications and acts as their peer-to-peer internet service where users also have the ability to rent out their computing power and storage capacity to other users. Lastly, the Elastos Software Development Kit (SDK) connects applications to the Elastos Smart Web. This is especially useful for applications developed outside of the Elastos environment. Such applications receive unique IDs and access to the Elastos Smart Web without needing a virtual machine. This is a particularly useful aid for wider industry adoption.

ELA and Merged Mining

Elastos Token (ELA) acts as the network’s currency and has a range of utilities including investment in digital assets, paying fees and trading. The project’s team minted 33M ELA in their genesis block. A substantial portion of these were then locked up by investors to earn interest rewards ranging from 4-6% depending on the lock-in duration. Significantly, the team also reserved half of the token supply to reward those contributing to the project’s ecosystem.

The Elastos network creates ELA at a yearly inflationary rate of 4% through merged mining; a process where both the Elastos and Bitcoin blockchain arrive at block consensus at the same time. The Bitcoin blockchain acts as a parent chain to Elastos which is useful as miners can submit Proof of Work to both chains without needing to invest further computational power. This is a useful strategy as it injects hashing power into the Elastos network and generates ecosystem adoption.

Final Thoughts

Backed by an angel investment from Bitmain’s CEO, Jihan Wu, Elastos’ 50-strong team is led by co-founder Chen Rong, a visionary who left employment at Microsoft in 2000 to pursue his brainchild. The project has formed the “G3 of China” through partnerships with NEO and Bitmain and the three are set to create a completely decentralised smart web economy. Currently trading at a 3-month low of just 6.24 USD, ELA may demonstrate significant returns on investments as Elastos ramps up industry partnerships and the project’s development in the coming months.

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