Elastos

What is Elastos?

The Elastos or ELA coin is utility token native to the Elastos ecosystem. The latter is an ecosystem of blockchain-based products paving the way for Web 3.0.

ELA is the driving force behind the Elastos project. Mainly it serves exchange medium for the entire Elastos ecosystem. It can be used, among other things, to cover transaction fees or to buy and sell digital assets.

According to the project’s official document, Elastos plans to produce a maximum of 33,000,000 ELA. This would make Elastos deflationary. Thus, there is a possibility that the price of Elastos will increase as the number of available ELAs decreases.

Elastos coins were distributed as follows:

• 50% – Ecosystem;
• 24% – Private and public sales;
• 15% – Co-founders and partners;
• 11% – Elastos Foundation.

Anyone can purchase ELA through major supported exchanges. Check out our recommended list of exchanges for purchasing ELA in the section above.

However, it is very important to do your research before making any cryptocurrency-related purchasing decisions. This is due to the high level of volatility experienced by the cryptocurrency market.

In the case of Elastos, you can view price fluctuations using the ELA price chart above.

What are the main characteristics of elastos?

As discussed in the “What is Elastos” section, Elastos is a Web3-centric platform based on blockchain technologies..

This is a completely open source project. This means that its codebase is publicly viewable by anyone.

One of the main goals of the project is to promote the emergence of a blockchain-based Internet – Web 3.0. To be more specific, Elastos aims to solve the problem of scalability in relation to decentralized applications (dApps).

When it comes to dApps, Elastos has made it so that you don’t need an internet connection to access them. Instead of, dApps run on Elastos’ exclusive Smart Web.

Another goal of Elastos is to create a kind of Web3 environment that will provide complete ownership of digital assets, including art, music, movies and games, among many others.

The Elastos ecosystem consists of its own products, such as Elastos Essentials and Elastos Hive, as well as third-party dApps.

Elastos Essentials is a digital asset management application available in the Apple Store and Google Store. In addition to serving as a digital wallet, Elastos Essentials allows users to trade, stake, and even link their digital assets across multiple blockchain networks. It also provides access to dApps, among many other features.

Hive Elastos is a decentralized storage service that allows developers to store their data in public or private storage. In addition to storage, they can set accessibility parameters that control who can access specified data.

Decentralized ID is integrated into both the Elastos Essentials and Elastos Hive platforms.

In addition to digital products and services, Elastos offers a physical product called Elabox.

The ecosystem itself consists of 4 components: blockchain, runtime, media and SDK.

Elastos is fixed with hybrid consensus mechanism. It combines Delegated Proof of Stake (DPoS) and Elastos’ exclusive Assisted Proof of Work (AuxPoW) algorithms. This allows Elastos to reach a new level of security.

Who developed Elastos?

Rong Chen, co-founder of Elastos, worked on the project even before the launch of the first cryptocurrency. He began developing 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.

Despite the fact that the roots of the project began to sprout back in the 2000s, the Elastos crypto project itself was launched in mid-2017.

Rong Chen is an operating systems (OS) specialist with a background in computer science. Before founding Elastos, he worked at Microsoft for almost 8 years. Currently, Rong Chen is the Chairman of the Board of Elastos.

Elastos has two other co-founders, including the aforementioned Sunny Feng Han and Ben Lee.

Elastos has established partnerships with major players in various industries such as Foxconn, an electronics manufacturer, and SAIC Motor, an automobile manufacturer in China.

Before you begin your project, be sure to take a closer look at the ELA price in the chart above.