Elastos

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Elastos logo

Elastos is a Chinese blockchain project started by Rong Chen and Sunny Feng Han. The offices of the Elastos company are placed in Beijing and Shanghai, but the company is officially registered in Singapore. The main goal of the company is a creation of the new, blockchain-powered kind of internet. The vision of the Elastos foundation is mostly based around the digital assets distribution. For example, Elastos’ whitepaper states the following situation, inherent to the modern internet: one can buy a digital book from the modern web sources, but can’t sell it to anyone else after that. It means that one doesn’t really have the purchased book as his property, as property is not only available for consumption but can also be rent, sold and exchanged.

Elastos review[edit]

This new kind of web, proposed by the foundation offers a concept of the World Wide Web similar to the modern real world, meaning all the projects are somewhat “tangible”. It would be a World Wide Web where users not only gain access to the information, but get a digital asset that goes along with it. Elastos will issue IDs for digital content, that will be linked to the user’s account that performed a transaction. The blockchain-based network of Elastos will ensure that all the transactions are registered and traceable in order to reduce the possibility of fraud or mistake.

The World Wide Web of Elastos will be powered by a number of decentralized applications (dapps). Contrary to the modern web, where you get access to an information when clicking to the URL, in the Elastos web, users gain a code, an application. Elastos coin (ELA) will function as a currency of the new network.

Elastos coin[edit]

Elastos coin is a cryptocurrency, developed from scratch. It is not a token built with other blockchain projects’ solutions. Blockchain of the Elastos coin uses merged mining with Bitcoin. Through this process, consensus is reached in both chains at the same time. Blockchain of the Bitcoin cryptocurrency performs the role of the parent block chain in relation to Elastos, which is a subsidiary of the BTC chain. At the same time, Eastos' mining does not require additional power. It is implemented in parallel with BTC. Inflation rate of the Elastos is 4% per year (PoW). 35% of tokens are available for mining. A sidechain, which depends on the combined mining of two networks, does not need the consensus of the several nodes at once. One node is enough for this, but it does not reduce the reliability of information in the main and side block chains. No other consensus algorithm can offer such characteristics. A total of 33,7 million tokens will ultimately be issued.

Elastos coin has the official wallet for the token's storage. One can download it and install from the official site of the project. Today this wallet is the only wallet to store your coins Elastos. Third-party applications have not yet been developed.

Elastos coin price online via CoinMarketCap:

Elastos ICO[edit]

The token sale of Elastos took place during the period from 2 to 23 of January, 2018. The price of one ELA coin was $18.09. A total of $94.1 million USD was collected, including 57 million USD during the pre-sale. Payments were accepted in both BTC and NEO.

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.

Currently, Elastos exchange is supported by the several following exchanges:

  • Huobi
  • LBank
  • CoinEgg
  • Kucoin
  • Bit-Z
  • BCEX
  • HBUS

Sources: