How Elastos will usher in the New Internet
Elastos (ELA) is a third generation blockchain platform, similar to EOS and Blockstack.
They aim to be the chosen operating system for blockchain and IoT devices. This will allow their virtual machine to run d’Apps on any types of device, including mobile phones.
The platform will enable a decentralized internet using blockchain for security purposes. How they do this in a high-level is that they assign everything including d’Apps and devices that operates in the Elastos web, a unique ID, and no internet connection ’s established until verification. What this means, is the prevention of distributed-denial of service (DDoS) attacks.
Elastos have implemented a scalable architecture. They have achieved this by using the main chain and sidechains. The main chain will be used for simple transactions and payment transfers, while sidechains are for more complicated smart contracts logic.
Every decentralized application running on Elastos will have its sidechain for further scalability.
One of Elastos’s essential goals is to enable the smart digital economy. They plan to do this to make digital assets scare, identifiable and tradable.
This will allow for the creation of new financial opportunities for both creators and consumers.
Elastos is using merged mining with Bitcoin. The reason for this is that they can mutually benefit from the security of the Bitcoin network, which is among the best-in-class in the crypto industry. This method is also very eco-friendly, as it doesn’t require any additional computation to do the proof-of-work (PoW) if its merged mining.
The total supply of the ELA token is 33 million, with a current circulating of 15.2 million ELA. There is a four percent yearly inflation rate to the supply.
Elastos is arguably among the most ambitious projects in the entire cryptocurrency sphere, and their scope and unique approach deserve praise.
The team has a healthy level of experience and is supported by notable supporters and partners such as Bitmain maestro Jihan Wu.
There are some concerns, primarily regarding the complexity of the project and being able whether the ambition of the project may be too much.
However only time will tell whether or not this turns out to be the case, but as for now, Elastos have solid fundamentals in which to establish a thriving platform.