New blockchain whith totally decentralized P2P economic infrastructure which authenticates digital rights, transfers contracts, and turns digital information into assets through blockchain technology.
Problems & Solutions
Ethereum is great for smart contracts. But Elastos believes that there are two main reasons why the Ethereum EVM is not suitable for running Dapps:
- Blockchains are made for consensus-based record keeping, but can lack computation speed or flexibility.
- Current blockchains are designed to record transactions, not to store data. There is simply not enough space on the current blockchain to store a large quantity of digital movies and books.
To address the first problem, Elastos proposes to adopt a flexible main chain and sidechain blockchain design structure. The main chain is only responsible for basic transactions and transfer payments, while the sidechain executes smart contracts to support various applications and services.
To address the second problem, Elastos runs applications on Elastos Runtime as opposed to on the already congested blockchain. This method is also more secure. With Elastos, all network data must be sent through a trustable and identity-verifiable channel. Identification and authentication come from the blockchain ID. In this way, the blockchain’s credibility can be transferred to Elastos Runtime. Elastos Runtime can have various forms: an independent OS, a Virtual machine, or a software development kit (SDK) that integrates into native apps of other mainstream operating systems.
The Elastos design philosophy integrates the convenience of mobile phones with the credibility of blockchain technology, allowing users to access apps without going through a third-party intermediary. Elastos will create an environment in which digital assets can be traded peer to peer.
Features & Highlights
The Elastos public chain is clean and simple, and hidden from third-party applications and services.
Elastos prevents overload of the main chain by having a few predefined sidechains built into the Elastos Carrier platform.
Elastos promotes the property rights of digital content. Elastos has the capability to issue tokens for digital assets or applications and to establish the ownership of digital content through smart contracts.
Elastos Runtime runs on the OS of customers’ mobile devices. Apps are free to run and their performance is comparable to existing mobile apps. Elastos supports traditional programming languages, making it relatively easy to write code. Elastos also supports popular programming frameworks.
The separation of apps from the network ensures that digital content won’t be leaked.
Even when Elastos apps are running on operating systems such as iOS, Android and Windows, the local OS won’t be able to sabotage the property rights of digital assets. The value of digital assets is preserved.
For non-Elastos apps such as Android or iOS apps, users can access the Elastos Smart Web through the Elastos SDK. Users can log into non-Elastos apps using their Elastos Smart Web ID. Users can also keep their non-Elastos app data in their Elastos cloud storage.
Both Elastos smart contracts and Elastos Dapps run on the Elastos Smart Web. This creates a closed platform and avoids the necessity of moving on and off the blockchain. This closed platform creates a special economic zone where users can feel secure while trading digital assets. This enables a closed cycle of production, transaction, and consumption that is necessary for creating wealth.
Token Sale & Economics
- Project website: https://www.elastos.org/
- Project whitepaper: https://www.elastos.org/downloads/elastos_whitepaper_en.pdf
- Token sale start time: Jan 2018
- Ticker: ELA
- Token type: Own Wallet
- Total hard cap: $94,100,000
- Total supply: 33,000,000 ELA
- Public sale token price: 1 ELA = $18.09
Token Utility & Use Cases
The Elastos Token, or ELA, is the intrinsic token on the Elastos blockchain. It can be used for trading, investing in digital assets, paying for blockchain processing fees and so on.
Roadmap & Updates
- Code complete for DPoS and sidechains (Token Sidechain, ETH Sidechain, NEO Sidechain) are publicly available on Github and getting ready for unit testing, regression testing and integration testing soon after.
- Elastos SPV Mobile Wallet with Voting functions for Android and iOS platform.
- DPoS Supernodes Voting Starts.
- Elastos Browser (Trinity) goes live for iOS platform.
- Elastos Carrier 5.2 goes live.
- Elastos Storage Proof of Concept available.
- Community elected DPoS Supernodes (36 active, 72 standby) begin participating in DPoS consensus.
- The 12 CRC DPoS Supernodes are live and merged-mining is public and open to everyone.
- Token Sidechain goes live.
- Ethereum Smart-Contract Compatible Sidechain goes live.
- NEO Smart-Contract Compatible Sidechain goes live.
- Cyber Republic election begins.
- Cyber Republic is officially live and handed over to the community to be governed.
- DApps lifecycle in Trinity.
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