Purpose

Elastos will be a platform for decentralized applications (Dapps) that runs on a peer-to-peer network where people can access these Dapps via their mobile phones, without changing their operating system. The goal is to create an Internet that allows users to access articles, movies and games directly and, through blockchain technology, make it possible to know who owns which digital assets. Elastos’ goal is to make digital assets scarce, identifiable and tradable, using Elastos tokens (ELA) are the base currency.

The Elastos blockchain applies main and sidechain solutions to facilitate its economy and decentralized application environment, meaning that every application can create individual sidechains. These side chains are customizable, allowing clients to pick a different consensus method depending on the use case. Their main chain’s consensus is linked to Bitcoin’s PoW, meaning that they achieve the same proof with the existing pools of miners; no extra resources needed.

 

Strengths

– The project started in 2000, giving it extensive seniority and R&D time

– Utilizes Bitcoin’s consensus to achieve its own without needing extra ressources.

– The sidechains can pick their own consensus method depending on the needs of the users

 

Elastos Weaknesses

– Even though the sidechains have their own consensus mechanisms, the fact that the mainchain is using the same pool of miners as Bitcoin takes the decision power out of their hands

– Being a Dapps platform makes them compete with Ethereum and EOS which will require a strong go-to market strategy, considerable capital and a significant network effects

 

Network Status

The Elastos main blockchain is live.

 

Roadmap

Q4 2018: The mining of ELA Chain and Elastos ID Chain by external nodes will be open and accessible.

 

Governance

The Elastos blockchain utilizes merged mining with Bitcoin, the process by which consensus is reached on both chains simultaneously. In this case, the Bitcoin blockchain works as the parent blockchain to Elastos. The mining pools will deploy merged mining code and miners will submit proof of work to both blockchains at the same time, but the energy consumption does not increase with merged mining, and will be equal to the energy consumed for mining either alone.

 

Similarities

Elastos is similar to EOS but instead of providing only an interface for the DApps, it provides the entire operating system. It is like Ethereum’ EVM but for DApps instead of smart contracts.

 

Notable partnerships

They are sponsored by TusPark, TD Industrial Alliance and Foxconn.

 

Exchange

ELA is listed on Huobi, LBank, CoinEgg and more

 

Stack

Elastos is its own blockchain.

 

Community

Twitter: 27.3k

Reddit: 6.2k

Telegram: 17,562

 

Price history

August 29th, 2018: 10.42$
July 2018: 20.93$
May 2018: 47.80$
Feb 2018: 44.01$

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.