What Is Elastos Framework? An Introduction to ELA Cryptocurrency This is the Elastos time I'm telling you about blockchain being the future.

What Is Elastos?

Elastos is a blockchain-based network infrastructure that includes a decentralized internet, operating system (OS), and virtual machine (VM). The project supports enterprise-grade development with a full ecosystem of available tools for dApp development. ELA is the native cryptocurrency coin of the Elastos platform.

Like the Brave Browser and Steemit (along with a ton of others), Elastos is hoping to make the decentralized Internet discussed in HBO’s Silicon Valley a reality. Of course, reality is never as cool as Hollywood makes it look, and the project faces a lot of problems.

First, it’s embroiled in a legal battle with investors over its ICO, something that will surely reflect poorly in the eyes of crypto regulators. The China-created and Singapore-based project weathers tough scrutiny at home too. It also faces stiff competition from both legacy and blockchain-based projects.

Aelf, for example, is a very similar project offering a blockchain-based OS. Ethereum and EOS are also popular dApp ecosystems. The list of strong projects goes on longer than we have time for in one guide, so check them out individually in our coin guide archive.

But founder Rong Chen is a visionary, and he is steering the company alongside internet trends everyone from Comcast to Amazon, Toshiba, and Disney want a part of. Streaming content, a mobile IoT, home-based cloud computing, and more are becoming real routines in our everyday lives. 

Elastos is a strong contender for the next decade, so long as it can outlast its legal troubles. It’s built on the pulse of modern connectivity, cloud, and blockchain technology. The road is long and full of obstacles though.

Let’s start by looking at the root of its problem – ELA, the native cryptocurrency token used by the Elastos blockchain.

ELA Cryptocurrency Summary

The peak price of Elastos (ELA) so far was $89.19 on February 24, 2019, although it stabilized at a $2-5 price range in the months following. The circulating supply on April 6, 2019 was 15,114,155 out of a total supply of 34,306,182 ELA. 

Several rounds of private investment occurred before the public ICO. Early investors include Foxconn and Bitmain CEO Wu Jihan. The ELA public ICO token pre-sale was held from January 2-23, 2018 and excluded citizens of the People’s Republic of China. Approximately $92 million worth of BTC and NEO was raised during the Elastos ICO.

The Elastos ICO sparked a 2019 lawsuit alleging it wasn’t properly registered with the SEC. A trading lock period also applied, showing a likely misunderstanding of the SEC rules requiring even unregistered securities to file a form to “register” with the SEC as unregistered. Honestly, that barely makes sense in English, so it’s easy to see how it was overlooked by foreign lawyers.

ELA is mined using a “merged mining” scheme with Bitcoin, where mining Bitcoin technically can mine you ELA too. To accomplish this, the Elastos block consensus mechanism is synced with Bitcoin’s, and Bitcoin’s blockchain acts as a sidechain. It’s called Auxiliary Proof of Work (APoW).

The team is currently migrating to support Delegated Proof of Stake (DPoS) in a hybrid consensus.

Approximately $4 worth of ELA is traded on a daily basis. Cryptocurrency exchanges that accept ELA include LBank, CoinEgg, HuobiGlobal, and KuCoin. Trading pairs include ETH, BTC, and USDT.

Follow the Pied Piper

A blockchain-based Internet doesn’t sound very revolutionary to anyone working in tech. The world already uses nodes, networks, and cloud computing, so the idea of a “distributed” or “decentralized” internet is somewhat funny. That’s what the Internet already is.

But that’s oversimplifying things, and it doesn’t mean the “wheel,” as it were, can’t be reinvented. Using blockchain and cryptocurrency helps organize all the backend data tracking that’s necessary to create a seamless experience.

Think about it – I have my Google and Facebook profiles interacting with apps, websites, and other services on my TV, computers, mobile phone, car, wearables, smart home devices, and more. Tokenization and ID tracking are key components in making my life easier, and that’s not even counting all the keys, seeds, and devices I need to track my crypto balances these days.

Using password aggregators like LastPass, physical keys, and such help, but identity theft is still a major issue. 

Elastos is a blockchain, runtime environment, carrier, and SDK. These tools enable sidechain interoperability, rapid dApp development, and universal, decentralized ID tracking.

Instead of needing Google to verify me on Android and Chrome, Facebook to comment on news, and all these other identification platforms, Elastos puts users in control of their data, making many of these other services unnecessary.

Of course, convincing 2 billion Chrome users, and 2 billion Facebook users to change isn’t going to be easy. But Elastos isn’t targeting the users – it would ultimately need to convince companies like Google and Facebook to use its platform, and to do that, it’ll need users.

The team was smart enough to use merged mining with Bitcoin to maintain network speeds, something most blockchain startups can’t do. This gives it a first-mover advantage that literally leverages Bitcoin’s popularity to maintain network speed and stability in a crowded market. If it can continue to make smart moves, the team can create a blockchain juggernaut.

Summary

Elastos is a blockchain-based platform focused on creating a decentralized Internet. It has enterprise-grade support for IoT, cloud computing, mobile, home networking, and more. While its under legal scrutiny from the SEC, it’s clear the team means well and isn’t just buzzy vaporware. Its success hinges on these factors:

  • Elastos has four main components – the blockchain, SDK, runtime, and carrier. This creates a secure ecosystem with a decentralized consensus.
  • ELA is mined using hybrid APoW mining with Bitcoin and DPoS mining. This mining hybrid helps prevent 51 percent attacks.
  • Elastos sidechain interoperability and SDK toolkit makes it flexible and efficient to migrate data to and from the platform.

With a focus on giving users back control of their identities in a network-powered environment, Elastos has its finger on the pulse of future technology. It’s not just the technology and money that makes a successful project – the race to blockchain’s future is a long one. Despite a few missteps, this Rong is making all the right steps in the long run.

Versability

Dr. Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer. You can find his work in Cracked, High Times, HuffPost, Lifewire, Forbes, Fast Company, and dozens of other places, although much of it is no longer under his name. Dr. Penny loves annoying fake media.

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