THE WEB 3.0 IS COMING.
IN A SMART, NEW, WAY.
THE SMART WEB.
Today’s coin is Elastos, and we’ll explore their efforts for building a new Internet. (small feat)
Let’s dig in…
Elastos (ticker: ELA)
Wtf is this shit?
Elastos is a project aiming to create a blockchain powered decentralized Internet, called the Smart Web. The Smart Web is distinct from the Internet...so you can connect to Dapps on the Smart Web without being connected to the Internet. Additionally, their name is not pure shit like most projects, so we are off to an okay start.
Given that this is a blockchain based Internet, there is the inherent advantage that each users’ digital assets are written to the blockchain and uniquely owned by them, unless transferred to another user. This can be books, data, movies, music, digital tokens and more.
Elastos wants to not only offer a base layer for a decentralized Internet, but they want to really foster the development of Dapps. They feel that capabilities of other platforms such as Ethereum are okay, but lack in providing platform and environment support that users are familiar with (ie iOS, Android, Windows, macOS, etc..). They want users to be able to easily create not just smart contracts, but cross-platform Dapps that can run in any environment. This is achieved through the Elastos Runtime which runs on top of most major operating systems.
Elastos has a main chain/side chain infrastructure. The main chain handles all of the security and handling of payments, while each side chain handles the smart contract for each Dapp. This is meant to help with scalability. Each side chain can be configured to have it’s own consensus.
They have three main projects (repositories that you can see on Github) that make up Elastos:
Simply put, the Elastos.RT codebase is responsible for the app runtime environment. .NET is for the blockchain powered Internet, and .ELA is for the ELA token management.
Their coin is ELA which is used to pay for fees and shit with smart contracts, side chains, etc...
Lastly, their consensus…
They have merged mining with Bitcoin. So both Elastos and Bitcoin reach block consensus at the same time and miners can opt to mine both chains at the same time. This may be a good gimmick to gain more hashing power as Bitcoin miners opt to mine both chains at the same time.
Who tf is behind this shit?
Elastos actually started back around the turn of the 21st century. It began in 2000 (yes we know the 21st century began on Jan 1 2001), by an OG developer Rong Chen. He founded it as Ketai Centry, and then started Elastos, a research and development project focusing on creating an operating system. So, he’s been passionate about this shit for a while. In 2017 they gained funding from Bitmain and things began to take off. Since then, they have been moving fast with big connections in the industry.
Mid-Tier shitcoin, big ambitions, but maybe the right team. Let’s see how they do.
Hope you learned some shit.
- Mike and Aaron