Elastos

What is Elastos?

Elastos is a decentralized peer-to-peer economic infrastructure driven by blockchain technology. This innovative platform facilitates digital rights authentication, contract transfers, and the transformation of digital information into valuable assets. The overarching goal is to create a smarter and more secure web, contributing to the evolution of Web3.

The Elastos design philosophy is modular, incorporating blockchain, identity, storage, and communication components that empower developers to construct unstoppable applications. The motivation behind Elastos is to foster accessible and open-source services globally. Developers are empowered to create Web3 applications, offering users true ownership of their personal data and information.

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Recent Video Interview

Main points of the interview:

• Rong Chen, CEO of Elastos, discusses their unique blockchain-based internet.
• Elastos builds a virtual machine operating system to ensure digital asset security.
• Integrates with Ethereum via side chains running on the internet, not mining machines.
• Partners with IoT device providers; quarter million set-top boxes deployed.

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Key Features

To comprehend Elastos' impact on Web3, it's essential to explore its key features:

• Open-Source: A community-driven platform that encourages contributions, fostering inclusivity in the Web3 environment.
• Bitcoin Hashrate: Elastos Mainchain is partially secured by Bitcoin hashrate through merge-mining, enabling miners to participate without additional resource deployment.
• Elastos Smart Contract Chain (ESC): Supports the development and deployment of Solidity-based smart contracts on sidechains with an efficient BPoS consensus mechanism.
• Elastos Identity Chain (EID): Provides decentralized digital identities through W3C-compliant DIDs, offering control over personal data access.
• Data Ownership: Users leverage DIDs to create storage vaults, maintaining control over data access.
• Scalability: Supernode network adapts to secure and provide consensus for numerous sidechains, enabling horizontal scaling.

DIDs in Elastos

Decentralized Identifiers (DIDs) give users control over their information, stored and managed on the blockchain. Operating in a decentralized manner, DIDs ensure verifiable, secure, and private identities.

Features of DIDs:

• Interoperability: Functions seamlessly across Web3 dApps and websites.
• Connectivity: Links to multiple verified credentials.
• Privacy: Maintains privacy of personal and wallet information.
• Secure Communication: Facilitates secure communication between parties.

Elastos aims to revolutionize digital identity through its open-source universal decentralized identity (DID) solution, offering security, anonymity, and privacy. Running on the Elastos Identity Chain (EID), it is compatible with various applications and products within the Elastos ecosystem.

Utility of ELA Token

Elastos employs a mainchain-sidechain architecture with ELA as the native token on both the mainchain and supported sidechains. Wrapped versions of ELA may exist on other blockchains, enhancing interoperability. ELA, the native token of the Elastos smart web, serves multiple purposes:

• Securing the Network: Staking ELA contributes to the decentralized infrastructure, securing and processing transactions.
• Unit of Account: Used for computation, storage pricing, and transaction fees.
• Node Registration: Minimum ELA required to become a validator or CRC member.
• Medium of Exchange: Facilitates value transfer within Elastos blockchains and applications.

The Cyber Republic

The Cyber Republic (CR) in the Elastos ecosystem represents the community contributing to governance decisions. The Cyber Republic Consensus (CRC) is a governance system ensuring community-based influence on technical and ecosystem development.

The CR Council, elected annually by the community, consists of 12 seats. It operates as validators, contributing to the decentralized decision-making facilitated by blockchain.

Any community member with an Elastos decentralized identifier (DID) can submit proposals to CRC. These proposals undergo community voting after being recorded on the Elastos mainchain, showcasing the commitment to decentralized governance and development.

Ecosystem

Some of the most recognizable platforms that the Elastos team helps building are Alibaba Cloud, Tencent Cloud, Celo, Elacity, Feeds, CreDA, KYC-me, Pasar...

Team Background

In 2002, Rong Chen, a former Microsoft employee, initiated the development of Elastos, a secure operating system, in response to the internet's shift from decentralized data sharing to corporate data collection. Despite initial challenges, Rong persisted and, in 2016, recognized the potential of blockchain technology to address internet vulnerabilities.

Teaming up with Feng Han, he founded the Elastos Foundation. Today, Elastos and the Cyber Republic strive to establish a secure and decentralized internet protocol, offering true ownership of digital assets. This initiative seeks to counter the imbalance caused by the dominance of major corporations in the digital economy, addressing the growing threats of data theft and digital extortion.

Project Development

Beatfarm Digital and Elastos have joined forces to revolutionize the music industry through innovative inscription technology and blockchain-based consumption models. The collaboration aims to address inefficiencies in the music creation and performance sector, particularly in connecting artists with collaborators and ensuring fair compensation.

Current industry trends show a disproportionate distribution of revenue, with 1% of artists earning a substantial 77% from recorded music sales. Beatfarm and Elastos' partnership offers an alternative approach, empowering musicians with control over their work, collaborations, and monetization. Through Elastos' BeL2 technology, artists gain secure access to the entire music ecosystem, enabling them to establish smart contracts and receive direct Bitcoin payments. These contracts, known as eScriptions, are secured through Bitcoin and can be traded on a decentralized marketplace, providing a groundbreaking solution for artist empowerment and fair compensation.