Elastos is a blockchain based operating system and cryptocurrency that has been in development since 2003 when founder Chen Rong built, a smartphone operating system from scratch. Between 2012 and 2016, he worked on an os for IoT and smart home devices, creating a company called Kortide. Now he leads Elastos, a community driven project to build the world’s first, open-source internet operating System. This Chinese cryptocurrency has flown under the radar in the bearish market, but as they continue to announce massive partnerships the hype is building.
What is Elastos?
Elastos is a Chinese blockchain that help a KYC ICO type event with a set price. On the 1-3 Jan 2018: KYC whitelist announced. On the 1 Feb 2018, an airdrop of ELA tokens distributed the 50% of the presale supply to BTC holders. “Elastos is its own blockchain. Its function is to store IDs which are used to connect to the Elastos intranet.” Reddit FAQ. The blockchain that is responsible for this process is kind of like the mainchain. Transactions and computations happen on a decentralised secure P2P network / operating system infrastructure.
Elastos is the base-layer infrastructure not an application. With this ID system people can own digital assets and use them to generate wealth and DApps can run without having to connect directly with the internet. This interface directly between apps and services protects the network from malicious code and network attacks.
Another thing that is impressive about Elastos is that it supports common programming languages. C++. It executes inside a C++ virtual machine. There are planned development modules for C, Java, HTML5/JS. The circulation of digital assets is handled by an UTXO model.
“Decentralized applications for Elastos are run by blockchain technology but can be built on current Operating Systems (IOS, Android and computer). Rong Chen understands the importance of ease of use for both the consumer and the producers. The integration of multiple well known coding languages make development relativity easier than other blockchains. They also support Android and Apple Operating Systems, which most other blockchains do not.”
What Will Elastos Be Used For?
Elastos is a decentralised Dapp platform/OS. It has the same use case as Ethereum and EOS. Connecting IoTs devices is a targeted use case that was mentioned in the Whitepaper. A decentralised OS makes sense in this context, and founder Cheng Rong was working on an IoTs OS before getting involved in blockchain. The security of blockchain is a massive advantage over traditional systems. “This is targeting the onboarding of infrastructure/industrial software. ‘DApps’ here would really be non-interactive secure software behind smart devices.”
These DApps will have their own side chains/tokens for whatever utility they serve. Elastos has a number of DApps already being built or planned for their platform.
- Reactor: Reactor Independent Game Guild(RIGG)
- Trust Credit Power(TCP)
- Panda Green Energy Exchange (HK Public Company, United Nation Partner)
- Origin Agritech Ltd(Nasdaq public company)
- Aviation Industry Corporation of China(AVIC)
- Tencent
They also have a partnership with SAIC Motor (China’s largest auto manufacturer) – A Chinese Leading automaker has signed development collaboration agreement of smart driving with Elastos
ELA Token Mechanics
There is a total supply of 33,000,000 million ELAs. Miners will gradually create additional tokens through an AuxPow + DPoS concensus mechanism that distributes tokens as follows: 35% for AuxPow, 35% for DPoS, 20% for Ecosystem Application Reward and 10% for Foundation Running and Development. All this mining leads to 4% inflation rate per year. Like Bitcoin, blocks will become progressively harder to mine overtime and if basic economic theory is to be trusted this scarcity makes value possible.
“ELA tokens are used to register an ID in Elastos and this ID in turn will purchase items such as DApps, cloud storage, and many other resources, including other digital products and so on. In addition, you can also invest in ICO projects and products with ELA tokens within elastos.” –Reddit
Should I Invest in Elastos?
I think that Elastos is a great long term hodle. I review a lot of altcoins, and it isn’t often you find one with this much substance to it. There is some pretty significant news around Elastos; especially for a coin that ranks in the 1000s on coin market cap. Like how they are a part of the G3 blockchain community with Bitmain and NEO.
“G3 is a co-operation between NEO, Elastos and Bitmain who share a vision of a decentralized economy and smart web. Key features of the smart web include the virtual machine, runtime environments and trust zone, provided by Elastos and Bitmain, consensus provided by NEO and KYC provided by Ontology. G3 is meant to cooperate with Chinese government regulations and considering two of the leading figures of Chinese blockchain are involved (Jihan Wu and Da Hongfei), the likelihood that these projects will greatly succeed when the Chinese adopt crypto-friendly regulations is very, very high.” Reddit
Here is an interesting fact I found floating around the Elastos Telegram group.
Who Are The Elastos Team?
Elastos Foundation was founded by Rong Chen and Sunny Feng Han. Rong chen has a rich background in IT. He founded a company called Kortide. They provide a cross-platform innovative environment for developing applications, widgets and services on top of the most popular smartphone platforms (Android, Windows Mobile). Before starting Kortide, he was a senior software developer at Microsoft for 7 years. Sunny Feng Han, has an interesting history. He teaches physics and is even the principle of a school. A path which lead him to become an authority on e-learning. He has developed online teaching programs and learning programs. More relevant to blockchain, is his position as Blockchain Advisor at Huawei Central Institute, Secretary General of Asia Blockchain DACA.
The other members of the foundation
- Yipeng Su Chief Architect
- Jizhe Xu founded the Newton Project
- Hongfei Da is the founder and CEO of Neo
- Jihan Wu is the CEO at Bitmain
How to Invest in Elastos?
To learn more about investing in Elastos read Coinlist’s complete guide. Find tradeable BTC and ETH pairs on the best exchanges and learn about upcoming developments as well as other important investor information. Read the complete investor guide here.