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.
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
I suspect that this coin's hype is going to catch up to its achievements in the near future. On Coinmarketcap, neither the circulating supply or the total market cap are listed. Because of this, the coin is ranked number 1100 - 1300. When Coinmarketcap correct this, Elastos will easily be a top 100 cryptocurrency. I really want to stress that this is an opinion, but I think that this Coinmarketcap mixup is also suppressing the price.
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.
How to Invest in Elastos?
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