Elastos (ELA) is an internet platform that runs on blockchain, where it strives to create a decentralized web. The main goal is to create a protected platform for data and digital assets. The project claims to create a new kind of blockchain “smartweb.” Here, Elastos is building a network of dApps with the help of which users will be able to exchange their digital content with their peers.
In this article, you will learn about the Elastos platform and the ELA token. Apart from that, you will also know how the platform works in general. Furthermore, you will also learn about the major solutions of Elastos. Then, the article will provide you with a guide on how to buy Elastos. Finally, you will learn about some of the major pros and cons of Elastos. Hence, to learn more, read on to the end of the article.
A General Overview Of Elastos (ELA)
When the blockchain system was first introduced, there were many existing problems. However, new developments are resolving these problems. Furthermore, better ways of using blockchain and cryptocurrencies are becoming popular. Hence, there are developments not only in problem-solving but also in the quality of solutions. As a result, there are higher efficiencies in platforms, and they are getting more user-friendly.
Basically, all these factors are helping to improve the chance of newcomers to the platform to try out and adopt this technology. For example, during the early years of Bitcoin, there were problems with scalability, especially when the number of users grew. Furthermore, the problem was greater with Ethereum as the latter has more number of features and options.
As a result, people had to pay huge amount of fees if they wanted to work on these platforms. Thereby, most blockchains started to focus solely on scalability. Hence, Elastos (ELA) came as a solution to deal with scalability issues and resolve dApp problems. Basically, Elastos offers some of the most effective ways how to use dApps, do transactions, protect your data, and many more.
Here, Elastos (ELA) is trying to create a new internet platform with the help of blockchain technology. It is creating a dApps network with the help of which users will be able to exchange digital content online.
With the help of Elastos, users will be able to issue identities for their digital content. Apart from that, they are also able to track the number of times a views in a content. By doing so, it ensures that all the monetization ends up in the original creator.
How Does Elastos (ELA) Work?
According to Yahoo Finance, “Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.”
Elastos is changing the way in which users are able to access and exchange their online content. As a result, they are building a network of dApps with the help of blockchain technology. However, one of the most unique aspects is that these apps do not run on the blockchain itself. Hence, if you want to access these dApps, you can do so through your operating system in the first place.
Therefore, to make this process possible, Rong Chen, the chairman of Elastos, came up with a new design philosophy. Here, Chen’s philosophy is to create an all-encompassing platform for various services and applications. With the help of this platform, users will be able to operate without even connecting directly to the Internet.
As a result, the users will not be exposed to cyber attacks like hacking, malware, trojans, and data leaks. This platform design will be integrated with Blockchain technology to create an Elastos Smart Web.
Major Pillars Of Elastos Smart Web
You have seen that the Elastos Smart Web is a unique blockchain technology that can run without the blockchain. Here, the users can have access to the platform despite staying offline. However, the platform has some major pillars to it which are essential for its operation. The following are the four major pillars of Elastos Smart Web:
Elastos Blockchain
With the help of blockchain technology, the Elastos platform is able to provide a decentralized web. Here, all devices, individuals, websites, and digital assets have trustworthy identities. Hence, this creates a more secure environment.
Elastos Runtime
The runtime is an operating system in Elastos with the help of which it prevents services and applications from directly accessing the Internet. The operating system of Elastos runs on the users’ devices (mobile devices or PCs).
Elastos Carrier
This is Elastos’ peer-to-peer platform for transactions and communication. This platform is completely decentralized.
Elastos Software Development
In the Elastos Smart Web, all dApps use the Elastos SDK to access their identity numbers and Elastos Carrier Services.
What Are The Major Solutions Of Elastos (ELA)?
The following are some of the major solutions that the Elastos platform promises to come with:
Smart Web
The Smart Web is Elastos’s own product on which dApps will run. Here, Elastos has a network of dApps that can run without connecting to the Internet. As a result, Elastos is able to create a secure platform that will protect against stealing and re-uploading online content when the original owner might not be able to keep track of or monetize the content.
Furthermore, users can store, view, and monetize digital content on the Elastos Smart Web due to its runtime feature, which creates a closed environment. Here, within the closed environment, users can use the Elastos (ELA) token to access their digital content.
In addition to that, content creators on the platform can also limit the number of their copies for circulation in the Elastos environment. Hence, it creates a scarcity of content. For example, an artist can release only 120 copies of a given artwork on Elastos. This creates a limited supply on the platform.
As a result, if demand for the artwork increases after limited supply, the price of the product increases as well. Furthermore, a consumer can also earn a share of the artwork’s revenue by reselling the artwork to other consumers.
Resolving Scalability Issues
You already know that scalability has been one of the biggest problems in the blockchain industry. Hence, Elastos is focusing on dealing with this problem and bringing it to a stop. The aim of the platform is to ensure that the environment is capable of handling all tasks that come in real time. Furthermore, this will also help in eliminating waiting time and high fees.
As compared to big platforms like Ethereum and Bitcoin, the Elastos platform is a great option for smart contracts. The goal is to make it convenient for full applications and resolve all limitations on the platform.
Unique Structure
The structure of Elastos, as discussed before, is based on four pillars. This helps in enabling network separation and increases the flexibility of the platform. The pillars include blockchain, runtime, career, and SDK (software development kit). The system works in a simple manner. Here, the blockchain separates the app functionality between the sidechains and main chains of all apps.
Furthermore, the runtime provides the users with the flexibility to run dApps even outside the Elastos OS. Here, the carrier is a decentralized peer-to-peer internet service that runs as per the blockchain environment. It allows users to rent computational power and memory to other users on the platform. Then, the SDK helps to connect apps to the Elastos Smart Web.
Sidechains
Sidechains run alongside the Elastos network. This enables the Elastos ecosystem to scale horizontally with a variety of multipurpose sidechains. Apart from that, you can also use it to run smart contracts (using Ethereum’s programming language, Solidity).
Merged Mining
The Elastos blockchain system uses the merged mining option with Bitcoin. Basically, with the help of merged mining, you can mine two different cryptocurrencies simultaneously on the same algorithm. As a result, low hash powered cryptocurrencies can increase their hashing power behind their network. They can do this by bootstrapping into more popular cryptocurrencies. Here, the Bitcoin blockchain system works as Elastos’s parent blockchain.
Other Features And Benefits Of Elastos
There are a variety of features with the help of which Elastos benefits its users. The following are the major features it offers:
1. You Can Run dApps Without the Internet
Elastos offers you full ownership of the digital assets that you have on the platform. Furthermore, you can use its ecosystem to run dApps without any internet access. Here, the dApps will run on Elastos Smart Web, as the latter offers protection from cyberattacks and malware.
2. Super-Wallet Application
With the help of the Super-Wallet application, Elastos provides full management support for the digital identity of the user. Apart from that, it also offers support for total spending, contacts, voting, decentralized storage, as well as, smart contract operations.
3. Data Control
Elastos believes in data ownership through blockchain. It offers unique identifiers to creators and their creations on the Smart Web. Here, you can attribute and privately store all the data that you generate along the way. Here, it fully depends on what you want to do with the data.
4. Various Use Cases
Elastos also provides additional use cases in addition to its other features. Here, Securities.io mentions – “it offers P2P communication and file sharing, P2P business support via decentralized payments, authentication of assets, ID verification, digital asset support for things like video games, e-books, videos, and alike, P2P file distribution systems for personal smartphones, proof for credit scoring, traceability of commodities, and a platform for simple identity checks.”
How To Buy Elastos (ELA)?
In general, you can buy Elastos through the following two exchanges:
KuCoin:
In KuCoin, you can do cryptocurrency trading for over 300 popular tokens. If you want to buy new tokens, this platform is one of the first ones to give you a buying opportunity. However, USA residents cannot buy from this platform.
Gate.io:
This is one of the oldest crypto exchanges and has been popular for a long time. Although this exchange accepts most international jurisdictions, it is still prohibited in the USA and Canada.
According to CoinBureau, “On February 1st 2018, Elastos token (ELA) launched on exchanges at a price of $38. The price reached an all-time high of $89.19 on February 23rd, before falling to an all-time low of $18 on July 30. This has been broadly in line with the general fall in cryptocurrency prices.”
However, you can purchase Elastos on the HTX (Previously Huobi) and BCEX platforms.
What Are The Major Pros And Cons Of Elastos (ELA)?
The following are some of the major pros and cons of the Elastos (ELA) network:
Pros
Here are the major pros of Elastos that benefit its users:
- Both creators and consumes in the platform get opportunities to make more finances. Furthermore, Elastos also offers various incentives to users for the platform.
- Since Elastos offers a secure platform, it prevents other people from stealing and re-uploading content online. Thus, they prohibit others from stealing and monetizing the content of original creators. Furthermore, Elastos’s runtime feature also creates a closed storing environment. Here, the creators and users can store, view, and monetize digital content on the Elastos Smart Web.
- The network has a strong team of technical professionals and group advisors who have experience working in various other blockchain environments.
Cons
Here are a few cons of Elastos that you need to be aware of:
- Although the network’s closed environment is quite secure, it is not 100% secure, and hence there is a chance of content leaking. There are other options for stealers to screen-capture content and release it online.
- The verification process is not up to the mark. For example, it does not verify whether a piece of content actually belongs to the uploader. Hence, some stolen content also gets Elastos ID to them.
Wrapping Up
Hope this article was helpful for you to understand how Elastos works and what are its major features. You can see that this platform strives to create a protective environment where you can access your data offline. However, if you want to invest in the platform, make sure you are aware of the major pros and cons.
Do you have more information to add on Elastos? Consider sharing your info in the comments section below.
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