Elastos

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Elastos?

Elastos (ELA) is a cryptocurrency that powers the Elastos Smart Web, a decentralized, blockchain-based platform aiming to create a safer and more trustworthy internet. It enables users to exchange digital content peer-to-peer, ensuring creators receive fair compensation for their work. ELA tokens are used for various transactions and fees within the ecosystem. The project focuses on solving issues of content ownership, monetization, and security, with a strong technical team and advisors from prominent blockchain companies.

How is Elastos used?

Elastos (ELA) is a cryptocurrency that operates on a blockchain-powered platform, aiming to create a decentralized internet known as the "SmartWeb." This platform allows users to control and own their digital assets, ensuring secure and private data storage and management. Here are some key ways ELA is used:

  1. Digital Content Management: Elastos enables users to issue IDs for digital content, track views, and ensure that monetization goes to the original creators. This prevents content theft and ensures fair revenue distribution.

  2. Decentralized Applications (DApps): ELA supports the development and use of DApps, which can run without direct internet access, protecting them from malware and hacking attacks. These DApps can be accessed via users' operating systems (Android, iOS, or PC).

  3. Super-Wallet: The Elastos ecosystem includes a Super-Wallet application that manages digital identities, token spending, decentralized storage, contacts, voting, and smart contract operations. This provides users with a comprehensive tool for managing their digital assets.

  1. Data Ownership and Control: Users can register unique identifiers (DIDs) to privately store and control their data. This allows them to decide how their data is used, whether for profit or personal privacy.

  2. Merge Mining and Security: ELA's merge mining with Bitcoin enhances security while maintaining energy efficiency. The BPoS (Blockchain-Powered Operating System) validator system adds an additional layer of security by verifying and signing each ELA mainchain block.

  3. Staking and Validation: Users can participate in staking and validation processes to earn ELA rewards. This includes staking ELA to vote for validators and earning APR (Annual Percentage Rate) for both stakers and validators.

These features and functionalities make Elastos a unique cryptocurrency project focused on creating a secure, decentralized, and user-controlled internet ecosystem.

How do I store Elastos?

To store Elastos (ELA) tokens, you have several options:

  1. Essentials Wallet: This wallet is highly recommended for managing ELA and Elastos-based assets. It supports all three core Elastos blockchains and offers important features not available elsewhere.

  2. Ledger Wallet: You can install the Elastos app in Ledger Live and connect it to MetaMask. Then, add Elastos as a custom token.

  3. Atomic Wallet: This wallet supports over 30 coins and 500 tokens. It offers features like anonymous swaps, cashback, staking, and buying cryptocurrencies. Atomic Wallet is known for its security and ease of use.

  1. Other Wallet Options: There are several other wallets available, including MetaMask, Coinbase, Trust Wallet, TokenPocket, Coin98, and Brave Wallet. Some of these wallets require manual steps to add the Elastos network, and not all are natively supported.

Regardless of the wallet you choose, it is crucial to generate a keypair and securely store your seed phrase to ensure the safety of your tokens.

How to buy Elastos?

To buy Elastos (ELA) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports ELA trading. Some popular options include Gate.io, KuCoin, and Coinbase. Ensure the exchange is available in your region and compliant with local regulations.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves verifying your email address and identity, which may require a photo ID and phone number for SMS verification.

  3. Make a Deposit: Add funds to your account using a supported payment method, such as a debit card, credit card, wire transfer, or cryptocurrencies like Bitcoin (BTC) or Tether (USDT).

  1. Buy ELA: Use your deposited funds to purchase ELA. You can do this by searching for ELA on the exchange, selecting the desired trading pair (e.g., ELA/USDT), and entering the amount you want to buy.

  2. Store Your Tokens: Once you have purchased ELA, it is recommended to transfer your tokens to a secure wallet outside the exchange for safekeeping.

Remember to always follow the specific instructions and guidelines provided by the exchange you choose, as the process may vary slightly.

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History of Elastos

Elastos (ELA) is a blockchain-powered internet platform that aims to create a secure, decentralized web where digital assets and data are protected. The project was conceptualized in 2000 by Rong Chen, a visionary with a deep background in software engineering, during his tenure at Microsoft. Chen’s ambition was to architect a safer, web-oriented operating system that would fundamentally change how applications interact with the internet, aiming to eliminate direct internet access and thereby reducing the risk of malware attacks.

In 2017, Chen collaborated with Feng Han, a scholar with significant influence in blockchain research and education, to officially launch Elastos. The Elastos Foundation was established in June 2017, marking the formal inception of the project with the goal of integrating blockchain technology to realize Chen’s vision of a secure, decentralized web.

The token sale of Elastos took place from January 2 to 23, 2018, and the project raised $94.1 million USD, including $57 million during the pre-sale. Payments were accepted in both BTC and NEO. On January 25, 2018, Elastos announced the successful completion of the third and final round of the token sale, collecting 2,500 BTC and distributing 2 million ELA.

Elastos officially launched on exchanges on February 1, 2018, with an initial price of $38. The price reached an all-time high of $89.19 on February 23, before falling to an all-time low of $18 on July 30.

In 2021, Elastos introduced BeL2, a Layer 2 scaling solution that leverages SmartWeb technology to enhance Bitcoin transactions, showcasing its commitment to innovation and its role in the future of decentralized applications. Today, Elastos continues to evolve, backed by a team of over 50 professionals and partnerships with entities like Bitmain and Tsinghua Science Park, driving forward Chen’s original mission for a redefined internet experience.

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How Elastos works

Elastos (ELA) is a cryptocurrency project that aims to create a blockchain-powered version of the internet. It integrates blockchain technology with a suite of reimagined platform components to produce a modern internet. Here's how it works:

Merged Mining with Bitcoin

Elastos capitalizes on the security of Bitcoin by using merged mining. This means that Elastos piggybacks on the work done by Bitcoin miners, inheriting Bitcoin’s unparalleled security attributes without directly competing for mining resources. This approach ensures high security without additional energy requirements, making it an eco-conscious blockchain design.

Decentralized Operating System

Elastos is a fully-fledged operating system for decentralized applications (dApps), secured by a blockchain layer. This allows for a fortified environment for running dApps, differentiating it significantly from competitors.

ELA Token

The ELA token powers the Elastos ecosystem. It covers transaction fees, including smart contracts and asset registrations, ensuring network security and efficiency. ELA also fuels a decentralized economy in Elastos, enabling direct trade of digital assets and services, cutting out middlemen. Additionally, it rewards participants, including miners who secure the network via merge mining with Bitcoin, enhancing security and sustainability.

Governance and Decentralized Applications

Holding ELA grants governance rights, allowing stakeholders to vote on network decisions through the Cyber Republic, promoting community-driven development. ELA is essential for using dApps on Elastos, providing access to a broad range of services and expanding the ecosystem’s functionality.

SmartWeb

Elastos is building a network of dApps that are powered by blockchain technology but do not have to run on the blockchain itself. Instead, these dApps are accessible via users' operating systems (Android, iOS, or PC). This approach prevents them from being exposed to malware, hacks, and data leaks.

Elastos Runtime, Carrier, and SDK

Elastos Runtime is an operating system that prevents applications and services from directly accessing the internet. Elastos Carrier is a completely decentralized peer-to-peer platform. The Elastos Software Development Kit (SDK) allows dApps to access their IDs and Elastos Carrier services on the Smart Web.

Benefits

Elastos offers several benefits, including the ability to run dApps without internet access, ensuring full ownership over digital assets. It also provides a decentralized ID system for users and digital assets, a decentralized data storage service, and a suite of features through its app, including a Super-Wallet and smart contract operations.

Overall, Elastos is a unique project that combines the security of Bitcoin with its own decentralized operating system and ecosystem, aiming to create a new, blockchain-powered version of the internet.

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Elastos's strengths

The strengths of the Elastos (ELA) token include:

  • Security: ELA is used to secure the BeL2 network through staking, ensuring the integrity of the SmartWeb ecosystem.
  • Utility: ELA is a utility token that supports various functions within the Elastos ecosystem, such as staking, voting, and gas for transactions.
  • Interoperability: ELA enables interoperability between different blockchain projects and decentralized applications (dApps), allowing them to interact and share the same digital identity.
  • Decentralized Governance: ELA is used for voting in the Cyber Republic DAO, which allows community members to participate in decision-making and fund projects.
  • Financial Opportunities: ELA creates financial opportunities for both content creators and consumers, incentivizing more people to use the Elastos platform.
  • Digital Ownership: ELA supports the concept of digital ownership, allowing users to control and manage their digital assets and identities securely.
  • Multi-Chain Support: ELA is used across multiple chains, supporting various services such as smart contracts, decentralized identifiers, and more.

These strengths highlight ELA's role in powering the Elastos ecosystem and its potential to revolutionize the way we interact with digital content and identities.

Elastos's risks

Elastos (ELA) carries several financial risks that investors should consider.

Risk Analysis

InvestorsObserver has given Elastos a medium risk/reward score, indicating that the risks associated with investing in ELA are moderate. This score is based on the proprietary system that gauges how much a coin can be manipulated by analyzing the amount of money it takes to shift its price over a 24-hour period, along with recent changes in volume and market capitalization.

Trading Risks

Trading in ELA, like any other cryptocurrency, involves a high degree of risk. Market fluctuations can result in significant losses, and investors should be cautious when engaging in trading activities.

Market Volatility

Elastos, as a cryptocurrency, is subject to market volatility. Its price can fluctuate rapidly, making it challenging for investors to predict its performance. This volatility can lead to significant losses if not managed properly.

Regulatory Risks

Elastos is not available for purchase on all exchanges, with some jurisdictions like the USA and Canada prohibiting its trading. Regulatory changes or restrictions can impact the availability and value of ELA, posing a risk to investors.

Security Risks

While Elastos has implemented various security measures such as merge mining with Bitcoin and the BPoS validator system, there is still a risk of security breaches or attacks that could compromise the network and impact the value of ELA.

Economic Risks

Elastos' economic model, although designed to mirror Bitcoin's disinflationary ethos, is not immune to economic downturns or changes in market sentiment. The fixed maximum supply and halving cycles can also impact the coin's value if not managed effectively.

Investment Risks

Investing in ELA carries inherent risks, including the potential for significant losses if the project does not meet its goals or if market conditions deteriorate. Investors should thoroughly research and understand the project before making investment decisions.

In summary, Elastos (ELA) carries a range of financial risks, including market volatility, regulatory restrictions, security breaches, economic downturns, and investment risks. Investors should carefully assess these risks before making investment decisions.

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Did Elastos raise funds?

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Elastos’s team

  • Rong Chen: Chairman and founder of Elastos, with a background as a senior software engineer at Microsoft. He developed the philosophy for applications and services to operate without connecting directly to the Internet, which forms the basis for the Elastos Smart Web.
  • Sunny Feng Han: Co-founder of Elastos, with a PhD in Physics from Tsinghua University. He is also a visiting scholar and research associate at Columbia University and an advisor at Huawei Central Institute.
  • Jihan Wu: Advisor to Elastos, CEO of Bitmain, and a significant investor in the project.
  • Hongfei Da: Advisor to Elastos, founder and CEO of NEO, and a strategic partner in the development of the Elastos blockchain.
  • Runde Wang: Advisor to Elastos, founder of Cooix, and a key contributor to the project’s development.

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