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Elastos

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Description

What does Elastos do?

Elastos is a blockchain powered internet solution that allows developers to launch decentralized applications (dApps). With its Smart Web (where users can search out and use dApps) and sidechain functionality, Elastos hopes to offer the most scalable and best performing platform for dApps.

The Elastos platform uses sidechains in addition to its main blockchain for increased scalability. The main blockchain records and processes basic functions such as transactions and fund transfers. Sidechains run smart contracts and hold custom tokens. The separation of these functions improves performance.

Elastos is also capable of tracking asset ownership. Content creators can now release content (such as a book) and limit the existing number of digital copies. This way no one can copy and resell content. At the same time, consumers can buy content and sell it for a higher price.

What is ELA used for?

ELA is Elastos’ native currency. It is used to pay transaction fees as well as reward miners. Elastos uses merged mining with Bitcoin’s blockchain, which means that both networks reach consensus at the same time. Miners taking part in this Proof of Work (PoW) set up are rewarded with ELA.

The Elastos team also plans to implement DPoS (a form of Proof of Stake) in the future, which will allow users to receive ELA from staking.

How can ELA appreciate in value?

ELA has a scarce supply which means that higher demand will make its price rise more sharply than a coin with an abundant supply. If Elastos is chosen as the go-to solution to launch dApps and produce content, then the demand for ELA will increase. Since ELA is needed to pay transaction fees on Elastos, developers, content creators, and content consumers will all need ELA.

What are the differences between ELA and its competitors?

Ethereum is Elastos’ largest competitor. Ethereum is another platform-based blockchain where users launch dApps. Ethereum is experiencing the scalability issues that Elastos aims to solve. Additionally, Elastos has no gas system, because there are no fees associated with running smart contracts. The dApps actually run on the users hardware, such as a computer or smartphone - not on the blockchain.

  • Mainnet Launch: Open mining will begin in December 2018 In December 2017 The Elastos public blockchain is officially released, but external nodes remain inaccessible.
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: Blockchain
  • Total Coin Supply: 33,580,770
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Description

What does Elastos do?

Elastos is a blockchain powered internet solution that allows developers to launch decentralized applications (dApps). With its Smart Web (where users can search out and use dApps) and sidechain functionality, Elastos hopes to offer the most scalable and best performing platform for dApps.

The Elastos platform uses sidechains in addition to its main blockchain for increased scalability. The main blockchain records and processes basic functions such as transactions and fund transfers. Sidechains run smart contracts and hold custom tokens. The separation of these functions improves performance.

Elastos is also capable of tracking asset ownership. Content creators can now release content (such as a book) and limit the existing number of digital copies. This way no one can copy and resell content. At the same time, consumers can buy content and sell it for a higher price.

What is ELA used for?

ELA is Elastos’ native currency. It is used to pay transaction fees as well as reward miners. Elastos uses merged mining with Bitcoin’s blockchain, which means that both networks reach consensus at the same time. Miners taking part in this Proof of Work (PoW) set up are rewarded with ELA.

The Elastos team also plans to implement DPoS (a form of Proof of Stake) in the future, which will allow users to receive ELA from staking.

How can ELA appreciate in value?

ELA has a scarce supply which means that higher demand will make its price rise more sharply than a coin with an abundant supply. If Elastos is chosen as the go-to solution to launch dApps and produce content, then the demand for ELA will increase. Since ELA is needed to pay transaction fees on Elastos, developers, content creators, and content consumers will all need ELA.

What are the differences between ELA and its competitors?

Ethereum is Elastos’ largest competitor. Ethereum is another platform-based blockchain where users launch dApps. Ethereum is experiencing the scalability issues that Elastos aims to solve. Additionally, Elastos has no gas system, because there are no fees associated with running smart contracts. The dApps actually run on the users hardware, such as a computer or smartphone - not on the blockchain.

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