Elastos project endeavors to build a new kind of Internet, powered by blockchain technology. On this new Internet, individuals will be capable to own digital assets and produce wealth from them. Now, there is an apparently limitless supply of digital books, movies, music, and games. But people do not significantly control their digital property. You can buy a digital book, for example, but you can’t sell it to anyone else. Elastos aspires to make digital assets limited, identifiable and tradable. Property rights cover the way for wealth production, and Elastos proposes to create a new World Wide Web that recognizes those rights.
The purpose is to create an Internet that permits users to access articles, movies, and games undeviatingly, without proceeding through a media player or another platform mediator. It will use blockchain technology to issue IDs for digital content, making it plausible to know who owns which digital assets. On the Elastos Internet, filmmakers will recognize how many times their movies were seen. The combination of Elastos and blockchain technology sets the foundation for a trustworthy and reliable Internet of Wealth.
Elastos Technical Background
The Bitcoin Blockchain is a decentralized and immutable ledger that empowers people to put their trust in data. Ethereum executed a programmable blockchain that could help smart contracts, permitting people to put their trust in code. Smart contracts, put simply, provide for transactions to be automatically performed once contractual obligations are satisfied. Traders will only get paid, for example, after buyers favorably obtain their products. Businesses that do crowdfunding can attribute specific production tasks just after they have accumulated a certain level of money.
Thanks to smart contracts, they don’t need to worry about violations of contract or the credit scores of trading partners, because the blockchain will perform transactions after both parties have met their promises. This system reduces mistrust between buyers and sellers.
ELA Token Allocation
The Elastos Token, or ELA, is the natural token on the Elastos blockchain. ELA is the basic unit. Also, to pay honor to the cryptocurrency torchbearer Satoshi Nakamoto, it would like to use Satoshi ELA (Sela) as the minimum currency unit for ELA. 1 ELA is equivalent to 108 Sela. It will assign a limited amount of tokens. The total number of Bitcoins will ultimately reach 21 million, and Elastos would like to generate a total of 33 Million ELA.
To repay for the natural loss of tokens, such as users losing their wallets, as well as to keep up with sparse inflation, the amount of ELA in circulation will increase annually at a fixed rate of 4%. ELA will be given every two minutes throughout Bitcoin merged mining. These newly issued coins will be designated to the Elastos Foundation and miners. The Foundation will take 30%, and the remaining 70% belongs to miners.
The Elastos Foundation
The Elastos project has a great history. Its antecedent dates back to 2000 when founder Rong Chen returned to China to begin his business. Since then, Rong Chen has been dedicated to developing a robust and comprehensive operating system for the Internet age. In 2017, the project matured a global, free open-source software project that is motivated by the Elastos community. The developed software source code and documents are announced with the free open-source software license. The company foundation manages the Elastos project. It comprises the free open-source and digital currency community, supports shared learning and promotes the advancement of human civilization.