Elastos (ELA) Currency Review
Market Cap (6/18/18): 153,611,321
Circulating Supply: 5,214,552
Total Supply: 33,643,163
Best Exchange: Huobi
*Disclaimer: The following is not financial advice. I do own some ELA.
What Is Elastos?
Elastos is the future of the decentralized internet. It utilizes blockchain technology to create an an environment in which applications are not directly connected to the internet while being highly scalable. This enables users to generate wealth based upon ownership and exchange of data and digital assets.
In 2000, Rong Chen returned to his home country of China after working at Microsoft USA as a senior software engineer since 1992. He soon founded the software company Kortide Corp. The initial research and development of the Elastos operating system began around this time. Throughout the development of Elastos, Rong Chen has managed to garner the support of many notable Chinese companies. In 2013, Foxconn invested 200 million RMB (31 million USD) for the research and development of the project. Chinese auto manufacturer SAIC Motors has agreed to utilize Elastos’ technology in their self driving vehicles. In 2016, Rong Chen decided that blockchain integration would be beneficial to his fulfilling his vision of creating an operating system that facilitates true data ownership, digital asset scarcity/transferability, and security. The Elastos Foundation was founded in 2017 by Rong Chen with Feng Han as a co founder. The Elastos ICO followed shortly after.
Elastos has extremely capable and well connected leadership. Rong Chen has spent 17 years of his life dedicated to creating a digital smart economy through Elastos. His experience in Microsoft as well as Kortide are invaluable. Co founder Feng Han is a research associate at Columbia University and Advisor at Huawei Central Institute. Elastos also is comprised of a large team of developers, software engineers, logistics personnel, and experienced advisors. Elastos’ impressive list of advisors includes Jihan Wu (CEO of Bitmain) and Hongfei Da (CEO of NEO).
Elastos is an extremely complex project. However, I will attempt to sum up how it all works. Elastos is an operating system that is powered by blockchain technology. It utilizes merged mining with Bitcoin to utilize the security of the Bitcoin blockchain. Beginning in December 2018, Bitmain will dedicate significant hash power to “dual mine” both BTC and ELA. The Elastos primary blockchain or “main chain” will only contain digital IDs and simple transactions. Scalability is achieved through applications running on “side chains” within the Elastos ecosystem. The Elastos Runtime allows developers to create decentralized applications while restricting direct access to the network form the application. This is key to preventing DDoS attacks. A DDoS (denial-of-service) attack involves a middleman hacker flooding an operating system with superfluous requests from various sources to render the service ineffective. Network access is managed exclusively by the runtime in the Elastos ecosystem.
Elastos is an open source project with over 10 million lines of source code. 4 million of which are original source code. The code is regularly updated on Github. Elastos supports programming in C/C++, Java, and HTML/JS. The Elastos operating system is functional in both a sample iPhone as well as an android phone. The future application of Elastos extends to all smart devices.
Elastos is one of the most ambitious projects in the entire cryptocurrency space. However, I think that they have the right combination of experience, connections, technology, and passion which in synergy will lead to long term success. There are not many crypto projects that have been in development for so long. The sheer amount of code that makes up Elastos is unrivaled. Brilliant technology, a fantastic use case, terrific team, impressive partnerships, and general lack of competition make me extremely bullish on the future of ELA.
In addition, ELA can only be purchased on the Chinese exchange Huobi at the moment. However, it is confirmed by the Elastos team that 7 exchanges are currently working on integrating ELA. This is the most undervalued project in all of cryptocurrency.
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