Established in 2017, Elastos is a modern internet platform powered by blockchain technology, building on a vision that dates back to 2000. A significant advancement is its BeL2 solution, a Layer 2 network utilizing SmartWeb technology to transform how Bitcoin transactions are processed. Through this technology, Elastos is creating the BeL2 Bitcoin second-layer network, which is designed to improve the efficiency and scalability of Bitcoin by using smart contracts. This project aims to unlock the potential of Bitcoin to support a smart economy, while also enhancing the liquidity of Bitcoin assets worth hundreds of billions that are currently staked.
With more than half of Bitcoin's hash power ensuring its protection through merged mining, Elastos (ELA) achieves remarkable security and trustworthiness within its network. This reputation has earned it the nickname "BTC Queen" among its community members.
Who Are the Founders of Elastos?
The mastermind behind Elastos is Rong Chen, who previously worked as a senior software engineer at Microsoft. After leaving Microsoft Research and returning to China, he launched this project with the goal of creating a web-centric operating system. In 2017, he partnered with Feng Han, a co-founder, to incorporate blockchain technology into Elastos, thus furthering its innovative mission.
What Makes Elastos Unique?
Elastos is distinguished by four core components that enable both network segregation and platform adaptability. These foundational elements are blockchain, runtime, carrier, and software development kit (SDK).
The blockchain system divides application functions between the main chain and individual side chains tailored for each app.
Elastos' leading product, the Smartweb, encapsulates the whole decentralized ecosystem into one cohesive application.
What sets Elastos apart is its integration of BeL2, a Layer 2 solution that enhances Bitcoin's features. This advancement offers increased scalability, the ability to execute smart contracts, and bolstered security through Zero-Knowledge Proofs. BeL2 is designed to overcome Bitcoin's challenges related to transaction speed, smart contract intricacies, and privacy concerns, signaling a new frontier in blockchain technology.
How Many Elastos (ELA) Coins Are There in Circulation?
Elastos has a cap of 28,220,000 ELA coins available.
It's important to note that Elastos is actively on the lookout for both fresh and current decentralized application projects as part of its Cyber Republic initiative.
How Is the Elastos Network Secured?
The Elastos mainchain is an open-source blockchain protocol that employs a distinctive Elastic Consensus mechanism, merging three systems to ensure strong security and transaction processing. These systems include Auxiliary Proof of Work (AuxPoW) for block creation, which is merge-mined with Bitcoin; Bonded Proof of Stake (BPoS), which combines aspects of delegated proof of stake and proof of stake for secure block finality; and Proof of Integrity, supported by Elastos' decentralized autonomous organization (DAO), to enhance security across the mainchain and sidechains. This robust setup provides a secure and efficient platform for decentralized applications. For further information, you can explore the Elastos Mainchain Introduction page.
Where Can You Buy Elastos (ELA)?
ELA can currently be purchased at the following exchanges:
Coinbase
Crypto.com
Bitget
KuCoin
Huobi Global
If you're new to cryptocurrency purchases, you can start by learning about buying Bitcoin here.
