Elastos (ELA) Coin Review : It Is Good Or Bad Review

About Elastos (ELA)

Elastos (ELA) The Elastos Info team is community led. Their team collects, curates, and organizes all news and information from across the Elastos ecosystem, including updates from the Elastos Foundation, Cyber Republic, ecosystem partners, and community initiatives. If it relates to Elastos, you can find it here. This document is the Elastos white paper version 0.2, which includes additional descriptions of Elastos strategic goals and technology roadmaps. Elastos will be continuously updating this white paper to reflect new developments. For the latest information on the Elastos white paper, roadmaps, team, foundation management, investors, and strategic partners, please visit the Elastos official Web site.

Elastos (ELA) aims to create a new kind of Internet, powered by blockchain technology. On this new Internet, people will be able to own digital assets and generate wealth from them. Today, there is a seemingly infinite supply of digital books, movies, music and games. But people do not necessarily own their digital property. You can purchase a digital book, for example, but you can’t sell it to anyone else. So, do you really own it? Elastos wants to make digital assets scarce, identifiable and tradable. Property rights pave the way for wealth creation, and Elastos intends to build a new World Wide Web that respects those rights.

Elastos (ELA) goal is to create an Internet that allows users to access articles, movies and games directly, without going through a media player or another platform intermediary. Elastos will use blockchain technology to issue IDs for digital content, making it possible to know who owns which digital assets. On the Elastos Internet, filmmakers will know how many times their movies were viewed. The combination of Elastos and blockchain technology lays the foundation for a trustworthy and secure Internet of Wealth.

Elastos (ELA) Storage Key Points

Technology Background

The Bitcoin Blockchain is a decentralized, immutable ledger that allows people to put their trust in data. Ethereum implemented a programmable blockchain that could support smart contracts, enabling people to put their trust in code. Smart contracts, put simply, allow for transactions to be automatically executed once contractual obligations are met. Sellers will only get paid, for example, after their products are successfully received by buyers. Companies that do crowdfunding can assign specific production tasks only after they have raised a certain level of money. Otherwise, funds will be returned to participants

Elastos: A Blockchain-Powered World Wide Web

The design philosophy of Elastos originated from Rong Chen, a former senior software engineer at Microsoft. Building on his experience at Microsoft, Chen wanted to create a platform in which applications and services are not allowed to access the Internet directly. Without access to the network, malware would not be able to steal user data or attack other services on the Internet. Chen’s vision was subsequently developed into an open-source, lightweight operating system for virtual machines (github.com/Elastos). In 2017, blockchain technology was integrated into Chen’s vision, enabling development of the Elastos Smart Web.

Digital Assets Right Authentication, Trading, and Circulation

Scarcity in the agricultural age has been replaced by big data in the information age. Today, digital resources can be duplicated without cost. Even as digital assets are widely produced, circulated and consumed, they are not necessarily generating wealth. When digital resources are not authenticated, this leads to side effects like piracy and a lack of motivation for original innovation. Blockchain technology addresses this problem by making digital assets authenticated and scarce. Elastos supplies the infrastructure for the authentication, trading and circulation of digital assets. When any kind of digital resource is published online through the blockchain

Decentralized Applications (Dapps)

Based on existing cryptocurrency and blockchain technology, so far there is no Dapp that can compete with mainstream apps. The reason for this is that computing power and input/output operations per second (IOPS) of Dapps are relatively weak. Current blockchain infrastructure can be easily overwhelmed. Elastos will introduce a new computing paradigm and enable decentralized applications to perform with an IOPS comparable to mainstream applications. The Elastos blockchain is designed to use a main chain and sidechains. To avoid bloating the main chain with unnecessary data, all the smart contracts and applications will run on sidechains. Users can easily develop secure Dapps, and boot them from hardware devices based on the Elastos Operating System. Otherwise, they can use the Elastos Runtime environment on traditional operating systems (Android, iOS, Windows, etc.) to develop decentralized applications. Elastos Runtime can be accessed via both the VM and the SDK

The Elastos Blockchain

Similar to the operating system on a mobile device, users need a trustworthy location to store important data. The Elastos blockchain works as this trust zone for the entire network operating system. The Elastos blockchain applies main and sidechain solutions to facilitate the smart economy and a healthy decentralized application environment.

Trade and Block Design

The Elastos blockchain structure is based on the existing cryptocurrency systems design first introduced by Bitcoin. This includes requirements for block authentication such as the previous block hash, the Merkle tree root hash, a nonce for the consensus algorithm, timestamps, difficulty goals, and more. Elastos improves on the current digital currency experience and adopts a sidechain design philosophy. Elastos can adopt features that improve sidechains such as removing validation scripts from the transaction structure. The sidechain is the foundation for running Dapps on Elastos, while the Elastos main chain structure provides infrastructure and support for the sidechains and enables convenient asset transfer.

Everything Elastos, All In One Place

Elastos is not an entity – it’s a global movement to build an internet that works for everyone. Starting with open source, decentralized web services, developers can build applications where all data is exchanged peer-to-peer, stored in a decentralized fashion, and secured by its owners via verifiable blockchain immutability and smart contract execution. This is an Internet of Value – with Values.