The Elastos company office is located in Beijing and Shanghai, but the company is officially registered in Singapore.
The Chinese blockchain project which was started by Rong Chen and Sunny Feng Han and then called Elastos, has the main goal of creating a new type of internet that is powered by the blockchain. The vision of the Elastos foundation is based largely on the distribution of digital assets.
Mean while, Coin Elastos is a crypto currency that was developed from the beginning. Coin Elastos is not a token built with other blockchain project solutions.
Blockchain from Elastos coins uses a joint mining with Bitcoin. Through this process, consensus is reached in both chains at the same time. The Blockchain from Bitcoin cryptocurrency performs the role of the parent block chain in relation to Elastos, which is a subsidiary of the BTC chain.
At the same time, Eastos mining does not require additional power. Implemented in parallel with BTC. Elastos inflation rate is 4% per year (PoW). 35% of tokens are available for mining.
Sidechain, which depends on mining a combination of two networks, does not require consensus from several nodes at once. One node is sufficient for this, but does not reduce the reliability of information in the main and side block chains.
No other consensus algorithm can offer such characteristics. A total of 33.7 million tokens will eventually be issued. Elastos Coin has an official wallet for storage of tokens. One can download it and install it from the project's official website.(bitcoinwiki.org)
How does Elastos work ...?
In addition to giving you full ownership of digital assets, Elastos ensures that you don't have to access the Internet when you run DApps. Instead, all DApps run on the Smart Web.
This separation protects you from malware and other digital attacks, which make you exposed to data and / or theft of content. In addition, this platform is mobile friendly. And you can run network DApps on almost every operating system (Android, iOS, PC, etc.).
Elastos consists of four pillars that allow network separation and platform flexibility. The pillars are the Blockchain, Runtime, Carrier, and Software Development Kit (SDK). Elastos Blockchain separates application functionality between the main chain and sidechains for each application.
The main chain handles basic transactions and transfers payments while each sidechain runs a smart DApps contract. Sidechains have several other advantages too. As a client, you can adjust the consensus mechanism in each sidechain and also distribute sidechain tokens. In addition, users can transfer the token across the sidechains and cross to the main chain.
The typical DApp platform runs smart contracts and runs related applications directly on the blockchain. This strategy is problematic when you try to use DApp on a mobile device.
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Elastos on the other hand, runs DApps with a runtime environment while still using the blockchain to activate smart contracts. The Elastos Runtime gives you the flexibility to run DApps outside the Elastos operating system. This network includes a runtime environment for Android, iOS, Windows, and Ubuntu Linux. Even though DApps runs on this operating system, they don't have access to your digital assets.
Furthermore, Elastos Carrier is a decentralized peer-to-peer Internet service from this project. Similar to other decentralized Internet projects, you can rent computing power and your storage capabilities to other users. And this pillar, is the basis of network DApps.
For Elastos software development devices, connecting applications to the Smart Web is very useful for non-Elastos applications. Using the SDK, this application can receive their ID and access Smart Web without having to use the Elastos virtual machine.
So on, ELA is the currency of the Elastos network. You can use it for any activity on the system such as investing in digital assets, trading, or paying fees - to name a few. In addition, the network creates an ELA at an annual inflation rate of 4% through a process called joint mining.
Finally, in joint mining, both the Bitcoin and Elastos blockchain reach consensus blocks at the same time. And Bitcoin acts as the parent chain to Elastos.
This type of mining is advantageous for miners who can now submit Work Proof to both chains without having to use additional computing power. Combined mining also brings significant benefits to Elastos.
Because more Bitcoin miners are turning to BTC and ELA mines, the hashing power on the Elastos network is increasing, making it less vulnerable to 51 percent attacks. An increase in hashing power is very important for new projects that may not have many miners on the network.
In conclusion, Elastos Coin (ELA) according to the author, is one of the digital currencies that we must not forget to invest. Because at this time alone, Elastos Coin has touched the price of 0.00058764 / chip, or the equivalent of $ 3.2202968. So it is a loss if we do not glance to invest, or monitor this coin made by Rong Chen, and Sunny Feng Han.
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