Today's Elastos price is $1.6131, which is up 1% over the last 24 hours. Elastos's market cap is $23.41M. 24 hour ELA volume is $1.05M. It has a market cap rank of 157 with a circulating supply of 14,514,691 and max supply of 34,065,709. Elastos is traded on exchanges. Elastos had an all-time high of $19.30 almost 2 years ago. Over the last day, Elastos has had 2% transparent volume.
The project aims to create a new Internet based on blockchain technology. In this new Internet, among other things, people will be able to own digital assets and receive income from them.
Elastos’s goal is to make digital assets scarce and exclusive so that they could be bought and sold seamlessly by their owners on the web. Property rights are well worth it, and Elastos intends to build a new World Wide Web that respects them. Despite the fact that the development of the Elastos concept was carried out in 2000 by Rong Chen, the modern version combined with blockchain technology began to be developed only in 2017. Nowadays Elastos tokens can be bought for BTC and ETH on Huobi exchange. The issues that Elastos aims to resolve The main goal of Elastos developers is to create a platform where it will be possible to obtain ownership of digital assets such as games, films and audio works. Users will be able to use Elastos to authenticate virtual rights, transfer smart contracts and turn digital data into specialized assets through blockchain technology. The Elastos network also helps to store important information about data posed on the Internet and about the use of special products with protection against falsification. Elastos uses the Internet as the base platform on which the work process is built and separates network communications from application computing.
With Elasots, applications for direct access to the network are restricted as a measure against cyber attacks. Optimization of energy efficiency is achieved through mining merger with Bitcoin which also helps Elastos’ applications to leverage the security of the Bitcoin network. What's more, side chains are implemented for double safety. Elastos network utilizes the highest level of security standards to prevent hackers from stealing someone else’s data or launching an attack. This is facilitated by an open-source implementation for virtual machines.
The idea of Elastos originates from Ron Chen, a former senior software engineer at Microsoft. Based on his experience, he seeks to create a platform with direct access to the network. He introduces the new technology of Elastos Smart Web in 2017. The Elastos network Elastos network consists of 4 core elements. It includes smart contracts, Elastos carrier where decentralized applications will be developed, Elastos runtime where is the control of the implementation of smart contracts and Elastos SDK through which it will be possible to authenticate users and create digital signatures. Elastos tokens There is an official wallet for storing Elastos coins ELA, the client software which is available for download on the platform’s official website. The Elastos blockchain uses joint mining with Bitcoin, a process in which consensus is reached on both chains simultaneously. In this system, Bitcoin is a kind of parent blockchain for Elastos while the chain of the latter acts as an auxiliary one. The pools will find a solution to prove working on both chains at the same time and the cost of energy and computing power will not increase. It is noteworthy that the Elastos sidechains can also participate in mining if they use PoW consensus forming stronger trust relationships in the network. Elastos team and partners
The company is headed by three co-founders Rong Chen, Feng Han, and Ben Lee. Work at Elastos is divided into various sections with some employees being involved in the work of different departments. More teams will be created in the future to work more efficiently. Each department includes highly skilled workers as each team is responsible only for its direction.
For example, Elastos blockchain team led by Shunan Yu includes 28 engineers at the time of writing whose purpose is to develop Elastos main chain, sidechains, cross-chain and also an asset transfer.
Elastos has managed to set up partnerships with reputable companies. One of them is Foxconn, a world leader in the manufacture of electronics components, among others the manufacturer of Apple equipment. It is one of the ten largest companies in the world with a staff of more than 1 million people. Foxconn invested in R&D Elastos 31 million USD. Another big partner of Elastos is SAIC Motor, China's largest automaker, which uses its blockchain technology to develop autonomous driving and smart cars. Their market value is estimated to reach trillions of dollars by 2025.Read More