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About Elastos
Key Points
- Founded in 2017, building on a vision from 2000
- Blockchain-powered internet version
- Introduced BeL2, a Layer 2 solution for Bitcoin transactions
- Over 50% of Bitcoin’s hash power protecting the network
- Founder: Rong Chen, former Microsoft senior software engineer
- Co-founder: Feng Han
- Four pillars: blockchain, runtime, carrier, and software development kit (SDK)
- Maximum supply of 28,220,000 ELA coins
- Secured by Elastic Consensus mechanism combining three systems
About Elastos: Empowering a Decentralized Internet
Introducing Elastos (ELA): A Revolutionary Blockchain Ecosystem
Elastos, established in 2017 and rooted in a visionary concept dating back to 2000, is a pioneering blockchain-powered internet iteration. Its latest groundbreaking achievement is the introduction of BeL2, a Layer 2 solution that harnesses the power of SmartWeb technology to revolutionize Bitcoin transactions. By leveraging SmartWeb technology, Elastos is constructing the Bitcoin second-layer network BeL2, which significantly enhances the efficiency and scalability of the Bitcoin network through the deployment of smart contracts. This innovative endeavor is poised to empower Bitcoin to drive a smart economy and unlock the liquidity of hundreds of billions of dollars in staked Bitcoin assets.
With a staggering 50% of Bitcoin’s hash power safeguarding its network through merged mining, ELA takes pride in its exceptionally robust security and credibility, earning it the revered moniker of “BTC Queen” within the community.
The Visionary Founders Behind Elastos
Rong Chen, a seasoned software engineer and former Microsoft senior, founded Elastos after returning to China following his stint at Microsoft Research. His ambitious vision was to create a web-centric operating system. In 2017, Feng Han, a co-founder, collaborated with Rong Chen to seamlessly integrate blockchain technology into the project, thereby elevating its vision to new heights.
Unveiling the Unparalleled Essence of Elastos
Elastos is founded upon four pillars, which collectively facilitate network separation and platform flexibility. These pillars comprise the blockchain, runtime, carrier, and software development kit (SDK), forming a robust foundation for the ecosystem.
The blockchain architecture elegantly segregates application functionality between the primary chain and auxiliary side chains, thereby catering to the unique requirements of each individual application.
This flagship product of the Elastos Smartweb seamlessly integrates the entirety of the decentralized ecosystem into a single, unified application.
Elastos distinguishes itself through its innovative integration of BeL2, a Layer 2 solution that significantly amplifies Bitcoin’s capabilities. This synergy promises to deliver enhanced scalability, robust smart contract functionality, and bolstered security courtesy of Zero-Knowledge Proofs. By addressing Bitcoin’s limitations in transaction velocity, smart contract complexity, and privacy concerns, BeL2 heralds a new epoch of blockchain functionality, poised to revolutionize the landscape.
The Circulating Supply of Elastos (ELA) Coins: An Overview
Elastos boasts a capped supply of 28,220,000 ELA coins, thereby ensuring a scarce and coveted digital asset.
It is worth noting that Elastos is actively scouting for innovative DApp projects, both nascent and established, through its pioneering Cyber Republic initiative.
The Elastos Network’s Robust Security Mechanisms
The Elastos mainchain, an open-source blockchain protocol, leverages a novel Elastic Consensus mechanism that synergistically integrates three systems to ensure robust security and efficient transaction execution. This trifecta of security comprises Auxiliary Proof of Work (AuxPoW), which facilitates block production through merge-mining with Bitcoin; Bonded Proof of Stake (BPoS), a hybrid of delegated proof of stake and proof of stake that guarantees secure block finality; and Proof of Integrity, reinforced by Elastos’ decentralized autonomous organization (DAO), providing an additional layer of security across both the mainchain and sidechains. This innovative combination establishes a secure and efficient foundation for decentralized applications. For a more in-depth exploration, please visit the Elastos Mainchain Introduction page.
Where to Acquire Elastos (ELA): A Comprehensive Guide
Presently, ELA is available for purchase on the following esteemed exchanges:
The esteemed cryptocurrency exchange, Coinbase
Crypto.com, a pioneering force in the realm of digital assets, has established itself as a premier destination for cryptocurrency enthusiasts and investors alike.
Bitget
KuCoin, a premier global cryptocurrency exchange,
Huobi Global, a Pioneering Cryptocurrency Exchange
If you’re new to the world of cryptocurrency and this is your inaugural purchase, we recommend starting with a comprehensive guide to buying Bitcoin, which can be found here.