Elastos - Promising project, Web 3.0 and Decentralized OS
What is Elastos?
Do you know about Elastos? No? Maybe you should.... It is undoubtedly one of the most ambitious projects of all the cryptocurrencies.
Read this article which explains the project very clearly: https://www.reddit.com/r/Elastos/comments/7xihw9/elastos_a_beginners_guide/
Some key points to remember about Elastos:
=> This project is led by some very big names: Rong Chen (leader of Windows XP and Vista projects)
=> Project started in 2000, 17 years of design, including 3 in recent years focused on blockchain
=> Foxconn, a powerful company (known in particular for assembling iPhones) is an investor of the project
=> Elastos has a partnership with SAIC (Asian manufacturer)
=> The project is supported by Da Hong Fei (founder of NEO) and by Bitmain. There have also been numerous discussion between NEO/Stellar/Elastos (blockchain meet up in Seoul).
Elastos : Project scope
Create a decentralized OS based on Web 3.0. Elastos prohibits applications from accessing the network directly so as to eliminate most viruses and attacks (especially DDoS attacks) on the Internet. Network communication will be separated from purely application-based processing. Elastos has its own blockchain technology. Elastos will have a "mainchain" and each application grafted onto it will be a customizable "sidechain" (token, consensus, etc.) which communicates with the "mainchain". This will alleviate the burden of the "mainchain" which will only be used for simple transactions/payments, identification and will thus allow better overall scalability. Applications will run in a suitable environment, not on the blockchain.
Consensus about Elastos
Elastos uses the mining associated with Bitcoin but enables it to do this at a much lower energy cost. So there will be an opportunity to mine ELA even though there is not a lot of detail on it yet.
Usefulness of the token (fundamental)
The "ELA" token will be used at several levels:
1) Users can use ELA to register an ID in Elastos and use this ID to purchase items such as DApps, cloud storage and many other resources, including other digital products, etc.
2) ELA will be used to pay developers for creating DApps (decentralized applications) on the Elastos platform.
3) Users will be able to participate in projects and products with ELA.
The disadvantages of this project at present are that there is no really secure wallet and it is only available on the "Huobi” trading platform. This is sure to change in the coming weeks.
It seems clear that Elastos has a big upside potential for several reasons
1. Only 6.5 million chips are currently in circulation. There were 15 million in total, held by private (fixed) and public sales. But it is good to know that, a few weeks ago, Elastos offered investors the possibility to secure some of the ELA tokens they held, in return for a percentage of future profits.
2. The ELA token does not pay investors a pseudo dividend (as NEO with free accumulated GAS via a NEON wallet could possibly do), so Elastos had the idea of compensating all the ELA token holders through an airdrop of future ICOs which would be launched on its blockchain. To make it simpler: for each ELA token held in the portfolio, investors will receive future project tokens free of charge via an airdrop.
3. Elastos is the only blockchain which is open and accepts all programming languages. It is therefore the open door to easy communication with the other blockchains.
4. The Elastos product is almost functional, whereas other projects are still in the "project" stage.
5. Elastos tokens are not very well known, because they can only be exchanged for BTC/ETH/USDT on a single cryptocurrency trading platform (Huobi). Opening up ELA tokens on new cryptocurrency trading platforms would undoubtedly push up ELA’s token price.
6. Information sites such as CoinMarketCap do not yet have the exact number of ELA chips in circulation; As a result, Elastos remains "hidden" at the 1,200th position; classification of cryptocurrencies by capitalisation. As soon as its true position is revealed (about 50th position), investors will discover the project and will most certainly buy some.
7. With a capitalization of approximately 250 million, Elastos belongs to the high potential crypto small caps.