Author's Note: submitted by
Elastos was discussed in this group twice, albeit 7 and 9 months ago, respectively. To do the project justice my intention is to give existing and new CryptoMoonShots group followers an update as the overall market has changed considerably and to factor in project-specific developments following the two mentions of Elastos here.
Definitions: Content Creators and/or Developers
: Individuals and enterprises that generate, design, and create digital assets. Digital Capital
: An individuals videos, photos, written text, written or spoken ideas, music, time, and attention Big Tech
: Companies like Alphabet, Facebook, Apple, Microsoft, Amazon, Twitter to name a few.
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.
The project is focused on developing a decentralized internet platform where digital assets are owned, distributed, and monetized by Content Creators and/or Developers that own it. To understand this, it is imperative to understand the current internet model (Internet 2.0). Big tech currently owns the internet and everything in it: your videos, your photos, your written text, your ideas, your music, your time, your attention - and the most important in this context - the means of distribution - let's call this Digital Capital. In the current model, Content Creators and/or Developers are forced to distribute their capital through channels owned by Big Tech, which rob creators of their rights and profits.
Elastos is building the boundlessly scalable platform where digital capital can be published, distributed, and monetized by creators while allowing creators and developers to retain their rights. This platform will allow for decentralized applications (Dapps) to operate on a peer-to-peer network with no centralized control. Consumers can access these Dapps via their mobile phones without changing their operating system. The old Internet is a Web of information. If you click a URL, you get data. Elastos is creating a Web of apps. When you click a URL, you get code. The Elastos Web will be a special economic zone where Elastos tokens function as the base currency.
The project is open-source software whose development process has been sponsored by industry giants such as the Tsinghua Science Park
, the TD-SCDMA Industrial Alliance
and the Foxconn Group
for more than 200 million RMB. The project has published more than ten million lines of source code, including four million lines of original source code. The Elastos blockchain utilizes merged mining with Bitcoin, the process by which consensus is reached on both chains simultaneously. In this case, the Bitcoin blockchain works as the parent blockchain to Elastos, with the Elastos chain as its auxiliary blockchain. The mining pools will deploy merged mining code and miners will submit proof of work to both blockchains at the same time. Energy consumption does not increase with merged mining, and will be equal to the energy consumed for mining either alone. Through this mechanism, the Elastos blockchain has an extremely strong guarantee of computing power and will then be able to provide blockchain innovations at a global scale. It makes full use of existing Bitcoin computing resources in addition to being environmentally friendly.
Elastos SPV Wallet
Elastos provides an SPV Wallet SDK equipped with a series of wallet-related interfaces to enable users to develop unique wallets that connect to the Elastos blockchain. Sample applications are available now. Elastos Blockchain Merged Mining
Elastos’ main public blockchain is merged mined with bitcoin, which enables pre-existing bitcoin miners to update their clients to simultaneously mine Elastos without expending excess energy. The merged mining is currently open only to the BTC.com mining pool. Elastos DID Sidechain Service
Elastos provides a Decentralized ID (DID) Sidechain Service to be used in applications. On the Elastos ecosystem, every user, every device and every app has its own DID and can store any value that is associated with that ID on this sidechain. The DID service paves the way for a more secure and trustable internet, as this allows for seamless interoperability between DApps and IDs are assigned to users from the blockchain rather than having them assigned by a company. Elastos TV Box
Although Elastos does not sell the TV Box directly, the Elastos Carrier is embedded inside. The Elastos TV Box is presently used for simple features such as remote control in a decentralized peer to peer fashion. In the future, these TV Boxes and many other IoT devices that have Elastos Carrier installed will be capable of running as IPFS nodes for supporting the distributed file storage network for the Elastos ecosystem. Elastos Dittobox
Any individual can establish a unique dittobox server on a personal computer that integrates ownCloud server and Elastos Carrier. The dittobox server can be installed onto a computer behind the router, and all files stored on the server are accessible from anywhere in the world via the Elastos Carrier network.
Beta Products Elastos Blockchain PoW + DPoS
Elastos main blockchain will employ a hybrid consensus of PoW + DPoS where the PoW is merged mined with bitcoin and both are used to package blocks while the DPoS nodes are used for signing. This creates a finality in the blocks which will prevent the chain from forking. Elastos Token Sidechain Service
Elastos DApps utilize this service to generate application-specific native tokens within the Elastos ecosystem. As such, each application can create its own token on demand, and without friction. Elastos Smart Contract Sidechain Service
Elastos provides a unique sidechain service that is designated to running and executing smart contracts. These smart contracts are compatible with ERC20 and ERC721 tokens, which enables Ethereum DApps to run smoothly within the Elastos ecosystem. Elastos Hive
Elastos will provide a distributed storage system that apps can utilize to store files, messages in a p2p chat, videos, music, and more. Elastos Elapay
Elapay is a payment tool that enables payment with ELA. Two types of payments will be supported. The first is “Pay On Order,” which encompasses standard commercial purchases, and will require merchants to integrate Elapay service into their web apps in order to offer users this payment option alongside the likes of credit card and cash payments. The second is “Point to Point Pay,” which involves individuals exchanging funds between themselves. “Point to Point Pay” uses an html5 page that can be shared on social media outlets such as Facebook or Wechat to send or receive ELA. Elapay can be expended for a variety of purposes – from purchasing a virtual asset in an online video game to standard online shopping expenditures. It simply represents another method of paying for goods and services at checkout.
Alpha Products Elastos Trinity
A cross-platform browser application that runs on Android and will be available for iOS in the future. This is a form of the Elastos virtual machine and a demo of Elastos Runtime where decentralized applications written for Elastos run in a secure sandboxed environment. These are Ionic framework applications. Also, the SPV wallet functionality and the payment functions will be embedded inside the browser so that other DApps that run on Trinity can easily integrate with the available features. Elastos Carrier SDK
Elastos Carrier provides SDK for Android (Java), iOS (Swift/Objective C), and nodeJS that can be utilized to connect to the decentralized peer to peer network that takes over all of the network traffic on the Elastos ecosystem, such as messaging, file transfer, and more.
On January 16, 2019 the Intelligent Grouping and Resource Sharing (IGRS) board issued Elastos a formal membership certificate, thus making official its entrance into the IGRS Industry Association. In conjunction with Association members, Elastos will explore the opportunities and potential synergies presented by blockchain and IoT, in the joint hopes of creating a robust IoT industry ecosystem.
Recently an ecosystem partner meetup revealed 900k TV Boxes sold and 180k registered DIDs via our partner app Viewchain. The Elephant Wallet also hit the Apple App Store and Google Play.
In June, 2018 Elastos partnered with ioeX, an internet of things platform that was much anticipated. The ioeX project is a behemoth on its own and is built on the Elastos platform.
**There are countless other exciting milestones that were achieved in 2018 and planned for 2019. Refer to https://news.elastos.org/.*\
Market Sizing, Factors, and ELA's Potential
In the current market, Elastos' market cap of fluctuates between $31 million
and $35 million
ELA coins in circulation ($2.1 to $2.3 per ELA) and total coin supply of 34,104,561
ELA is currently listed on LBANK, CoinEgg, Huobi, HBUS, Kucoin, BCEX, and BIT-Z, the majority of which are low volume exchanges.
Binance Exchange controversy: Although various sources say different things, the evidence points to one plausible story: The Elastos foundation refused to pay Binance's listing fee and backed out of the listing the coin. Binance followed suit by tarnishing the project reputation using various media.
Based on the projects scope, the team's background and leadership, the project's backers, affiliations, and partnerships, and projects with similar mandates the project has the potential to be worth close to $500 million (15x) in the short term (less than 12 months) and several billion over the longer term (1 to 2 years).
The largest barrier to achieving it's objectives is adoption by developers. The chicken or the egg dilemma is that some argue listing ELA on major exchanges will incentivize developers to build on the platform because the coins value will appreciate others ague that the underlying technology must far outperform the incumbent to incentivize migration and hence drive the coins value. It's probably a combination of the two.
I would love to hear your thoughts and opinions on this assessment.
In such an atmosphere, the price of bitcoin even hit $10,000 a few times this week, before a flash crash on Saturday sent prices dropping by 15%. In an out-of-character move, China’s top state-owned TV broadcaster, which used to bash cryptocurrencies, published an article about the latest bitcoin rally ahead of the halving. News Anchor Robbed of Bitcoins Live on TV. Time and time again, people are warned to be careful with their Bitcoins. Unfortunately, many people still haven’t gotten the message. News anchor Matt Miller drove home the point, by accident, last Friday when he surprised two fellow anchors with Bitcoin gift certificates featuring the QR codes that would reveal the private security keys for ... China’s southwestern Sichuan province, estimated to have over 50% of the Bitcoin network’s total computing power, has been hit by heavy rainstorms since last week. Data from BTC.com shows the world’s top four bitcoin mining pools – PoolIn, F2Pool, BTC.com and Antpool, all based in China – have each seen their hashrates drop between 10% and 20% over the last 24 hours. Bitcoin Mining; Ethereum Mining; Litecoin Mining; Crypto Wallets; Smart Contracts ; Community Crypto Chat; Events; Press Releases; Video Crypto Channels; Live TV 🔴 Private Key Negligence: BBC Journalist Reveals How He Was Robbed £25,000 in Ethereum. Posted on August 20, 2019 August 20, 2019 by Rehan Yousaf Listen to Post. Monty Munford, a tech journalist for the BBC, has shared the story ... This week in the Bitcoin spectrum: Poloinex is acquired for $400 million, Prism founder robbed of BTC in Moscow, Bitpay bans explicit content, Rapper 50 Cent denies owning Bitcoin, and “founder” of Bitcoin is sued for $10 Billion. Bitcoin “founder” sued for $10 billion Craig Wright, the man who previously claimed to be the infamous […] Not also long after embracing blockchain, Beijing has actually made it clear, one means or the other, that it didn’t suggest Bitcoin Boosted analysis over the cryptocurrency field and also harsh steps versus some firms have been implemented to allegedly protect people from frauds.Resources claim the government offensive has actually frightened a lot of individuals employed in the industry ... A TV Anchor Tries to Gift Bitcoin On Air, Is Immediately Robbed This past Friday, Bloomberg TV anchor Matt Miller took an on-air opportunity to give the gift ofâ ¦ Read more As a cryptocurrency, Bitcoin is generated through the process of " mining "â essentially using your computer's processing power to solve complex algorithms called "blocks."
Binance CEO makes bold claim about rolling back Bitcoin to save the 7,000 Bitcoin hacked from the exchange. This video explores the reality of this propositi... Bitcoin Analysis and Trading Strategy 0:27:02 ... Look Out Tether, Here Comes Binance! 1:21:52 BNB Analysis and Trading Strategy - The Bottom is In? 1:36:32 Sharing my 3Commas Experience 1:50:02 ... Bitcoin experienced its worst month since departing from its all-time highs 2 years ago, but still it managed to outperform the US stock market in the first quarter of 2020. Major crypto exchange ... Is the crypto carnage over? ADA's Shelley test net launched VeChain News Bitcoin Mining taxed as "finding treasure" in Russia For Business Inquiries: [email protected] ... ️ 5 COINS to $5 MILLION REPLAY: http://teeka.cryptonewsalerts.net Bitcoin price may be crashing currently, but the BTC price is expected to someday reach $1... 💙Phemex $112 Extra Bonus: https://phemex.com/web/user/register?group=255&referralCode=I4IEK 💛Binance Futures 10% Rabatt: https://www.binance.com/en/futures/r... (BNB) is Binance Coin, the base cryptocurrency of the Binance Exchange. Binance is considered by many the best and fastest growing cryptocurrency exchange in the World. BNB Coins are used as a ... Heb vandaag wat Hextra verkocht om NULS te kopen. Een coin waar ik echt in geloof. In dit filmpje even kort een uitleg over hoe je een coin koopt via Binance. Het is voor het eerst dat ik Binance ... #cryptocurrency #BAKKT #Bitcoin #altcoin #binance #kucoin #coinbase #ripple #cryptocurrencynews,#xrp #bnb #neo #bakkt #fidelitydigitalassets #bitcoinprice #bitcoinnews,#bitcoinpump #bitcoindump # ...