What is Elastos?

Sep 13, 2022
4 min read

This blog post will cover:

  • What is Elastos?
  • Where did Elastos come from?
  • What are the advantages of Elastos?
  • What are the disadvantages of Elastos?
  • How to buy Elastos on SimpleSwap?

What is Elastos?

Elastos aims to build not only an internet of value, but an internet that has values. The Elastos team believes that each person should own and control their digital footprint, just like their physical one. There is the idea trough decentralized technologies like blockchain to create an open-source internet infrastructure for decentralized applications (dApps) without the need for websites. The Elastos community is made up of The Elastos Foundation, The Elastos Ecosystem, and Cyber Republic.
Developers are also paying more attention to security issues. To address fundamental flaws in the current internet architecture, Elastos' functionality limits the automated access of applications to the Internet, focusing on preventing DDoS attacks and protecting against the spread of viruses. All of Elastos’ blockchain-based infrastructure leverages its mainchain’s hashpower which is over 50% of Bitcoin’s.
As Elastos is its own protocol and blockchain, the Elastos (ELA) token is actually a native coin and used to pay for gas and services across its multi-chain ecosystem. Elastos uses multiple chains that individually support essential services such as Solidity-based smart contracts, Decentralized Identifiers (DIDs) and more.

Where did Elastos come from?

The project was founded by Rong Chen, a former senior software engineer at Microsoft. His vision began in the year 2000, as he set out to create a platform in which applications and services can run in a secure and decentralized environment. By delegating the communication layer to a decentralized network that applications could not control arbitrarily he envisioned a safer, more secure internet of trust that would make a future with digital assets and true data ownership possible.
In 2017 with the advent and rise of blockchain technology he quickly realized that it could provide the fundamental security he was searching for, and thus the Elastos blockchain was born. It has now grown into a global project with over 70 contributors distributed over various teams and communities in China and around the world.

What are the advantages of Elastos?

  • Elastos has multiple blockchains supported by a mainchain that boasts over 50% of Bitcoin’s hashrate.
  • Elastos supports a DAO on their called Cyber Republic (CR) on their layer 1 blockchain. This DAO allows community members to vote on proposals and fund projects.
  • Elastos has a flagship application called elastOS found in the Apple and Android Play Store.
  • Users on Elastos can use its W3C compliant Decentralized Identifier (DID) platform to create their identities and use it throughout the ecosystem.
  • The Cyber Republic DAO creates financial opportunities for both creators and consumers.
  • Elastos allows soft-staking whereby voting for Elastos DPoS nodes entitles the wallet owner to periodic daily rewards.

What are the disadvantages of Elastos?

  • Elastos is still under development and has only started exploring real use cases and required services such as KYC services to ensure that Elastos IDs are trustworthy.
  • Elastos is a separate blockchain from Ethereum and not tightly integrated with the wider DeFi ecosystem yet.
  • Elastos' closed environment cannot provide 100% protection against content leakage. Users can still capture onscreen content and publish it online.

How to buy Elastos on SimpleSwap?

To have some ELA in your wallet you just need to follow these simple steps below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select Elastos in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. ELA will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

It’s so easy to use SimpleSwap to get ELA, isn’t it? Welcome to try it now!

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