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What Is Elastos?

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Dec 1, 2022
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4 min read
what-is-elastos

This blog post will cover:

  • About Elastos (ELA)
  • Where did Elastos (ELA) come from?
  • What are the advantages of Elastos (ELA)?
  • What are the disadvantages of Elastos (ELA)?
  • How to buy Elastos (ELA) on SimpleSwap?

About Elastos (ELA)

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 (ELA) 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 (ELA)?

  • 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 (ELA)?

  • 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 (ELA) on SimpleSwap?

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

  • For example, you want to swap BTC for ELA. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select ELA in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ELA will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ELA exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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