What is Elastos?
ELA is a digital token built on the Ethereum blockchain for the Elastos ecosystem, which aims to provide a blockchain-powered internet where users have full control of their digital assets. ELA can be utilized for various activities on the platform, including trading, investing in digital assets, and paying fees.
Elastos (ELA) is the native cryptocurrency of the Elastos blockchain, which is designed to facilitate the exchange of digital goods across the entire ecosystem. ELA enables peer-to-peer transactions, smart contract execution, and storage of data on the decentralized chain. Despite being merge-mined with Bitcoin, ELA is independent of the Bitcoin blockchain. Merge mining is the process of mining two or more blockchains simultaneously.
ELA is functioning effectively on the Elastos main chain, which is an open-source provider of blockchain solutions that integrates a peer-to-peer communication network, a decentralized ID system, and decentralized data storage services for digital assets and users. A decentralized ID system is a system where verification credentials are not controlled or stored by any central authority, while decentralized storage services refer to cloud storage systems where data is distributed and stored in different nodes of the peer-to-peer network.
As per the Elastos white paper, ELA is also an intrinsic digital currency that operates on the Elastos blockchain. The platform aims to develop a new and unique internet supported by blockchain technology, where users can own digital assets and trade them for revenue. Elastos also serves as a platform for decentralized applications (Dapps) that operate on a peer-to-peer network without any centralized control. Users can access these Dapps via their mobile devices without making any changes to their operating system. Elastos comprises over 10 million source codes, including 4 million lines of source code.
The founder of Elastos, Rong Chen, introduced the project in 2000. Chen worked on operating systems at Microsoft Research and returned to China to develop his vision.
Overall, ELA is an essential part of the Elastos ecosystem, which aims to provide a blockchain-powered internet where users have complete control of their digital assets. It can be used for various activities on the platform and serves as a digital currency that powers transactions and smart contracts. The Elastos ecosystem is an open-source provider of blockchain solutions that integrates peer-to-peer communication, decentralized ID systems, and decentralized data storage services for digital assets and users.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
Stay ahead of the competition by accessing high-quality data, advanced tools, and expert research.Try for Free