What is Elastos (ELA)?
Future of ELA Cryptocurrency and know how to buy ELA

#1: What is ELA?

ELA: The Basics

Pushing the boundaries of blockchain technology, Elastos is one of the most innovative and newest coins on the block, that uses the concept of blockchain to power a complete, self-sufficient ecosystem that is a decentralized internet, operating system, and a virtual machine all through one platform.

ELA Development

  1. Rong Chen and Fen Han are the co-founders of ELA. The ICO for Elastos ran from 2nd January to 23rd January 2018, where 6% of the maximum number of tokens were available for purchase.
  2. While work on Elastos’ network operating system began in 2000, the current version, powered by blockchain technology, began being actively developed by the Elastos Foundation in June 2017.

 

#2: What are the benefits of Elastos?

ELA Technology

  1. Elastos is not a cryptocurrency project, but instead a network based operating system. An OS that uses the blockchain technology to implement peer-to-peer, decentralised, secure, and tamper-proof transfer, storage and trade of digital assets, as well as run DApps and issue smart contracts, all in one ecosystem.
  2. The centre of the Elastos ecosystem is the network operating system, which uses blockchain technology. Unlike other blockchain implementations, Elastos believes in separating tasks related to computing, such as running DApps, or mining, from network related actions, such as transfer of value or data. Thus, the ELA network separates these two actions, with the decentralised networking OS running the main blockchain, while the DApps and smart contracts execute in a side-blockchain, completely separate from all networking activities.
  3. This creates a virtual machine of sorts, where, unlike other platforms with DApps such as Ethereum, the DApp doesn’t run on the main ELA blockchain, but instead on a side blockchain, locally. This allows a safe, secure, and stable environment to run commercial and even enterprise-grade applications without having the security risk of them being able to communicate directly with the network or the main blockchain, thus securing a person’s assets from malicious access and manipulation.
  4. Elastos is the first to use the internet not as an application, but as a base on top of which the Elastos runtime executes. This means that any DApp must first pass through the Elastos engine before it can communicate via the internet, providing robust security and stability.
  5. Every single DApp must also have a Decentralised ID. This ID is verified by the ELA network every time a request for internet access is made, securing against man-in-the-middle attacks, and other forms of virtual identity theft.
  6. More details on the Elastos technology can be found on the project’s wiki.

Key Features

  1. Innovative approach to blockchain technology - Elastos is the only crypto project to run a dual-blockchain, and also one of the only crypto projects to use the internet, and the blockchain technology itself, not as the main core of the application, but as a base layer on top of which the distributed Elastos OS, runtime, and SDK run DApps, smart contracts, and transactions on. Elastos also developed an innovative solution to reducing strain on the main blockchain due to network load caused by transactions and DApps all running on the same network, by splitting the blockchain into two: the main blockchain, that serves as the distributed OS, and the side-chain, used for locally executing DApps and smart contracts. This approach is unlike any other cryptocurrency released so far.
  2. Well known and dedicated development team - The development team consists of experienced and well-known developers, with most having founded one or more crypto-technology related startup or years of research experience in blockchain technology. Even the advisors consist of industry pioneers and notable people such as Ziheng Zhou, a member of the Academic Committee for the Alibaba Research Institute. The backing of organizations such as Foxconn, Tsinghua University of China, and even the Chinese central government itself lends credibility to the project. The quick and comprehensive updates frequently pushed by the team ensures the Elastos ecosystem stays safe, secure, stable, and cutting edge.
  3. Immense market potential - The unique and breakthrough approach Elastos brings to utilising the full power of blockchain technology, innovating new and exciting ways of using distributed, peer-to-peer, and decentralised operating systems to accomplish complex tasks such as secure transfer of value in a permanent and irrefutable way, make the future prospects of ELA extremely good. The ecosystem could even prove to be the most important crypto project since BTC.
  4. Security, stability, and robust features - The multiple native security features built in to the Elastos ecosystem from the ground-up, such as separation of DApps from access to the internet and the main blockchain, compulsory authentication checks via a Decentralised ID (DID) for every request made from a client DApp to the main network, and other features such as separation of the users assets from access by unauthorized DApps, make ELA one of the most secure blockchain ecosystems around, with more security updates scheduled down the line. The experienced dev team also ensures a robust and up-to-date system, by pushing regular updates and patches, maintaining a stable and efficient blockchain.

 

#3: How to Buy & store Elastos?

How to buy Elastos

Elastos can currently be bought only on Huobi and Kucoin. ELA is planned to be launched for mining sometime in December 2018.

ELA Wallet

You can create a new ELA wallet from the official website.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the ELA cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for ELA on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate ELA wallet from the exchange to store your ELA cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Elastos?

Price Graph

Also Read: Complete Analysis of Elastos | Live Elastos (ELA) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

20.15

21.36

20.13

21.23

3915840

105615000

Jun 01, 2018

39.21

43.01

38.7

42.51

18124900

197972000

May 01, 2018

46.43

47.08

43.83

47.08

15365000

237828000

Apr 01, 2018

27.85

28.26

24.13

25.01

12236000

-

Mar 01, 2018

78.7

83.61

77.97

82.89

96338300

-

Feb 01, 2018

44.01

44.35

40.87

40.87

33745700

-

  1. Being a new coin, with the ICO in January 2018, prices are still volatile and may take some time to stabilise.
  2. However, despite being such a new coin, ELA has been consistently hitting highs, and is having a much better initial run than most other altcoins.
  3. The unique value proposition of ELA, combined with its future market potential, will probably result in a gradual rise as the popularity of the project grows.

 

#5: How is Elastos different from other cryptos?

  1. Dual-blockchain - Elastos is the only cryptocurrency to have two blockchains running simultaneously; the main blockchain being the backbone of the decentralized networking operating system of the Elastos ecosystem, and the side-blockchain being used to facilitate the execution of DApps, construct smart contracts, and other computing-related tasks. This separation of networking and computing activities is very much unlike all other cryptos such as BTC or ETH where mining or staking is performed directly with the blockchain itself. This leads to a highly secure environment which protects a users assets, as DApps must be authorized with a Decentralised ID (DID) and be authenticated by the Elastos OS each time a request for access to the internet is made. Since the OS is decentralised, peer-to-peer, and network based, Elastos also provides scalability like no other blockchain network, alongside its robust technology.
  2. Not a cryptocurrency - Elastos does not actually aim for ELA to become a commercially tradeable cryptocurrency like BTC or ETH. Instead, Elastos plans to build the ‘internet of the future’, powered by the blockchain technology. The project’s main focus is on the development and seamless integration of the Elastos distributed OS, the Elastos runtime, and the SDK, into a singular Elastos ecosystem. This will facilitate the execution of smart contracts, DApps, and native Elastos apps as well, providing users with a truly robust, decentralised, and highly secure platform to enable exchange of assets and incentive-based generation of value in the form of ELA tokens, which will be used primarily internally within the Elastos ecosystem.
  3. Backed by high-profile experts - The development team of Elastos is backed by organizations such as Foxconn, Tsinghua University of China, and the Chinese central government, and has advisors such as Ziheng Zhou, a member of the Academic Committee for the Alibaba Research Institute. This is unlike almost all other cryptocurrencies, where developers usually stay shrouded in anonymity, detracting from the trustworthiness of the project.
  4. Complete ecosystem - Elastos is not just a cryptocurrency, but an entire ecosystem where a user can perform both normal actions related to cryptocurrencies. These can include trading or exchange of assets, as well as simultaneously running DApps on local machines, securely cordoned off from the internet, protecting user assets from malicious access. The ecosystem, being a blockchain-based OS using the internet itself as a base layer, also enables extremely scalable enterprise-level applications to be developed and launched, with possibly up to millions of simultaneous users. All of this through one platform, while still maintaining a fast and efficient network. This is due to all computing transactions being delegated into a side blockchain, separate from the main blockchain, also providing an extra layer of security.

 

#6: Should you invest in Elastos?

  1. Since this is a relatively new coin, current prices would be on the lower side, making it an ideal to buy in, as prices are projected to rise as the popularity of ELA rises
  2. With its immense market potential, unique value proposition, and innovative ecosystem, it is very likely Elastos will be one of the big players in the world of blockchain in the future.
  3. While investing in any cryptocurrency is subject to their inherent volatile nature, the untapped potential of Elastos, along with its projected growth and strong market appeal, make it a very strong consideration for investments.
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Exchange ELA and win upto $100 on your first order.