What is Elastos?BLOCKCHAIN POWERED INTERNETElastos is a blockchain based operating system which is the world's first open source Internet Operating System. The Elastos Foundation was founded by Rong Chen and Sunny Feng Han, aiming to create a new Internet system powered by blockchain technology. On this new Internet, people will be able to own digital assets and generate wealth from them. Elastos will be used as the base-layer infrastructure rather than an application and has received sponsorship of over 200 million RMB from the Foxconn Group and other industry giants for its research and development. Elastos has open-sourced tens of millions of lines of source code, including more than four million lines of original source code. DApps are forced to never connect directly with the internet and only interact with the Elastos runtime (which in turn acts as a middle layer, then connecting to the internet) and you’ve essentially got a system that’s 90% more secure than the way IoT or smart devices currently work. Today if I have 50 smart devices in my home, they all interact with the internet, I need to worry about 50 security threats. With Elastos, all I need to worry about is 1 threat, an attack on the Elastos runtime itself, this is a 10x better set-up and applies to IoT or frankly any device, with the beauty being its code written in C++ so any device can run it, even your fridge, and it’s open source, so any developer can make whatever DApps they want.The Elastos Value PropositionThere are three major value propositions to Elastos. First is consumer/enterprise IoT as the key Elastos feature is security. In essence, this is targeting the onboarding of infrastructure/industrial software. ‘DApps’ here would really be non-interactive secure software behind smart devices, not something you and I would really interact with on a tablet for example but necessary to be secure if you want sustainable IoT per above.Second is consumer DApps, i.e. B2C. This really takes advantage of the P2P network aspect of Elastos OS and user IDs on the blockchain, with the security being an added plus but not the prime driver per say. These DApps will have their own side chains/tokens for whatever utility they serve. Elastos has a number of DApps already building on the platform - Zapya is a good example on the consumer end for P2P file sharing with 500 million users. Elastos often talks about facilitating a real digital asset economy where ‘scarcity’ and thus re-sale/trading of digital assets is possible (today if you buy a movie on the internet you can’t resell it like you can in the real world, which Elastos thinks should be fixed). Again, a big market with essentially the whole eCommerce market as a target market, underpinned by the security of Elastos.Third is enterprise DApps, i.e.B2B. Again this makes use of the P2P network, a good example here is ULink (China rentals) or the seed company Elastos has building DApps on it. Here the emphasis really is ability to track supply chain or information across the value chain and uses sidechains again. This market is large but this is where competitive advantage is weakest for Elastos as could use any blockchain for this purpose.Brief Summary?Bitcoin = Trustworthy Ledger: Bitcoin introduced the power of decentralised ledger technology to the world, showing how we don’t need financial institutions to transact value. Bitcoin's purpose is a digital currency, with the intent to become electronic cash. Bitcoin is great; however, it is extremely outdated. Bitcoin has very slow transaction times, expensive transaction fees and uses Proof of Work mining which is vastly uneconomical. Thanks to Bitcoin, the 2nd generation cryptocurrencies were born.Ethereum = Trustworthy Ledger + Smart Contracts: Ethereum, as well as many others, are second generation cryptocurrencies. Ethereum was one of the first cryptocurrencies to introduce ‘smart contracts’ and the concept of decentralised apps. Smart contracts put the trust of contracts in the trust of code. For example, If I bought a TV from an online merchant, the payment would only clear once the TV had arrived and I was satisfied with it. They can be coded to included things like ’14-day money back guarantee’ and every other element that is in a normal contract. Drastically improving efficiency and breeds a new generation of trust. Ethereum is a great project, however the scalability of smart contracts that are hosted on the Ethereum network is limited. A game called ‘CryptoKitties’ caused massive network congestion and that is just one of many decentralised applications that use smart contracts.Elastos = Trustworthy Ledger + Smart Contracts + Monetizable Dapps and Digital Assets: Elastos is one of many new cryptocurrencies that are build on a third generation blockchain, focussing on a few main elements to combat the scalability issues that arise with 2nd generation cryptocurrencies:Storage and SpeedBugs within the Smart Contracts (security vulnerability).CostDeletion of redundant dataSecurityThe issue with second generation smart contracts is that they have to run solely on the blockchain, which causes network congestion and high transaction costs. Decentralized applications for Elastos are run by blockchain technology but can be built on current Operating Systems (IOS, Andriod and computer). Rong Chen understands the importance of ease of use for both the consumer and the producers. The integration of multiple well known coding languages make development relativity easier than other blockchains. They also support Android and Apple Operating Systems, which most other blockchains do not.Elastos is not just the new internet, but the entire smart economy. Focusing on digital assets, monetizing computing power and spare storage, financially incentive trade of digital assets all combined with the highest level of security and the removal of the middleman. With speed, security and minimal cost at the heart of Elastos, it is bound to scale over time. Elastos is a third generation blockchain technology that tackles the issues we have with second generation cryptocurrencies such as Ethereum.What is the business model for Elastos?Provide large blockchain applications with the secure running environmentDigital content remains intact after multiple usesBig data and digital content can identify ownership on blockchain and correspond to tokensTokens can be transferred and traded legally on the blockchain, realizing future capitalUsage of tokens can consume/use digital content in Elastos Runtime.Elastos can set a fixed limited amount for digital assets, thereby creating a scarcity of valued productsDevelopment History(Tens of Millions of Open-Source Code spanning Decades)Rong Chen talks about Elastos' 17 years of history: https://ift.tt/2vTGrmp 2000, Rong Chen, a senior alumnus of Tsinghua University’s Computer Science department, returns to China from Microsoft USA and begins research and development for the first-generation Elastos network Operating System.In 2003, Rong Chen was received by Jin-Tao Hu, the former CPC General Secretary.In 2013, Foxconn makes investments in the Elastos Operating System open-source software project.In 2017, Sunny Feng Han and Ji-Han Wu started running the Bitcoin Investment Elastos Blockchain Community and founded G3 with Bitmain and NEO.In 2017, the Elastos Blockchain community received a global digital token investment worth 600 million RMB.PARTNERSHIPSSAIC Motor: China's largest auto manufacturer. Elastos and SAIC have an official partnership, the details of which can be found here: https://ift.tt/2HzBiRv Da Hongfei is chief advisor to Elastos and is financially invested. Elastos, Bitmain, and NEO form a partnership called G3.Bitmain: Jihan Wu is advisor to Elastos and partnered with them as Bitmain in the G3 alliance along with NEO.Urban Catalyst: UK real estate company valued in excess of $2 billion https://ift.tt/2r59VZp Eastern Transport Airlines: Partnered with Elastos and accepts ELA as payment https://ift.tt/2vQOvUR World's first blockchain based art asset network partners with Elastos https://ift.tt/2HVdRFL World's largest electronics manufacturer and China's largest employer. Invested $20 million in Elastos for R&D https://ift.tt/2vVX8gU importantly, we see Elastos being adopted by huge projects to build out their blockchain solutions.Origin Agritech: Leading developer of crop seed biotechnologies in China, Origina is traded on Nasdaq as $SEED. They have partnered with and will be launching their dApp on Elastos https://ift.tt/2r4YeSq Green Energy: Panda Green has built solar plants for the United Nations and is one of the largest solar institutions in China and the world with a plan to build 100 solar power plants. They are traded on the main board of the Hong Kong Stock Exchange, and will be using their subsidiary energy exchange NEX to to leverage blockchain technology to enable a globally connected network of energy transfer and and bring affordable, reliable and sustainable new energy to thousands of households.https://ift.tt/2HzBjVz Chinese p2p file sharing app with 500 million + users. They will build their dApp Viewchain on Elastos https://ift.tt/2HZxqgm Credit Power: AirBnB for China, on Elastos https://ift.tt/2w2Vt9x Independent Game Guild https://ift.tt/2HUvIga + Silicon Valley congressman Ro Khanna https://twitter.com/Elastos_org/status/976720413274206214Elastos visited by Huawei https://twitter.com/elastos_org/status/981234500394012672Feng Han, co-founder of Elastos, is blockchain advisor to Huawei. He tirelessly travels and promotes Elastos at prestigious universities (Cornell, Boston, Harvard, Yale....) around the United States and has met with congressmen who are very excited about Elastos https://twitter.com/sunnyfenghanElastos met with JP Morgan chief https://twitter.com/Elastos_org/status/979135440786808833Elastos meeting with Passport Capital ($5 billion fund) https://twitter.com/fayliela/status/978754364952072192Elastos + Tencent (Chinese company worth $43 billion) https://twitter.com/fayliela/status/960734800691716096Utilities of ELA(currency for Elastos)?The Elastos blockchain really only serves one function, being the ID system needed to connect into the Elastos intranet. The blockchain doesn’t need to scale as it’s just storing simple IDs. This is important as unlike other platform blockchains like ETH etc which are trying to push millions of transactions through the blockchain (thus resulting in ballooning ledgers and scaling issues), here transactions go through the decentralised secure P2P network not the blockchain, so no scaling issues. Incentive for DApps to use Elastos does not come from an incentive to use the Elastos blockchain itself, this isn’t Ethereum. DApps are incentivised to use the Elastos operating system/P2P infrastructure and using its blockchain for decentralised IDs is a requirement to use that.ELA tokenholders will get airdropped a special amount of every dApp tokens launched on Elastos as a platform. this is known as sugar dividendsELA tokenholders will have first-come buying rights at ICO price of every dApp.Other use cases are as follows:Dapps will be paying in ELA for the services they'll be using like cloud services, DNS services, acquisition of UUIDs for digital assets, etcElastos ecosystem collaboration projects(dapps built on Elastos in collaboration with Elastos) have to lock no less than 2-5% of their project tokens published for converting into ELA. 20% of the project tokens(converted to ELA) will be used for Elastos foundation development. 80% of the actual project tokens will be rewards shared by all ELA holders. Eg. If a dapp decides to create 10 billion of tokenX, at least 200 million will be distributed. Out of these 200 million, 40 million will be converted to ELA and given to the Elastos foundation. The rest 160 million will be distributed to all ELA holders. So, if you are holding 300 ELA and the supply of all ela holders adds up to 10 million(locked and unlocked ela both), you’ll get approximately 4800 of tokenX airdropped to you for free.Users can use ELA to register an ID in Elastos and use this ID to purchase items such as DApps, cloud storage and many other resources, including other digital products and so on.Those who decide to lock their ELA(minimum of 300) will earn an interest of 4%, 5%, 6% for up to 3 years(not compounded year-to-year).ELA will be the main currency that will be used to reward developers for creating dapps on the Elastos platform.Users can participate in token sale projects and products with ELA within Elastos.Apps built on elastos can implement their system to process transactions using ela/sela.And many more…VIDEOScrypto lark, Elastos review https://www.youtube.com/watch?v=dacbW62dkDIblockchain brad overview https://www.youtube.com/watch?v=Tb4movhMWi4blockchain brad interview with Elastos founder Rong Chen https://www.youtube.com/watch?v=V2haB-GQJZQ
Submitted April 28, 2018 at 03:14PM
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