What Is Elastos (ELA)?

Elastos (ELA) is the native cryptocurrency or token of the Elastos blockchain. Elastos blockchain is utilized for the purpose of exchanging digital goods across the entire ecosystem. ELA is utilized to process peer-to-peer payments, execute smart contracts, and store information on the decentralized chain. Even though Elastos is merged-mined with Bitcoin, ELA is not dependent on the Bitcoin blockchain. (Merge mining refers to the procedure of mining two or more blockchains at the same time.) 

The Elastos token is effectively functioning upon the Elastos main chain. Elastos is of its kind an open-source solutions provider that employs blockchain technology along with a peer-to-peer communication network, a decentralized ID system, and decentralized data storage services for all digital assets and users. A decentralized ID system is any system where the credentials for verification are not controlled or stored by any central authority. At the same time, decentralized storage services refer to the cloud storage systems on which data is distributed and stored inside different nodes of the peer-to-peer network (P2P). (P2P network refers to the sharing of data, assets, or information without any central authority.)

As mentioned in the white paper, the Elastos token (ELA) can also be defined as an intrinsic digital currency that functions on the Elastos blockchain. Elastos aims to develop a new and unique internet or network supported with blockchain technology. On that new platform, people can own digital assets and trade them for generating revenue. Elastos can also be understood as a platform for decentralized applications (Dapps) that operate on a peer-to-peer network without any centralized control. Users can easily access these Dapps via their mobile devices without making any changes in the operating system. Elastos has introduced more than 10 million source codes, comprising 4 million lines of source code. 

History of Elastos (ELA)

The entire project of Elastos was introduced in the year 2000 by the founder Rong Chen, who worked on operating systems at Microsoft Research. He introduced Elastos after returning to China to develop his vision.