Enabling A Smart-Economy with The Smartweb
Tribalism is the behavior and attitudes that stem from strong loyalty to one’s own tribe and this phenomenon has always been a double-edged sword for the Crypto Space. Even though it doesn’t sound that bad right, tribalism can lead to bigotry and when taken to extremes, even war. In crypto, we often see such loyalty/passion coming from many communities which sounds good at first glance but I believe this behavior is also delaying the progression of the industry. Hopefully, the NEO community will keep an open mind because I strongly believe there are ways for Neo and Elastos to truly benefit from each other.
What is Elastos and why it could benefit NEO
Elastos is a decentralized Network Operating System and there are six blockchains in the ecosystem so far, but blockchains are only one component of its four pillars. You already know NEO’s powerful technology so I will try to introduce Elastos shortly since it’s unique and is not a NEO competitor since they could complement each other.
- ELA main-chain DPoS + PoW leveraging Bitcoin for security (60%+ of the bitcoin miners secure this chain)
2. NEO Parallel-Chain with more hash power and decentralization since it’s tied to the ELA main-chain secured by Bitcoin. The original NEO only has 7 consensus nodes (More info below on the differences between Elastos NEO Parallel-Chain and NEO blockchain)
3. Ethereum Parallel-Chain for smart-contracts with 133 000x more hash power and scaling through DPoS without losing decentralization since it’s tied to the ELA main-chain secured by Bitcoin
4. Elastos has its own Credit Oracle network in development based on Chainlink called ElaLink, which uses in-house DPoS nodes for consensus and receive payment in ELA. The next generation of De-Fi will be increasingly personalized and entirely private. For more info: https://elastos.info/development-begins-for-elastos-native-credit-oracle-network/
5. DID Parallel-Chain (Decentralized Identifier): A W3C-compliant blockchain for decentralized identities that provides critical data to dApps (It could even be Ontology instead)
6. Token generation Parallel-Chain
7. Infine scalable Parallel-Chain possibilities
Four Pillars of Elastos
1. Blockchains; Bitcoin like mainchain, Ethereum/NEO smart-contracts, Personal credit Oracle with ElaLink, Digital identity chain/credentials, Token issuance. Elastos allows any chain to join its network and benefits from greater security, scalability, and decentralization.
2. Personal Cloud Compute(PC2) / Run time environment. ElastOS: A mobile application for developers to create and launch truly decentralised apps (DApps), which can’t be shut down or controlled by any third party, called Capsules.
3. More than 400 000 Carrier nodes: A decentralized peer-to-peer network that replaces the IP-based system and transports traffic between DApps and virtual computers.
4. Hive 2.0: Providing users with a series of decentralized storage solutions via elastOS (private, shared & public).
As you can see Elastos is a very big project with an highly powerful technology ready to lead the Web 3.0 wave. The project specifically implemented a NEO Parallel-Chain in the past because of the G3 Alliance with NEO, BITMAIN & ELASTOS. So far, Bitmain and Elastos worked together with the merge-mining with Bitcoin and implemented the Neo Parallel-Chain but somehow the deal stopped along the way. “The Global Blockchain G3 Summit was held at Tsinghua University Future Internet Technology Building on January 4, 2018, featuring representatives from NEO, Elastos, Bitmain and Tsinghua University. G3 is a co-operation between NEO, Elastos and Bitmain who share a vision of a decentralised economy and smart web. Key features of the smart web include the virtual machine, runtime environments and trust zone, provided by Elastos and Bitmain, consensus provided by NEO and KYC provided by Ontology. G3 are inviting other organisations to join them in their vision, so that G3 can become G4, G5, G6 and so on”
I bought Antshares/NEO in 2017 and it was my favorite project. For a while NEO was supposed to be part of the Smart-Web (Elastos) with its Smart-Economy with the eventual G3 Alliance, everyone was so excited, it broke the whole Internet because of the euphoria. Jihan Wu founder of Bitmain and Da Hongfei were both top angel investors for Elastos. We can see Da in the video near 3 minutes and many pictures only supporting Elastos and the vision. I still can’t wrap my mind why this deal hasn’t happened yet, but I really wish this could happen in 2021 for just so many reasons, it would be a win win situation for every party and help both project to gain exposure, respect, and enable the true Web 3.0.
Differences between Elastos NEO Parallel-Chain and NEO blockchain
- NEO blockchain uses dBFT(delegated Byzantine Fault Tolerance) while the Elastos NEO Parallel-Chain uses AuxPoW. This means that while the blocks are produced at a rate of 2 minutes per block on NEO Parallel-Chain(which are slower compared to NEO blockchain), they gain an enormous advantage in that the blocks in the NEO Parallel-Chain are directly secured by the hash power of Bitcoin
- As mentioned in the first point above, NEO Parallel-Chain is merged mined with ELA which in turn is merged mined with BTC. This means that every time a block is mined for NEO Parallel-Chain, the same proof of work is used as the Elastos main chain to further strengthen the Parallel-Chain network. This is how security can be recursively passed down from the main chain to any of the Parallel-Chain in the Elastos ecosystem
- Anything you can do on NEO blockchain, you can do on Elastos NEO Parallel-Chain with higher security, more security and it’s also a lot more scalable
- Currently, there is ONE Elastos NEO Parallel-Chain that implements an AuxPoW consensus however, it is technically possible to spawn multiple Elastos NEO Parallel-Chain with different consensus algorithms should the need arise for such a scenario
- Elastos got a very strong and passionate community, the community will use all the NEO products and promote them.
- Link’s community is growing, same for Polkadot, Cosmos and Cardano if NEO wants to be unique and more competitive I believe it should fusion with Elastos, both projects could start playing in the big league, even Ontology could join the ecosystem creating G4 and get elected into the council.
I hope the leaders of both projects could see this post and think for a while about what is good for the Industrie. Elastos, NEO, and even Ontology could reach the top 5, working together in order to enable a Smart-Economy with The Smartweb. How NEO is going to compete alone against Ethereum, Polkadot, EOS, Cardano, and all the giants? This could be the beginning of something big for the crypto space and for our communities. Thanks for your time everyone and hopefully one day we will change the world together!
For more info, follow me on Twitter: https://twitter.com/ChimpyXBT
More info about Elastos:
Why the Elastos Internet is the most significant breakthrough since Ethereum
What is Elastos?