Why The Elastos Decentralized Internet is the Most Significant Breakthrough since Ethereum

What is Elastos?

First of all, Elastos is not an entity, it’s a global movement to build a new decentralized Internet that works for everyone. To understand Elastos, you have to understand that blockchain is only 1 component of its 4 pillars.

More technically, the base layer of Elastos is a decentralized network operating system similar to Apple(MacOS) Microsoft(Windows), and Linux but on the Elastos Internet, all the users own their content/data and more (that we will get into later). Its decentralized network has 215 000 nodes that we call carriers, they are smart devices like Apple TV. It’s this peer-to-peer network (no third party) that will handle and process all decentralized applications. It’s simply the best possible solution to scale, be decentralized, and secure by avoiding potential hacks, distributed denial-of-service attacks (DDoS), and centralized internet data.

On the Elastos Internet, all the data is stored on decentralized cloud storage called Hive++ (similar to Filecoin). It is less expensive than Google Cloud or other centralized cloud storage solutions. This is already a game-changer because on the current Internet, users don’t own their data/content and everything is stored on centralized cloud storage which is expensive and vulnerable. It’s even worst since all the applications on Apple Store, Google play, or others can steal your data and resell it to make profits on your back. On Elastos, none of the applications can steal your data & users will monetize their own data (on data market places). In fact, data is the most valuable thing of this century and we sadly give it for free to all companies/apps on the current Internet. Good for us, people are starting to be more aware of this issue, even some documentaries are being made, like this one on Netflix: https://www.youtube.com/watch?v=uaaC57tcci0&feature=emb_logo

The Elastos Internet has the main browser called Trinity (similar to Firefox, Chrome). It integrates all the services that Elastos provides and combines them into a singular environment for DApp developers to easily build dApps, and for users to easily use those dApps. All the users on the Elastos Internet will have a DID (Decentralized Identifier) refers to an ID that can be issued by an autonomous, independent, and decentralized platform that acts as a proof of ownership of digital identity.

The Elastos Internet is made of many different parts;

All Crypto projects can be supported and benefits from Elastos

Elastos solves the trilemma of all blockchain projects out there — the problem of security using the trusted runtime environment, scalability using the main chain sidechains solutions, and decentralization using the peer to peer network.

Currently, Ethereum and NEO are implemented but Polkadot, Cardano, Solana, Binance Smart Chain, EOS, Avalanche, Cosmos, and others could be implemented if needed and benefit from greater security, scalability, and decentralization. These blockchains and their applications are in theory all accessible from Elastos and could benefit from this new environment as every one of these listed projects can be ported as side-chains to the ever-growing Elastos ecosystem.

What are the similarities and differences between Elastos and Ethereum?

Ethereum has only one mainchain that is being pushed to its extreme limits in computing and scalability. Elastos proposes a mainchain and alternative chain structure where the mainchain is solely responsible for ID verification and payments while the alternative chains execute smart contracts to supports different applications and services. Ethereum has redundancy and network congestion problems. The fact that all the data and code is placed on the mainchain causes a lot of data to be redundant in the primary storage. On Elastos the applications run in the Elastos Runtime(a lightweight virtual operating system). This method is more secure. All the data has to pass through trusted and verifiable channels. Elastos Runtime can come in multiple forms such as an independent OS, a virtual machine, or a software development kit (SDK) that allows the integration of applications from other operating systems. On Ethereum, after the acquisition of the data, the DApps are executed on a user interface that can cause a risk of exposing the data. Elastos is secured up until the hearth of your device. Because the DApps are not allowed to connect to the internet directly they are not subject to DDOS attacks. While Ethereum supports only Solidity, Elastos supports C/C++, Java, Swift, Javascript, and HTML5. The various SDKs will allow even more programming languages to be supported targeted for other platforms.

Ethereum is a single, shared public VM. ElastOS is a network of private, self sovereign VMs that can exchange code.

The difference between the two is huge. ElastOS is a first mover in its own right, it doesn’t need to displace Ethereum, it allows a whole new class of apps. — Diesel

Enabling the 4th Industrial Revolution

Elastos is needed for the non-fungible token to work

The concept of NFT doesn’t work on smart contract platforms like ETH and others since you don’t exchange peer-to-peer codes. Crypto-Kitties had zero value since you only bought a line of code without owning anything, it was owned by a third party who was able to do whatever they wanted with it. We need Elastos(ELA) to make this work. Every NFTs on Ethereum or other crypto platforms don’t work except for Elastos. It would work for them if they had Elastos has layer one on top of their chains (read above again). It’s the only one who can truly exchange peer-to-peer codes without third parties being shut down since the dapps on Elastos cannot be cut off and don’t use centralized cloud storage.

The Elastos Internet vs the current Internet

Elastos doesn’t directly compete with Windows, iOS, and Android. Elastos will exist as an application (virtual machine) on smartphones and personal computers. You can utilize the new Elastos internet at the same time as the current Internet. Basically, you will have access to 2 Internets at the same time (if you are not blown away by this, I don’t know what will).

The Elastos DAO called Cyber Republic

The DAO is called Cyber Republic. It’s a global, decentralized community government helping to build and secure the Elastos Internet. It creates a self-running and self-governed community of entrepreneurs and developers who can function independently of Elastos but with the unified goal to grow it into a global success. Elastos has the most advanced governance project in the crypto space. Entrepreneurs and developers can get funding through our DAO if they are worthy enough. 12 council members were elected, made up of intellectuals, teams, devs, entrepreneurs, and more. Note that the DAO is not a part of the Elastos Foundation. For the moment more than 80 developers are active and work for the Elastos Foundation.

What are the benefits of using the ELA coins ?

ELA fuels the entire Elastos ecosystem. ELA is the main chain’s base currency used for processing peer-to-peer payments, storing info on the DID sidechain, and executing smart contracts on ETH and NEO sidechains or any other chains implemented in the future. It is also used for the trading of digital goods throughout the entire ecosystem. From a speculator perspective, Elastos(ELA) is like digital black gold (see picture below), it’s a medium of exchanges for data that you own. Data is more valuable than oil and gold and will become the store of value of our 4th Industrial Revolution because, for the 21st Century Enterprise, data is the most significant intangible asset, powering new technologies and an ecosystem of third-parties providing everything-as-a-service.

Data in the 21st Century is like Oil in the 18th Century: an immensely, untapped valuable asset. Like oil, for those who see Data’s fundamental value and learn to extract and use it, there will be huge rewards. We’re in a digital economy where data is more valuable than ever. It’s the key to the smooth functionality of everything from the government to local companies. Without it, progress would halt.”

Secured/mined together, working together and changing the world together. ELA main-chain DPoS + PoW leveraging Bitcoin for security (60%+ of the bitcoin miners secure this chain)

Elastos should be viewed in a similar light to Bitcoin. Adam Back made Hashcash, Wei Dai made B-Money, Nick Szabo created Bitgold, Hal Finney created RPOW but all the elements alone were not enough. Bitcoin was the first to bring together decades of cryptographic research; Merkle trees, hash functions, public-key cryptography, and digital signatures.

Well, Elastos is going the same thing, but instead of doing it for the monetary system, it’s doing it for the internet. It’s the first to bring together a host of technologies into one unique utility suite to create a Smartweb (fully autonomous).

Elastos got the same miners, similar economics/supply/inflation, way more utilities and is the reserve assets for Web 3.0 in my opinion while Bitcoin is the reserve assets for crypto and maybe for the world in the future as digital gold.

Coin economics

Currently, 18,391,212 ELA are in circulation out of 23,084,774 ELA. 40% is staked. Thus, only 11 034 728 ELA is technically in circulation. The voting/staking rewards is 5% per year (before the halving in December 2021) , you only have to vote for the validators/supernodes through the light wallet or mobile wallet to be rewarded. You will have 36votes and here’s a website to see the validators and why you should vote for them. https://elanodes.com. Please note that if you are using ledger, you will only be able to vote for 22/36 validators for the moment. For more info on the value of ELA coin:

Elastos main-chain

The Elastos main-chain has between 60%-80% of the Bitcoin hashrate and has its own DPoS consensus making it more expensive to attack and secure than Ethereum. It’s a hybrid PoW/DPoS consensus.

Elastos is ranked near the top on Github activity as well

You can look at a demo of the Elastos Internet interface here

https://twitter.com/mkmindsqueeze/status/1306414673399603200

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Sources:

https://developer.elastos.org/discover_elastos/faq/faq_general/