The internet has facilitated the interconnection of people across the globe, creating the most significant information and value transfer system the world has ever seen. However, in its current form, the internet has made digital property rights extremely inhibitive and there are few methods of providing actual ownership of these assets.
One blockchain project that aims to address this issue is Elastos, a new-age internet ecosystem that is entirely powered by blockchain technology. Elastos is developing a system for decentralized applications (DApps) that runs on a peer-to-peer network with no centralized control. This new ecosystem will allow users to utilize digital assets in a way such that they remain identifiable and tradable at all times. The ultimate goal of Elastos is to establish an internet where users can access content directly, without having to employ an intermediary service provider.
Interested in Elastos? Here’s a quick rundown of the project:
Platform & Development
Elastos is primarily focused on improving upon the traditional smart contract system. Where current Ethereum-based contracts, for example, are useful for financial products and governance systems, they are largely limited when it comes to more expansive DApps that require data storage, like content and games. These limitations are primarily due to Ethereum’s blockchain being costly, inflexible and at risk of security compromises.
Integral to the Elastos new internet is a flexible blockchain design that leverages side chains in addition to the main chain. While the main chain is responsible for basic transactions, the side chains execute smart contracts to support various applications and services.
Elastos runs on virtual machines which make use of distributed nodes. All apps deployed within the ecosystem are governed by a module called ‘Elastos Runtime’, which runs on top of Android, iOS or PCs rather than the primary blockchain. This not only helps increase the overall security of the platform but also ensures that all network data must be sent through a trustable, identity-verifiable channel before any internal processes can be executed.
Elastos supports popular programming languages and frameworks, lowering the barrier for developers to build applications on the Elastos Smart Web. DApps are always free to run and are supposed to run at the same efficiency of traditional internet applications.
Elastos tokens (ELA) are simply used as an ID system needed to connect into the Elastos intranet. Additionally, Elastos has the capability to issue tokens on side chains for digital assets or applications and to establish the ownership of digital content through smart contracts.
With the Elastos public blockchain having been released for public use last December, the development team is now looking to publish the source code for its mobile web framework in Q3 2018.
Elastos is the brainchild of Rong Chen, a computer science graduate from the University of Illinois at Urbana-Champaign. Prior to his work at Elastos, Rong served as the Chairman and CEO of Kortide as well as a Senior Software Engineer for Microsoft for nearly 8 years.
Additionally, the company boasts of an experienced team of advisors including Vladimir Kazakevich, Head of Research and Co-Founder of Cointainer Fund along with Lee Willson, Founding President of the World Blockchain Foundation
Through its unique peer-to-peer protocol designed to create a “distributed internet ecosystem,” Elastos aims to improve upon the current generation of the internet. Additionally, the project’s focus on building more scalable DApps through a system of side chains gives it a leg up on the current build of the Ethereum blockchain. Elastos will need to continue to innovate quickly to keep up with future scalability updates coming to Ethereum.
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Disclaimer: The author(s) of this article may have a position in one or more of the cryptocurrencies mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.