Elastos (ELA) is a project that uses blockchain technology as the foundation to create the new generation of internet that was founded in the 2000s and until now it is still growing. The project aims to create a place where everyone will own their digital assets like ebooks, music or video games and they will allow all these digital assets to be traded. to make a profit.
Elastos will be the platform for decentralized applications (Dapps) that run on a peer-to-peer network without any centralized control. People can access these Dapps via mobile phone and without having to change the operating system. It is an open source project sponsored by powerful companies such as TD-SCDMA Industrial Alliance, Foxconn and Tsinghua Science Park.
How does Elastos work?
Elastos (ELA) is expected to build a mainchain to store transaction data and sidechains to run smart contracts along with decentralized applications. Besides, to avoid congestion on the blockchain network, decentralized applications will be run on Elastos Runtime. This will increase the security of the system as all data will be passed through the account verification channel. Elastos technology platform includes 4 main components as follows:
Elastos Blockchain: The mainchain will be combined with the bitcoin blockchain, allowing miners to earn both BTC and ELA. This string has the function to store the identifier. Decentralized applications will run on sidechains.
Elastos Carrier: Provide decentralized services such as domain name, computing power, storage capacity.
Elasto OS: Allows running C++ virtual machine, supports C/C++, Java, HTML5/JS. This component functions to interact between applications, services, and devices in the ecosystem.
Elastos Runtime: An environment compatible with other operating systems such as Andriod, IOS, Windows, etc… the Elastos DAPP can be run from any operating system and this makes system application easier.
The Elasto project is run by the Singapore-based Elastos executive fund, the members of which include the executive board, advisory and implementation department. Among them are prominent members such as:
Rong Chen: Co-founder and president of the Elastos project. He graduated from Tsinghua University and used to work at Microsoft in the operating system development department. Besides, he has also participated in many big Microsoft projects such as OS Research, IE3 ActiveX, Ole Automation, …
Feng Han: Lecturer at Tsinghua University Icenter, lecturer and developer of the postgraduate course ‘Cyber Intelligence Economics’ and blockchain. He is also the General Secretary of the Asia Blockchain Association DACA (Distributed Autonomous Coalition of Asia), a member of the Executive Board of Elastos, the lead author of ‘Blockchain Quantum Wealth’ and many other works. He is also the pillar and founder of the MIT IDE Blockchain platform.
Elastos owns a secure and high-tech facility, flexible software development methods (agile) and fast processing of customer information, as well as a clear business plan and professional staff. This is really the foundation for Elastos to go further in the future.
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According to AZcoin News
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