What is Elastos?
Elastos aims to be the world’s first internet operating system focused on “re-decentralizing” the internet with a blockchain to secure the identities of its users. Elastos is focused on creating a new internet that is “secure, credible, and smart.” By creating a blockchain-powered decentralized internet which enables data rights, privacy and secured transactions, it is attempting to completely re-invent the WWW as we know it today. Its platform-native ELA token can be used for granting permission to access the network and bitcoin merge mining as well. The Elastos Virtual Machine (VM) is being created to also insure that software piracy is a thing of the past. In effect, Elastos is an internet-based network for the communication of DApps, and utilizes its blockchain to authenticate user IDs, application IDs, as well as machine IDs.
History of Elastos
Elastos was founded by computer science professor Chen Rong, who worked with Microsoft from 1992 to 2000. He was team leader for a number of different internet- and networking-related projects and has been designing the idea for Elastos since his departure from Microsoft. The Elastos advisory team includes Jihan Wu, co-founder of Chinese ASIC manufacturer giants Bitmain, and Da Hongfei, founder of the immensely popular NEO cryptocurrency platform. The project had an immensely successful ICO in early 2018, and briefly surpassed a $300 million market cap in May of the same year.
How Elastos Works
The idea behind Elastos is that network communications on the internet can and should be separated from applications computing. The Elastos VM and its operating system (OS) were built with security in mind, not allowing direct TCP/IP interaction between host and user machines. It restricts the possibility of malicious attacks by generating “remote invocations” and providing “event based responses,” rendering its communication with application layers much more secure than traditional internet services. Elastos also offers its own runtime environment that allows its users to run standard, pre-existing OS such as Android and iOS, enabling its decentralized version of internet infrastructure to communicate with existing applications.
The Elastos token (ELA) can be used to register user IDs and to purchase DApps, cloud storage, digital assets and other platform-based products. Every transaction that occurs using the Elastos network blockchain happens in a trustless manner, independent of reliance on third party servers or products, and without the user having to share private information, or fear being attacked by outsides forces.
Elastos represents a significant departure from normal cryptocurrencies in the following ways:
Blockchain-based World Wide Web. Brings decentralization to standard components of the internet, such as computational power, storage and communication, effectively acting as a decentralized internet for OS and DApps.
Secure and DApp-friendly. Through avoiding classic means of internet communication, Elastos utilizes the internet for the secure and safe interaction with a wide variety of DApps which interact with the Elastos blockchain.
Nurtures a flourishing ecosystem. Elastos’ readily available open source architectures allows anybody to freely implement their own markets, social apps, search engines, location-based services, advertisement agents, etc., being rewarded with Elastos coins based on the popularity and success of their innovations.