What is Elastos

Elastos is the one of the first Internet operating systems that wants to create a blockchain-powered decentralized Internet. Elastos also uses the Internet as a layer on which Dapps and applications are run on.

The project can been segmented into 3 parts: Elastos.OS, Elastos.RT and Elastos.NET. Elastos was first established approximately 18 years ago, with its first campaign in 2003 when they created a smartphone from scratch; and the second campaign was in 2012 which involved the design an OS for industrial IOT devices and mobile device.

Essentially it is a decentralized system on the Internet that uses blockchain to authenticate the IDs of user, application and machines.

Additionally, its operating system was created to support Elastos Dapps and to easily connect to its internet protocol, it will run on mobile devices, IOT devices, and Raspberry pi.

Does Elastos need block chain?

Now with so many projects and ICOs in the cryptocurrency world , we need to figure out which blockchains have substance. Elastos has identified potential areas to improve on based on existing blockchains , especially those that enable smart contracts, like Ethereum, and they have come up with a unique proposal on why they have done so.

In summary Elastos views it this way : since smart contracts place a burden upon the resources of the CPU, the primary chain will not be appropriate for smart contracts, but will only oversee the payment, persistence, and transmission of its virtual currecy. On the other hand, sidechains will be able to support smart contracts and even pursue variant implementations of smart contract technology in independence of each other.

If you are interested you read an excerpt further below or visit the Elastos website or click here .

It should be obvious that, with respect to the 7 billion people of the earth and their needs for automation, and the five requirements posted above, a unitary blockchain from the point of view of functionality would by no means quality, so that a design involving multiple layers of blockchains would be necessary. The lowest level blockchain, the primary blockchain, will be responsible for the creation of the system’s security policy …. As such, the central feature of the primary chain will be the distribution and transmission of this critical virtual currency, as well as providing validation assistance to sidechains .… As for optimization, it is important that sidechains should not occupy the resources of the primary chain, neither the CPU, nor hard disk, nor RAM. As a result, the system will enjoy unlimited expandability. Seeing that all of the sidechains, along with the primary chain, share among themselves all of the processing power, sidechains may jointly enjoy advantages in safety while at the same time minimizing their wastage of physical energy, which will solve the problem encountered by Bitcoin, Ethereum, and Zcash, whose executions involve the large wastage of energy through the process of mining and the adjustment of the room temperature of mining machines.

Where can you buy Elastos?

Currently , you can buy on Huobi pro exchange and if you do not have an account , you can use the referral link to join
https://www.huobi.br.com/en-us/topic/invited/?invite_code=da523
The best part is there is no need for KYC to start trading immediately (

In fact , you can watch an interview on Huobi Talk , where Elastos Chairman, Rong Chen shared about his views of the Blockchain industry as well as Elastos below

In this interview, Rong Chen shared that many people don’t fully understand IOT or Internet of Things

Roadmap

Elastos plans to have 40,000 users by end of 2018 which might be considered a small target compared to other projects but perhaps they want to undersell and not overpromise. Additionally these are the other milestones for 2018:

August 2018

Elastos plans to published its open sources framework for mobile web applications, contributing to elastos’ application ecology.

December 2018

The mining of Elastos Chain and Elastos ID Chain by external nodes will be open and accessible.

Opinion

I strongly believe in Metcalfe’s law in deciding whether a blockchain project is worth putting my money in . It is essentially the network effect and a value of a application or network is the square of the number of users on the network. Elastos seems to target a small group of users but the IOT industry does have potential to grow. However personally having experience in the technology world and worked on a IOT project, I believe IOT has been too hyped by mainstream organizations and media outlets and we have yet to see how much IOT will really change the world.

[*** AIRDROP ***] Bonus info!

From now till Monday, 9 July, 3pm (GMT+8), watch and share Huobi Talk Insider interview with Rong Chen, Chairman of Elastos Foundation and stand to share the prize pool of up to 215.25 ELA worth over 4,460 USDT*! Follow these 3 steps to participate:
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Step 3: Input your particulars and details in the google form — https://goo.gl/forms/zoY36kQ9IMavMFeE2

The top 3 sharers from Facebook (most number of shares), Twitter (most number of RTs) and top 3 Reddit posters (most number of comments) will share the prize pool of 86.10 ELA — meaning the top 3 sharers from each platform will walk away with 6.37 ELA worth over 198 USDT* each! What’s more — ALL participants who share the interview feature will get to share the participation prize pool of 129.15 ELA worth over 2,678 USDT*! Each person will earn tokens split proportionally to the credit pool. (E.g. you share on 3 platforms and get 3 credits. Total pool from this activity was 30 credits from participants. You get 3/30 = 10% of the prize pool ) Winners will be announced within 3 working days after the end of the campaign on Monday, 9 July, 3pm (GMT+8) on Huobi Pro Medium and social media channels. Stay tuned!

Sources:

https://www.elastos.org

https://www.elastos.org/wp-content/uploads/2018/Documentation/Technology/Elastos-BlockChain%20powered%20Internet.docx.pdf?_t=1526307404

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