Elastos (ELA) is a cryptocurrency project that seeks to provide the backbone for a blockchain-powered smart web. In today’s world, our internet infrastructure operates at the pleasure of the ISPs. It is a centralized system that is experiencing severe growing pains due to efforts to repeal net neutrality and accusations of internet speed throttling by the ISPs.
Building a new Internet
So here we have another problem that centralized technology has introduced to the consumer. Internet providers have so much power that they can decide what websites can have strong internet speeds and which websites to delegate to the internet “slow” lanes. This begs to ask the question; Why do these companies hold so much power over the everyday lives of Americans and what they can see on the internet?
Blockchain technology might be one answer to this problem of how to restore privacy, security and power back to the people in a decentralized way. Elastos seeks to do just this as they work on building a new internet that respects the property rights/digital assets of individuals.
Currently the internet is a “web of information”. URLs get the data of websites and then it presents it to the user. Elastos wants to create a “web of applications”. This means that when you click on the URL, instead of just getting information, you get a code. The Elastos-powered web is positioning itself to act as a special economic zone where the Elastos token functions as a base currency.
Addressing the Decentralization Problem
At this time, all forms of multimedia and entertainment are accessible either through media players, streaming services or other third party platform intermediaries. Elastos technology is working on removing this middleman so users of the Elastos-driven internet can access articles, movies, games directly without the need for these third-party companies and applications.
This works by issuing IDs for digital content, so you will always know exactly who owns the digital assets. Film makers can determine how many times their movies are viewed, and they receive payment without the need for fees toward third-party applications. The concept creates a trustworthy system and a new internet of wealth. Elastos features an invisible public chain and predefined sidechains built on the Elastos carrier platform. Property rights of users and digital assets of applications are established through the issuance of tokens. Separation of apps from the main chain ensures that digital content can’t and won’t be leaked.
Elastos is also designed to be accessible for its dApps through mobile phones without the need to change operating systems. The design philosophy of Elastos actually integrates mobile phone technology with the credibility of blockchain technology. Through the use of smart contract technology, sellers and owners of digital assets will be paid upon receipt of products by buyers. Smart contracts work in a trustless manner, so their is no need to worry about breaches of contract or credit scores affecting people’s ability to pay. Once both obligations are fulfilled, the blockchain executes the smart contract.
Problems with Ethereum and the Elastos-driven fix
Elastos also seeks to improve upon the technology that Ethereum was built upon. The main problems that Elastos sees with Ethereum are rooted in storage capacity, speed, cost of operation, lack of flexibility and lower security standards. This makes it difficult to read digital books, play video games or create encrypted chat applications with Ethereum.
So Elastos is a big and ambitious project that will absolutely become more and more prominent in the future. Current partners include the Tsinghua science Park, TD-SCDMA Industral Alliance and the Foxconn Group, who have collectively funded the project for over 200 million RMB. It is fantastic technology, being built by a brilliant development team, and is certainly a coin that's worthy of looking into!
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