Elastos (ELA) is one of the most innovative and latest cryptocurrencies, using modern blockchain technologies to provide a self-sufficient ecosystem (decentralized Internet, operating system, virtual machine).
Elastos mission is to make electronic assets identifiable. It makes it possible to register ownership of them with a subsequent sale. Developers strive to create a new version of the global web that respects ownership of electronic content. This approach will allow users to watch movies, play computer games and read books without going through intermediaries. Elastos cryptocurrency will enable content creators to know exactly how many users have viewed it.
Elastos features
The Elastos has several key features, which include the following:
- an innovative approach to blockchain technology;
- the only ongoing action-packed double blockchain crypto project;
- one of the several cryptographic projects using the Internet;
- blockchain technology is not the main core of the application here, but the basic level;
- an innovative solution to dividing the blockchain into two: the main one, that is, a distributed operating system and a side system used for the local operation of DApps and smart contracts;
- The team of programmers associated with this system consists of experienced and renowned IT professionals, with one or more startups related to cryptographic technology;
- Elatos developers have years of research experience related to blockchain technologies;
- advisers are made up of industry pioneers (for example, Ziheng Zhou, member of the Academic Committee of the Alibaba Research Institute);
- the system has significant support from organizations such as Foxconn, Tsinghua University in China, the Central Government of China;
- fast and comprehensive updates ensure uninterrupted operation, protection, and up-to-dateness of the system;
- huge market potential;
- security and stability, built-in security features built into the Elastos ecosystem from the ground up.
Differences from other cryptocurrencies
Elastos cryptocurrency compares favorably with its competitors in the following indicators:
Double chain
ELA is a cryptocurrency in which two blockchains operated simultaneously:
Blockchain is the basis of the Elastos decentralized network operating system;
Side-blockchain for executing DApps, building smart contracts, and other tasks related to computing.
These solutions create a secure environment that protects user resources.
Internet of the future – Elastos
Elastos plans to create a future Internet-based blockchain technology that will facilitate the implementation of DApps, smart contracts, and Elastos’ applications, providing users with value in the form of ELA tokens and a secure platform to exchange resources.
Expert support and complete ecosystem
A complete ecosystem, since Elastos is not only a cryptocurrency but also a whole ecosystem in which a user can perform all actions related to cryptocurrencies (trade, exchange of resources), as well as run DApps on local computers safely disconnected from the Internet, thereby protecting resources of users from the Internet foreign access.
All settled transactions are delegated to the side blockchain, separate from the main blockchain, which provides additional security.
Elastos cryptocurrency: future prospects
Elastos is developing a valuable alternative for artists and content creators to share their content, maintain complete control over it, and maximize their monetization opportunities. It is not the first blockchain company looking to develop a new kind of the Internet. For example, there are projects like Substratum that want to decentralize the Internet or Po.et that wants to use blockchain to protect IP.
However, Elastos managed to differentiate itself by developing Elastos Smart Web, which allows content to be exchanged between users in a closed environment that is not connected to the Internet.
Online digital content is very rich and usually has a short shelf life. While it is nearly impossible for Elastos to prevent content leaks online, the platform seems to have done a great job of limiting information leaks.
Ultimately, any content creator looking to find alternative ways to monetize and maintain control of their work should see Elastos as a platform for sharing current and future projects.
To help you finally decide how to approach this project, we have brought together its main pros and cons.
Advantages of Elastos
- The system creates financial opportunities for both consumers and creators, thereby encouraging more people to the platform;
- Elastos can prevent content theft and re-uploading on the Internet where the original owner cannot monetize or track it. Their Runtime function creates a closed environment for storing, viewing, and monetizing digital content on the Elastos Smart Web;
- A very strong team and a group of consultants from already successful blockchain companies (NEO, Bitmain).
Disadvantages of Elastos
- Elastos project can not provide protection against content leakage for 100%. Users still can capture onscreen content and publish it online;
- Elastos also has no way of verifying that a piece of content belongs to the uploader before it assigns its ID to it;
- There is no clear idea of how to solve a problem when several users do not agree on who owns a song or video. The distribution model for remix income is also undefined.
