What is elastos? Overview of the Elastos cryptocurrency (ELA)

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Cryptocurrencies Elastos (SHE) what? Where to store ELA, buy and sell ELA transactions at any safe and reputable platform. All will be in the article below of the Virtual Money Blog about Elastos. Along track below!

What is elastos?

Elastos is a project that uses blockchain technology as the foundation to create a new internet generation established in the 2000s, and it is still growing. The goal of the project is to create a place where people will actually own their digital assets such as ebooks, music works or video games and will get profits from these assets. by allowing all digital assets to be traded and exchanged.

elastos-la-gi

Now when you buy a piece of music or an e-book, you don't own it at all, you only have permission to use it. These assets cannot be exchanged, traded, or transferred in any way. Elasto wish to solve this problem by releasing a unique identification number (ID) for all content and applications operating on Elastos platform.

Elastos would be a platform for decentralized applications (Dapps) running on a peer-to-peer network without centralized control. People can access these Dapps via mobile phones without changing the operating system. Elastos is an open source project funded by powerful companies such as TD-SCDMA Industrial Alliance, Foxconn Group and Tsinghua Science Park.

How Elastos works

According to the developers of Elastos, present blockchain platform of Ethereum There are some drawbacks listed below, making the platform unsuitable for running distributed applications such as reading, playing games, or texting:

  • Storage capacity and low speed.
  • Errors cannot be corrected because ETH's smart contract cannot be changed once activated.
  • High cost of use and storage
  • Lack of flexibility and interaction between the Ethereum Virtual Machine (a virtual machine that can execute scripts using the Ethereum computer network) and blockchain
  • Low security level.

And to solve these problems, Elastos (ELA) is expected to build a main chain (mainchain) to store transaction data and sidechains to run smart contracts and distributed applications. . To avoid congestion on the blockchain network, distributed applications will be run on the Elastos Runtime, which will increase the security of the system when all data will be transferred through an identity verification channel. Elastos technology platform consists of 4 main components as follows:

  • Elastos Blockchain: The main chain will be combined with the bitcoin blockchain which allows miners to earn both BTC and ELA. This string has the function of storing identifier codes. Distributed applications will run on side chains.
  • Elastos Carrier: Providing decentralized services such as providing domain name, computing ability, hosting ability.
  • Elasto operating system: Allows running C ++ virtual machines, supports C / C ++, Java, HTML5 / JS. This section has an interactive function that keeps apps, services and devices in the ecosystem. Interact with blockchain to authenticate identifiers
  • Elastos Runtime: Is an environment compatible with other operating systems such as Andriod, IOS, Windows, etc. Elastos DAPPs can be run from any other operating system. This will make it easier for developers to apply the system.

Elastos development team

The Elasto project is run by Singapore-based Elastos executive fund, which consists of the executive board of directors, the project implementation department and the project consultant. Which the outstanding members of the project include

  • Rong Che, co-founder and chairman of Elastos Foundation, graduated from Tsinghua University, worked at Microsoft in operating system development department, he has participated in many big Microsoft projects such as OS Research, IE3 ActiveX, Ole Automation , ECOM, .NET
  • Jihan WuThe famous CEO of bitcoin mining hardware manufacturer, Bitmain, one of the most influential people in the cryptocurrency community.
  • Hongfei Da, NEO co-founder and CEO Onchain, the company has developed the NEO and Ontology platform

elastos-team

The project is a collection of influential figures in the Chinese cryptocurrency community with 7 advisors and 9 executives. The participation of Jihan Wu and Hongfei Da in the Elastos project constitutes the G3 cooperation group including Onchain, Bitman and Elastos in order to promote the development of the smart economy. One of the main features of this cooperation agreement is the virtual machine, the Runtime environment will be provided by Elastos and Bitmain, the mechanism administered by NEO and identity management by Ontology. In addition, the project has received funding from research and development assistance worth 31 million USD from Foxconn Corporation.

Exchange rate of the current Elastos virtual currency

At the time we updated this article (February 16, 2), the price of 2019 ELA = 1 USD with a total market capitalization of more than 1,96 million USD.

elastos-ty-gia

Digital currency Elastos Currently, the transaction volume within 24 hours is more than 2 million USD, and currently there are 14.579.947 ELAs being circulated in the market, out of 34.120.810 ELA of this currency. You can see ELA rates We are updated in real time 24/7 here to understand the price fluctuations of this virtual currency.

Buying and selling Elastos where?

Currently, you can buy and sell Elastos (ELA) at a lot of different exchanges like lbank, Huobi Global, CoinEgg, KuCoin, BCEX , and Bit-Z. In it, the floor lbank is the floor with the largest ELA trading volume.

elastos-market

Which Elastos store?

Elastos have created an official wallet of the platform so you can keep your ELA there. Currently, you can use the Elastos web wallet at the address, and there is no separate mobile app, but the web wallet is designed for mobline versions, so you can still use it. on his phone.

In addition, you can also store ELA on the wallet of the exchange for ease of purchase if you regularly trade. However, if long-term investment, please choose the cold wallet.

See more information about Elastos cryptocurrency

Conclusion

The above is the necessary knowledge to know about cryptocurrencies ElastoHopefully, this article will help you gain an overview of the Elastos platform, as well as your own judgment on whether to invest in ELA coins or not. If you have any questions or would like to share your knowledge about cryptocurrencies SHE With us, please contact us in the comment section below, we will respond to you as soon as possible. Lastly, don't forget to Like, Share and give us a 5-star review below to support Virtual money blog ok

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