Elastos Origin by Feng Han and More about Ethereum Versus ELA

By July 13, 2020DApps
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The Elastos ecosystem comprises of an array of industries spanning across identity, IoT, Media, Security, and Real Assets. Elastos Claim to be building the modern internet and its open source.

The ELA token side chain went live in March 2019 and they have been actively doing their best since then. The Elastos Dapp Store went live in January 2020 and further published Elastos DID specification.

Ethereum smart contract compatible sidechain switches to DPoS consensus and Ethereum smart contract compatible sidechain upgrades to Constantinople is scheduled for the Third Financial Quarter.

The internet powered by the blockchain technology is the major focus of ELA. They focus on making digital assets scarce, identifiable and traceable. Property rights is recognized by ELA to be a crucial element for wealth creation. They are dedicating to building a new World Wide Web which respects those rights.

Ayobami Abiola, Writer at The Currency Analytics tweeted: “Elastos (ELA) have been active and working meticulously on their progress. They are slowly out to the real-time blockchain ecosystem. Let’s wait to see what they have in store.”

Elastos (ELA) Origin

Elastos recently tweeted: “We are pleased to announce the launch of the new Elastos.Info website! This community built site brings the entire ecosystem together under one roof for the first time.”

The Elastos Info blog is set to focus on areas where the official EF and CR blocks have not focused. The blog focuses on the broader ecosystem news and several other areas which need a clear voice and platform for information dissemination.

Feng Han, Co-Founder in a previous interview stated how he was discussing Ethereum way back in 2017 with some blockchain technical experts. The experts he stated were from Chinese Blockchain communities like Gang Xu. He recollected how in 2017, Ethereum Played a major role in the blockchain world. However, he stated that they realized that Ethereum was facing bottlenecks in its future development.

He also recollected how the problem already started to show itself. He also spoke about how the Ethereum Virtual Machine had all the smart contracts and Dapps coupled on-chain. He felt, Bitcoin sacrifices efficiency for trust as it verifies every one transacting on the network. He stated that it was even less efficient than a single computer. A lot of computing had to take place. He stated how users got stuck with Bitcoin and Ethereum.

He recollected how even a small program like crypto kitties got stuck on Ethereum. He stated that they felt the need for the bottlenecks to be solved for efficient functioning. He states that now Ethereum tokens are issued to create smart contracts which he states is irrelevant to the token. And, on how the real applications were actually centralized. He states that it is very easy to issue tokens on the Ethereum blockchain.

He stated that Elastos Virtual Machine is not on chain and on how originally it was not a blockchain project, but a decentralized internet project that wants to create a safe p2p internet. In this kind of internet no server was needed and how its virtual machine is data closed. He stated how he was excited to hear this idea and further on how they started off with Elastos.

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