Elastos Blockchain Internet Company Terminates ELA Token Lock-in and Return Program
Elastos has announced that it will be making adjustments to its token lock-in program. This will involve the return of ELA tokens that were in the company’s custody to their respective owners. The reason for this course of action is to comply with international standards.
The lock-in program was founded in February this year. Its objective was to grant an opportunity to investors to vest their ELA tokens with the Elastos Foundation for a period ranging from one to three years. However, the recent development means that the program will end prematurely.
Elastos has already stated sending messages to lock-in token holders regarding the process of returning the tokens. The tokens are scheduled to be sent back to users’ wallet addressees on November 5. Notably, the token holders will receive a 4% bonus on top of their token holdings.
Angel investors will receive their ELA tokens on November 20. Also, the Elastos Foundation will relinquish the control over its 16 million ELA tokens to Cyber Republic. This will continue until the Elastos Foundation installs a new governing council in August next year. The Cyber Republic is the community of developers charged with building the technical infrastructure of the Elastos network. Furthermore, the Cyber Republic Preparatory Council will manage all of the ELA mined this year by the Elastos Foundation in partnership with Bitmain.
Ultimately, Elastos intends to become the first web platform that is completely secure and allows DApps to be detached form the internet. Moreover, the platform would be scale gradually with an increasing number of users.
Throughout its existence, Elastos has received backing form notable institutions such as NEO, Bitmain, Tsinghua Science Park, and the TD-SCDMA Industrial Alliance. The company expects to increase its user base to 1 million nodes before the end of 2018, mainly due to the collaboration with Shanghai Shijiu TV, a leading developer of browsing software for Smart TVs.