Elastos ELA: New Internet SmartWeb Blockchain Technology?
What Is Elastos?
Elastos is developed to be the currency for a smart economy. It’s focused around safety, by stopping applications from having direct access to a network. The operation library is designed to give users an end to end type of solution. It’s also an intelligent network that is decentralized through a peer to peer infrastructure that is said to reduce the need for using people as the middle man.
Through the newly developed system, people will be able to use Elastos create wealth and authenticate digital rights while at the same time transferring contracts and turning digital information into specialized assets by using the blockchain technology. And with the absence of middle men, people can store IoT to devices and special commodity logos are used that cannot be forged.
How Does Elastos Work?
The platform is dedicated making a safe, smart and effective place that is focused around the traditional way the internet operates. The philosophy behind the system was developed by Chen Rong, he was the former senior software engineer at Microsoft. He wanted to make the first operating system that had the basic, primary idea that there is no need for computation if online and no need to be online if computing.
Subsequently, an open sourced platform was developed in which its source code had reached 10 million lines that created the advanced operating system. Last year in 2017, the blockchain technology was finally integrated into Elastos and enabled the smart web development.
There Are Four Important Premises to the Smart Web
It uses a blockchain to build trust on the operating system. The main chain used by Elastos is powered by Bitcoin miners that have been combines with a proof-of-work mechanism. They guarantee that any third-party services operate through chains. There is also a side chain smart contract that is used to run side projects. At the same time, Elastos restricts the range of smart contract applications to protect users and keep them trustworthy.
The second premise is the carrier used by Elastos is decentralized and operates on a P2P based system. It’s a very infrastructure and supports the platform for the further development of DApp and operation.
The runtime of the system runs over the customer’s device to ensure the ecosystem is reliable and trustworthy. Developers will be able to build a new app with a broadcasting feature for digital currency.
Lastly, conventional applications will be extended to run their capability through an SDK. This includes any modules developed for authentication and other regular blockchain technology functions.
Who Is Behind Elastos?
There is a massive team behind Elastos, one that is made up of some of the best minds in the cryptocurrency space. They’re mostly focused on work in Southeast Asia. There is also a massive network or partners behind Elastos like NEO for example.
Elastos ELA Conclusion
The basic vision for Elastos is that it is designed to become a carrier that can hold multiple decentralized applications of a large scale.