Elastos (ELA): A Hybrid Smart Economy Model

Elastos (ELA) is an innovative hybrid model that seeks to present a revolutionized internet of things approach that addresses inherent weaknesses in ethereum-based decentralized app (DApp) structures. It is an operating system unlike any other since its base layer combines the use of blockchain technology and the internet to support DApp development.

The world is currently enthusiastic about accessing useful applications on mobile devices but unfortunately, certain limitations in the blockchain technology make it difficult for crypto enthusiasts to enjoy this convenience.

A Viable Vision

Elastos brings the technology to mobile devices by allowing users to access applications on any operating system, using Elastos Runtime. DApps on Elastos will operate on Elastos Runtime which in turn runs on Android, iOS or any PC operating system. Its long-term vision is to provide large-scale support for DApps by solving the challenges in existing platforms such as Ethereum.

One of the highlights of the design is that it makes use of a blend of mainchains and sidechains to improve the computational ability of blockchain technology. The mainchain only executes simple transactions and payment transfers while the sidechain handles smart contracts to support services and applications.

The system offers enhanced security because it makes use of authentication procedures that define blockchain technology. But it goes a step further to secure digital content by separating apps from the network to ensure no leaks take place.

Practical Value of Elastos

Even though the current blockchain technology has made it possible for users to record and secure their property rights, it has not made it easy to monetize the content. Users can prove ownership of content but preventing people from stealing or using the content is still a challenge.

Elastos creates an environment in which everything related to digital content execution takes place within the Elastos Smart Web network. This means that users have to abide by the requirements set in smart contracts.

Authors of a book can choose to set a finite number of copies of their literature in the ecosystem to create scarcity. This simplifies the process of realizing capital from the investment. It also gives consumers a chance to benefit. A reader might decide to sell their book at a higher price than the cost in view of rising demand. This system incentivizes all of the network’s users and is set to make it popular.

A Complete Ecosystem

The Elastos Foundation is keen on making its ecosystem flourish. To this end, it has also incorporated a complete set of tools for investment and trade within the platform. Apart from the secure computing environment, smart economy for circulation of digital goods and rights confirmation feature, the network also has a credit provision system.

Elastos offers integration capabilities with a host of platforms and allows for programming using a wide variety of languages including Java, HTML, C, and C++. The project is headed by a former Microsoft software engineer, Chen Rong, and has received support from the Chinese government, Foxconn, and the Tsinghua University.

The Elastos project presents a realistic vision and has a clear business plan to make it a reality. It is set to make digital information more valuable and propel the internet economy to new heights.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

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