Something fun for you guys to read during the bear market :). This is one of the most comprehensive analysis I have read so far.
PURPOSE Elastos is an operating system, a decentralised internet and a Virtual Machine (VM) tool all wrapped up into one. It has its own operating system to run on devices without one (e.g. IoT devices), it aims to improve security by using
the blockchain as an internet protocol rather than TCP/IP and it allows dApps to run across any operating system — including phones — using what is essentially a VM (called Elastos Runtime). It works to improve security by assigning everything running on Elastos (including devices, digital
assets, servers, dApps) their own ID or ‘Universal Unique ELASTOS Identifer’. This is checked on startup by the Elastos blockchain and only following validation is an internet connection established. This aids prevent DDoS attacks. Furthermore, as all dApps run on Runtime, they do not touch the device, Elastos OS or any other dApp — they essentially operate in a vacuum. There are other projects which aim to do some parts of Elastos but there are none (to our knowledge) that are trying to combine it all as is attempting
to do. Elastos aims to create a new kind of Internet, powered by blockchain technology: this is similar to many of the claims made about Ethereum and
others. Elastos wants to make digital assets scarce, identifable and
tradable. Property rights pave the way for wealth creation, and Elastos intends to build a new World Wide Web that respects those rights. The
goal is to create an Internet that allows users to access articles, movies and games directly, without going through a media player or another platform intermediary. Elastos will be a platform for decentralized applications (dApps) that runs on a peer-to-peer network with no centralized control. People can access these dApps via their mobile phones, without changing
their operating system: this is interesting and the frst part of the project which really stands out. One of the main issues with a lot of dApps is the inability to run them on mobile phones at present. Elastos wants to create a new World Wide Web that is safer and smarter, and that can one day be known as the Internet of Wealth.
The big issue they raise is that Ethereum (and by extension most competitors, Ethereum is merely the largest) runs smart contracts on the blockchain itself. Elastos claims to run dApps that are enabled by blockchain technology but do not run on the blockchain itself. They instead run on any OS — be it mobile or not. The paper goes on to explain that “Elastos runs applications on Elastos Runtime as opposed to on the already congested blockchain”. To aid this, everything is programmable in C++. Developers can code a dApp that can run across all devices.
Keynotes about Elatos _ Has been in development of 18 years, since the founder left Microsoft in 2000.
_ Has 10 million lines of source code, 4 million of that is original r/https://github.com/elastos.
_ Sponsored by industry giants such as Tsinghua Science Park, the TDSCDMA Industrial Alliance and the Foxconn Group.
INTEGRATED PARTNERSHIP Stellar
Elastos will be using their Peer-to-Peer payment system in a technology that uses “reflections” — no internet connection will be required, no more IP addresses. We also should mention that founder of Stellar Lumens Jed McCaleb has been involved with the creation of Elastos for the last 5 years. We could assume that Jed is also an investor in Elastos.
Hyperledger Project
Most people know that Stellar & IBM have partnered up to solve remittance type services, IBM has also been attending regular meet-ups regarding this new ecosystem with Elastos.
Ontology
Is a blockchain/distributed ledger network which combines distributed identity verifcation, data exchange, data collaboration, procedure protocols, communities, attestation, and various industry-specifc modules. Elastos will be incorporating the ID this service into their network.
OnChain
As above, Elastos plans on using business trust chain type models (onchain) & legal chain models (lawchain) to further its hooks deep into the business sector.
Da Hongfei, NEO founder
Elastos is built on the NEO platform & Da Hongfei is an investor, regular meet-ups with NEO, Bitmain, Elastos, Stellar, OnChain, IBM & Ontology have been happening on regular basis.
Jihan Wu, Bitmain founder
Bitmain (bitcoins biggest miner) It appears that Jihan Wu & other Associates with Bitcoin Cash; Roger Ver & John McAfee are grouping together to take 50% of the global hashing power of Bitcoin and use it to secure/mine the Elastos network.
Alibaba Cloud Service
Offers high-performance, elastic computing power in the cloud. Services are available on a pay-as-you-go basis and include data storage, relational databases, big-data processing, Anti-DDoS protection and content delivery networks (CDN). Elastos will be using Alicould to build there apps and run virtual machines, this will be a big part of Elastos. Ali-Cloud plans to overtake Amazon in the next few years in this sector.
R3 Group
Is an enterprise software frm working with a network of over 200 banks, financial institutions, regulators, trade associations, professional services frms and technology companies to develop Corda, its distributed ledger platform designed for fnancial services and all other areas of commerce.
ICO Exchange: Huobi,
ICO Token Price: 1 ELA = 18.09 USD
Fundraising Goal: 94,100,000 USD
Sold on Pre-sale: 57,000,000 USD
Total Tokens: 33,000,000.
How does Elastos work? It works in conjunction with Bitcoin using a process known as ‘merged mining’. What this essentially means is that two different crypto assets can be mined simultaneously which enables less popular projects to benefts from the high hash power of projects such as Bitcoin. It is far harder for a malicious actor to take over the Bitcoin network than it would be a smaller project. The two blockchains remain independent at all time and neither chain gets bloated by the transactions from the other chain. Part of the Elastos offering is a range of services such as ID generation, token distribution, digital asset trading and payment systems. It also includes the side chains previously discussed on which dApps will run. The main utility of ELA comes back to this ID system as all IDs have to be purchased with ELA. If the system takes off, that will be a lot of IDs, given it includes all assets and instances (e.g. each song published as an Elastos digital asset would have an individual ID). The P2P network aspect of the project titled Elastos Carrier enables nodes to rent out their equipment, including computation and storage. This is again similar to other dApps (and how miners/ nodes operate in terms of being rewarded for computing power) but is extended within Elastos. ELA holders also receive dividends in the form of ICO tokens hosted on Elastos.
CONCLUSION ELASTOS cryptomedics gem It is not an idea where we can say with any degree of confidence that it will succeed or transform the DLT space,
although, the Runtime aspect seems perfectly suited to Enterprise/IoT. It is at least implementing blockchain differently to other projects and is more than just another clone promising faster speeds and little else. The people working on this project have a proven record and are definitely very capable of making this project sucessful. Besides, ELASTOS has managed to make it very interesting to hold the token long term- People who hold 300 ELA Token can log tokens for three years and holders will be paid 4–6% interest! When it comes to ICOs on the Elastos blockchain 2–5 % of tokens of an ICO on ELA chain will go to the ELA foundation and will be shared among token holders. This said, ELA holders will be able to receive many attractive airdrops. We believe that ELA has a lot of potential which is yet to be unleashed and is defnitely worth holding.
SIDENOTES Elastos Runtime, a component of the Elastos architecture, runs on the OS of customers’ mobile devices. Apps are free to run and their performance is comparable to existing mobile apps: this is an important point to note. Runtime would run on any device, would be immune to DDoS and virus attacks. This seems perfectly suited to enterprise usage where security is paramount. It is easiest to think of each Runtime instance as a Virtual Machine (VM). The point of Elastos is to check the integrity of each VM
on the network. Much like if there is one malicious actor on the network the rest of the blockchain can remove said node from altering the chain, Elastos would be able to eliminate a malicious or infected VM. Even when Elastos apps are running on operating systems such as iOS, Android and Windows, the local OS won’t be able to sabotage the property rights of digital assets: Security is provided by Elastos, not by the device OS. Elastos OS prohibits direct process creation and does not allow direct interaction with TCP/IP, depending instead upon the system to automatically spawn and determine the location of local, proximate, and distant (or cloudbased) micro services: This is another important point. The point here is that Elastos aims to remove an internet connection as an attack vector. Elastos supports traditional programming languages, making it relatively easy to write code. Elastos also supports popular programming frameworks: In contrast to other platforms, no new programming language to learn, an obvious beneft. The Elastos public chain is clean and simple, and hidden from third-party applications and
services: In contrast to Ethereum, where all dApps are on the main chain, Elastos will utilise side-chains for dApps to run on to keep the public chain quick (so won’t face the same scaling issues). There are downsides to this, however, which a future article will explore. The main chain is only used to check IDs of the devices on the network - a simple task and one that means the main chain won’t need to scale.
