Elastos FAQ

Why should investors invest in elastos instead of other cryptocurrencies?

Think of Elastos as the aircraft carrier of the blockchain industry where it is the only one that can deliver and operate on large decentralized applications without facing any sort of scalability issues while also drastically minimizing security problems.

What benefits can investors achieve from elastos?

Users can use ELA tokens to register an ID on Elastos and use this ID to purchase items such as DApps, cloud storage, and many other resources, including other digital products and so on. In addition, you can also invest in ICO projects and products with ELA tokens within Elastos.

Does Elastos have a Blockchain Explorer? Rich List?
I’m interested in learning more about Elastos development. Where can I go to learn more and get involved?

Please visit our GitHub (https://github.com/elastos) and feel free to connect with our Head of the Developers’ Community Kevin Zhang.

Does Elastos have social media and Telegram communities?

Absolutely! All social media links can be found in the footer of our website and below are links to our various Telegram communities:

Utilities of ELA (currency for Elastos)?

The Elastos blockchain really only serves one function, being the ID system needed to connect into the Elastos intranet. The blockchain doesn’t need to scale as it’s just storing simple IDs. This is important as unlike other platform blockchains like ETH etc which are trying to push millions of transactions through the blockchain (thus resulting in ballooning ledgers and scaling issues), here transactions go through the decentralised secure P2P network not the blockchain, so no scaling issues. Incentive for DApps to use Elastos does not come from an incentive to use the Elastos blockchain itself, this isn’t Ethereum. DApps are incentivised to use the Elastos operating system/P2P infrastructure and using its blockchain for decentralised IDs is a requirement to use that.

Other use cases are as follows:

  • Dapps will be paying in ELA for the services they’ll be using like Domain name registrations, search engines, page rankings, acquisition of UUIDs for digital assets, etc. They’ll all be using ELA which subsides for bandwidth, IPFS, etc
  • Elastos ecosystem collaboration projects(dapps built on Elastos in collaboration with Elastos) have to lock no less than 2-5% of their project tokens published for converting into ELA. 20% of the project tokens(converted to ELA) will be used for Elastos foundation development. 80% of the actual project tokens will be rewards shared by all ELA holders. Eg. If a dapp decides to create 10 billion of tokenX, at least 200 million will be distributed. Out of these 200 million, 40 million will be converted to ELA and given to the Elastos foundation. The rest 160 million will be distributed to all ELA holders. So, if you are holding 300 ELA and the supply of all ela holders adds up to 10 million(locked and unlocked ela both), you’ll get approximately 4800 of tokenX airdropped to you for free.
  • Users can register an ID in Elastos and use this ID along with ELA to purchase items such as DApps, cloud storage and many other resources, including other digital products and so on.
  • Those who decide to lock their ELA (minimum of 300) will earn an interest of 4%, 5%, 6% for up to 3 years(not compounded year-to-year).
  • ELA will be the main currency that will be used to reward developers for creating dapps on the Elastos platform.
  • Users can participate in token sale projects and products with ELA within Elastos.
  • Apps built on elastos can implement their system to process transactions using ela/sela.
  • And many more…
Jihan Wu (founder of Bitmain) announced that he will be working with Elastos to setup a foundation to invest in DApps that operate on the Elastos platform. Can you please provide us with more insight around the size of the fund, when this will be established, and when the community can expect to see Elastos funded DApps?

Initial fund size is around 1 million ELA. He has also invested in our DApps as an angel investor using his BTC (which is not from this fund). Jihan Wu is a long term believer & supporter of the Elastos ecosystem. As long as there are DApps to be built on Elastos, he will be continuously supporting us by investing in our DApps, either in BTC or ELA.

Do you have a list of products and technology that Elastos is working on? What's the current status of Elastos development?

The mainnet of Elastos blockchain was live back in December 2017 however it’s not open to the public yet. You will soon be able to utilize our testnet for your own development efforts. We are continuing the development efforts for sidechain implementation that will very closely work with the main chain. In addition, we’re also working on some projects like personal cloud drive, single payment verification system, a web browser to run elastos dapps and many more!

How will Elastos DApps run on a device? If so, are there any requirements?

Elastos DApps function similarly to the already existing apps on your device (android, ios, etc) with the only difference being that they cannot directly talk to the internet and their trust will have to be validated via Elastos blockchain first. In the future, you will be able to download an “elastos” app from apple store or google store or just download it from the internet onto any device. Once you open up this “Elastos” app, you’ll find a list of dapps you can download, manage and run. Elastos DApps can run on top of any device where the “Elastos” app can be downloaded (eg. Android devices, iOS devices, Windows, Linux, etc).

What will be the future application cases on Elastos?

Because our vision is to provide users with a trustful operating system based on their application scenarios and as well as on blockchain technology, we will definitely have a lot of potential future applications.

The following are some example of the applications:

  • Support point-to-point conversation, point-to-point document transfer through decentralized P2P communication.
  • Support point-to-point business through decentralized payment.
  • Support digital content APP, such as: electronic books, games, video player. All digital assets can be protected in a trustful environment.
  • Support applications about evidence, traceability to source, ID verification, etc. through trustful storage.

Our projects that are currently in the business phase include:

  • Automatic driving system for one of China’s top automobile companies
  • Point-to-point document transfer system in personal mobile phones
  • Evidence for credit investigation
  • Single ID verification platform
  • Traceability of luxury goods.
Who are Elastos competitors at the moment? And what makes elastos different from others?

EOS is called a blockchain operation system, but its development period and open source codes are much shorter than Elastos 17 years. EOS provides a software development kit to interact with its blockchain using various methodologies while Elastos offers both the software development kit and a runtime environment for the DApps to run on with an added layer of security. Also, EOS is dependent on its main-chain, so no matter how optimized it becomes, its throughput is limited. Elastos can extend the throughput infinitely with flexible main-chain and side-chain solution. Meanwhile, Elastos runtime can deliver the trust function of the blockchain to a user’s application (like a cell phone, laptop, etc), which applies the blockchain to various scenarios in daily life.

What is currently most important to Elastos marketing and communication?

We are actively seeking talented and passionate individuals throughout our community who are interested in being a part of this groundbreaking project. Elastos is expanding its community and we are looking for Community Managers, Partnership Managers, Marketers, Evangelists, Technical Writers, Editors, Bloggers, Videographers, DApp Developers, Core Developers, Technical Support Engineers, among others. For more information: https://medium.com/elastos/we-want-you-elastos-community-recruitment-da0e97694f63

Where can I go to stay up to date on all things happening with Elastos?

Elastos currently releases very thorough and high quality Weekly Reports that are delivered to the community through our newsletter and via the Elastos blog. Stay up to date by joining our mailing list at the footer of our website and visit our blog here: https://medium.com/elastos

Our community also offers an unofficial Elastos news blog. You can check it out at http://elanews.net

The three members of G3 are Elastos, Bitmain, and NEO. We now understand the relationship between Elastos and Jihan Wu (Bitmain), but what about Da Honfei (NEO) and Elastos?

Elastos and NEO have been good friends and partners for years. Founders of both are each other’s angel investors and are therefore well bonded. However, we have different focuses when it comes to the community and meetups. Therefore, we are probably not going to be always running meetups together. With that said, we will definitely do joint meetups again whenever it makes sense to both of us.

How is work allocated between Elastos team members in Beijing, Shanghai, and the West?

Elastos in Beijing is mainly responsible for the overall project operation and management in blockchain development. The Shanghai team works on OS development (Elastos runtime), including interface support with 3rd party applications. The Chief Marketing Officer as well as our Development Community Team are making waves in San Francisco, see more here: https://medium.com/elastos/elastos-communication-plan-by-sf-team-april-june-2018-8979b27c6ad6

Similarities and differences between Elastos and EOS?

Elastos is a blockchain powered operating system while EOS is a software that lets you interact with the blockchain using various techniques that allows you to only look at the transactions that’s applicable to a particular use case. Elastos SDK functions similar to EOS SDK in that they both provide a means for regular apps to integrate with the blockchain. However, with elastos, it additionally provides security with its elastos runtime environment sandbox and infinite scalability of true DApps using blockchain while EOS does not provide any runtime environment of its own. DApps built using EOS might still be vulnerable to man in the middle attacks. All the DApps on EOS are interacting with the same main chain except that these DApps can cherry pick which transactions to look at depending on the type of data the app is looking at. All the DApps on Elastos are only interacting with the main chain for decentralized ID authentication while everything else(including the implementation of smart contracts) is handled on separate side chains which further prevents the congestion problems that today’s blockchains might face as more and more DApps get developed.

Similarities and differences between Elastos and Ethereum?

Ethereum has one single mainchain structure which leads to the upper limit of computing power and extensibility. Elastos proposes main chain and sidechain blockchain design structure where the main chain is only responsible for ID verification and payments while the side chains execute smart contracts to support various apps and services. Ethereum has data redundancy and network congestion issue. The setting that smart contracts are exposed to DApps and all the data and code are placed on the mainchain leads to data redundancy in main storage. Elastos runs apps on elastos runtime as opposed to the already congested blockchain. This method is much more secure. All network data must be sent through a trustable and verifiable channel. Elastos runtime can have various forms like an independent OS, a virtual machine or a software development kit that integrates into apps of other mainstream operating systems. Ethereum has data exposure risk. After obtaining data, DApps are run at the user frontend causing possible data exposure. Elastos has safety at the core where decentralized apps are forbidden from accessing the network so that they are not subject to DDoS attacks.

What is the biggest challenge that elastos will have in the future?

It will be a challenge, not only for Elastos, but the entire ecosystem to convince new users to accept blockchain and understand the value of DApps. Being a community minded, open-source project, marketing to developers will also be vital to the future of Elastos. We are community driven, care about our community, listen to our community, and most importantly work with our community to build a better Elastos ecosystem.