The native coin of Elastos Mainchain.
What is ELA?
ELA is the base currency Elastos Mainchain (blockchain). ELA is used for processing peer-to-peer payments, storing info on the Decentralized Chain (EID), and executing smart contracts. It is also used for the exchange of digital goods throughout the entire ecosystem. Although ELA is merge-mined with Bitcoin, ELA is not dependent on the Bitcoin blockchain – nor on any other for that matter – and functions independently on the Elastos Mainchain. Since ELA also functions like ETH on the Elastos Smart Contract Chain (ESC) and can freely traverse between the two chains at a 1:1 ratio, the ELA token can be considered a hybrid between BTC and ETH, and all use cases of Bitcoin and Ethereum can be considered a subset of Elastos’ use cases. Any dApps built on Elastos can implement their systems so as to process transactions using ELA.
To pay respect to the cryptocurrency torchbearer Satoshi Nakamoto, Elastos uses Satoshi ELA (Sela) as the minimum currency unit for ELA. 1 ELA can be divided into 100,000,000 Sela.