Today on Emerging Coins This Week we discuss Elastos (ELA), a project which aims to offer a Decentralized Blockchain With A Peer-to-peer Economic Infrastructure.
Elastos project aims to create a new kind of internet, powered by blockchain where people will be able to own digital assets and generate wealth from them. The project is designed to provide users with a true property of digital assets which can be owned and eventually traded if so desired. Through blockchain technology, IDs for digital content will be generated making it possible to know who owns which digital assets.
Both users and rights owners will know how many views a movie has, for example, and people will be able to access this media without requiring an intermediary. The decentralized application will run on a peer-to-peer network and introduce a smart web platform more secure for users. The idea was developed by Rong Chen, a former senior software engineer at Microsoft, who came to the conclusion that, by having access to the internet, devices are subjects of Malware to steal data or attack services. Thanks to Chen’s vision, an open-source system was developed and the blockchain technology was integrated, creating Elastos Smart Web.
Elastos plans on bringing together the best aspects of Bitcoin and Ethereum, and will add its own upgrade. As such, Elastos offers trustworthy ledger, smart contracts and monetizable decentralized applications (DAPPS) and digital assets. Interestingly, ELA can be dual-mined with Bitcoin without increasing energy consumption.
Elastos Token, or ELA, just finished the token sale back in January. As a tribute to Satoshi Nakamoto, the creator of Bitcoin, ELA developed a minimum currency unit, named SELA, where 1 ELA would be the equivalent of 10 SELA. When the ICO was launched, the price per token was quoted at $18.09 (0.00125 BTC), making it one of the most expensive tokens so far. In the pre-sale, Elastos sold 4000 Bitcoins (BTC). The total supply of ELA is 33 million. As for the minimum personal cap, it was set at 0.1 BTC and they implemented a Know Your Customer (KYC) system for participants in the sale.
The project has a good team, a great set of advisors, partnerships and a thriving community supporting them. ELA is currently positioning itself in the 82nd position in CoinMarketCap. It has followed the ups and downs of Bitcoin, and even though the price in USD is lower than when they launched in the exchanges, ELA is still showing a Return of Investment (ROI) of 2.02x in USD value compared to the ICO price. The price for ELA today is $44.63.