The Elastos project was originated in 2000, but its current version, which is based on blockchain technology, was founded in 2017. Elastos is a blockchain-powered version of the internet. It is a decentralized internet platform that aims to provide complete control to the users over their digital assets.
Elastos is considered the most innovative cryptocurrency that uses modern blockchain technology to make decentralized ecosystems self-sufficient.
Four pillars make Elastos a unique network, i.e., blockchain, carrier, runtime, and software development kit. Here, blockchain helps separate the app functionality between the main chain and the side chains for every application. Carrier is a decentralized internet service where the user can rent out their storage and power to others. The runtime provides the flexibility to run the Dapps outside the Elastos network. The SDK (or Software Development Kit) helps connect the applications to the Smart Web, making it beneficial to non-Elastos apps.
Talking about security, Elastos Network offers encrypted and authorized communication by the blockchain IDs, where these IDs are responsible for determining the processing and access to the data. With this highly encrypted and secure system, users have control over their data and privacy.
The native token of Elastos is ELA which can be used for trading, investing, and paying fees for blockchain processing. The current market price of ELA is $6.47, with a 24-hour trading volume of $5,446,950. The significant exchanges where ELA can be traded include Binance JEX, MDEX, ProBit Exchange, KuCoin, and Huobi Global.
What makes ELA different from other cryptocurrencies?
The first thing that differentiates ELA from other cryptos is that two blockchains operate simultaneously in ELA, i.e., blockchain, Elastos’ backbone, and the side blockchain, which performs DApps and constructs the smart contracts. Secondly, Elastos is not just a digital currency. Instead, it is an ecosystem where the users can perform all the activities related to cryptos including trading, and running DApps on computers. It also protects its users’ resources from any foreign access.
Elastos network aims to create a blockchain-based future internet where the implementation of DApps, Smart Contracts, and other Elastos applications will be facilitated and provide its users a secure platform to generate the ELA tokens.