As a fan and follower of blockchain projects and technology since mid 2017, I have been tracking various budding projects and platforms that have grown to become powerhouses in the present day with an aim to disrupt the future. Some projects go beyond being mere currencies and aim to be platforms where future DApps can grow and thrive. One of these projects is Elastos whose aim is to transform the internet into an interconnected web of DApps. They refer to their vision as ‘a new kind of internet powered by blockchain’. They call this the SmartWeb

Elastos - SmartWeb Powered by Blockchain - An Overview

Elastos has an incredible ambitious vision - to reshape the internet allowing it to become the base layer infrastructure on top which DApps can be built. Using the technological superiority of the blockchain, they are working towards creating a safer environment where programs
will only indirectly interact with the internet. This reduces the chances of malicious attacks and instances of data theft.

They also want to make all digital assets scarce, traceable, and identifiable, by issuing unique IDs for everyone and everything in their ecosystem as well as using the blockchain to track ownership of every item. This will help enable wealth generation through ownership and exchange of your data and digital assets. This is a big plus point for me personally, as it completely transforms the way we consume and perceive digital assets. For instance, today, you only buy and read an e-book, but imagine being able to own its rights, or being able to own a music album you buy, then trading and profiting from it. With Elastos, every purchase of a digital item will actually transfer ownership of the item to the buyer, rather than just transferring viewing rights like people normally receive now. This will pave the way for new wealth creation, with every asset becoming a tradable item.

This is the New Kind Of Internet that Elastos envisions and ELA will function as its base currency. You can track and trade ELA on Huobi Pro by signing up here. It is currently trading at 24.59 USD with a 24-hour volume of 108638 ELA. Elastos is currently ranked 78 on coinmarketcap with a circulating supply of 5,241,952 ELA, total supply of 33,696,461 ELA and and a market cap of $128,690,448 USD.

Elastos is made up of 4 Key Components:

Elastos Blockchain - The foundation of trust for the rest of the ecosystem. The blockchain stores the unique IDs for every user, site, device, and asset in the ecosystem.

Elastos Runtime - A lightweight operating system running on a user’s mobile device or computer that serves as a middleman between applications and the internet, providing a protective layer preventing viruses and other malware getting through.

Elastos Carrier - A decentralised Peer-to-peer platform carrying all network traffic to let apps and virtual machines to communicate.

Elastos SDK - Their Software Development Kit that allows non-Elastos apps to access their services.

Huobi Talk’s In-Depth Interview with Rong Chen, Chairman of Elastos Foundation

On 2nd July, 2018 Rong Chen, Chairman of Elastos Foundation, was hosted on a special edition of Huobi Talk. in the interview with Denis Jacobs, Rong Chen shared his views on Elastos and their plans and developments for the future, towards their vision of a SmartWeb powered by Blockchain. You can watch the full interview here:

Some Key Takeaways:

Although the interview is quite technical in nature, Rong Chen keeps coming back to the point of security and safety. And his project, Elastos, aims to make the internet a much safer place to transact, communicate and operate. One interesting way Elastos aims to achieve this is through “Internet ID”.

Through Elastos ID, users can communicate across platforms and reap the benefits of decentralisation and allow them to make transactions a whole lot cheaper across DApps. Monetizable DApps, as I’ve as stated earlier, is another big revolution I’m looking forward to and will play a big role in the Smart Economy of the future.

Another important thing I’ve noted in the interview is that Elastos has dedicated about $60 million for the future development of the project. This $60 million worth of ELA is held by the Elastos Foundation in order to promote the success of DApps as well as to reward developers on their platform. This will not only ensure that the project flourishes over time but also add a degree of stability to the platform. These rewards will be given out in the form of airdrops to teams developing DApps on Elastos.

Decentralisation and a greater degree of transparency are also some of the things I’m looking forward to from Elastos. In his interview, Rong Chen asked viewers to imagine Facebook but without Facebook controlling the exchange of information. Or telegram, but without telegram as the main corporation behind it. This is a fascinating concept when it comes to DApps of the future and give real-world purpose to decentralisation. It shifts control aways from centralised organisation and puts power back into the hands of the people and everyday users. It also paves the way for fairer payment when it comes to content creators and transactions of a highly transparent nature - something which Elastos seems very keen about.

A Glimpse Of Their Upcoming Roadmap:

July 2018
Large-scale applications and projects which dock financial big data services and medical insurance will begin.

August 2018
The framework for mobile web applications will be published open source, contributing to elastos’ application ecology.

December 2018
The mining of Elastos Chain and Elastos ID Chain by external nodes will be open and accessible.

Elastos ID is something I’m quite excited about because it’s the first step towards safe and secure ownership of digital assets and monetisation of assets on the blockchain.

To Invest Or Not To Invest, That Is The Question

To sum up, I feel that Elastos has big ambitions and it will take volumes of effort to see their dream of a SmartWeb come to reality. Having said that, plans are already in the works and they have made great strides in that regard. I am confident of the success of the project and will be making a medium (2-3 months) to long-term (1 year) investment in ELA tokens.

I feel it is also important to mention here that i was previously invested in Elastos earlier on in 2018, but have since exited my position. I am currently looking to make a fresh entry given my recent learnings and future prospects of the project.

Disclaimer: This is not financial advice. I encourage you to always do your own research and make an educated decision for any investments you may make.

Please do also check out the entire video for detailed info from the man himself - Rong Chen.

And Yes, There’s A Special Contest Too!

You can watch and share Huobi Talk Insider interview with Rong Chen, Chairman of Elastos Foundation from now till Monday, 9 July, 3pm (GMT+8), and stand to share the prize pool of up to 215.25 ELA worth over 4,460 USDT*!

Sign up on Huobi Pro if you haven’t already and then follow these 3 steps to participate:

Step 1: Subscribe to Huobi Pro on Youtube

Step 2: Simply share the interview feature by clicking the Youtube “share button” above on Twitter, Facebook and Reddit, together with your reflection, thoughts and summary on the feature. Remember to hashtag #HuobiTalk so that we can track who are the top 3 sharers from each platform!

Step 3: Input your particulars and details in the google form - https://goo.gl/forms/zoY36kQ9IMavMFeE2

The top 3 sharers from Facebook (most number of shares), Twitter (most number of RTs) and top 3 Reddit posters (most number of comments) will share the prize pool of 86.10 ELA – meaning the top 3 sharers from each platform will walk away with 6.37 ELA worth over 198 USDT* each!

Oh Wait, There’s More:

If a big giveaway isn’t enough, ALL participants who share the interview feature will get to share the participation prize pool of 129.15 ELA worth over 2,678 USDT*! Each person will earn tokens split proportionally to the credit pool. (E.g. you share on 3 platforms and get 3 credits. Total pool from this activity was 30 credits from participants. You get 3/30 = 10% of the prize pool )

Winners will be announced within 3 working days after the end of the campaign on Monday, 9 July, 3pm (GMT+8) on Huobi Pro Medium and social media channels (links provided below). So stay tuned!

Remember to subscribe to Huobi Pro on Youtube for more exclusive interviews with projects and exciting campaigns!

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Thanks for reading and Cheers!

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