Elastos (ELA) Review & Recommendation - Smart Web 3.0

in cyptocurrency •  last year  (edited)

Elastos looks to be teaming up with Jihan Wu, Da Hongfei, Jed McCaleb, Alibaba, IBM & many more to create an ultimate smart web ecosystem.

What is Elastos?

"Elastos aims to create a new kind of Internet, powered by blockchain technology. On this new Internet, people will be able to own digital assets and generate wealth from them. Today, there is a seemingly infinite supply of digital books, movies, music and games. But people do not necessarily own their digital property. You can purchase a digital book, for example, but you can’t sell it to anyone else. So, do you really own it? Elastos wants to make digital assets scarce, identifiable and tradable. Property rights pave the way for wealth creation, and Elastos intends to build a new World Wide Web that respects those rights." -

Provisional Notes

Due to the complexity, workings & integrating connections of Elastos, it's very difficult to give a comprehensive summary in short, so for that reason I will do my best to display the key points and connections/partnerships of Elastos and why it is one of the most important projects of 2018. To get a full understanding of Elastos & the problems it solves, I highly recommend reading the Whitepaper or reading an in depth analysis on Elastos from Xiajin's Steemit Blog

The main thing we need to understand is that Elastos is the centre of it all, it has the core technology which joins all these systems together.


Core Team Members

Rong Chen - CEO/Founder

Rong Chen is a professor of Cyber Intelligent Economy & Blockchain. Rong was working with Microsoft from 1992 to 2000, during his time there, he led the teams of Microsoft. He left Microsoft and started working on Elastos OS since 2000 which blockchain technology was introduced to make the OS... a safer and more efficient environment. - LinkedIn Profile

Han Feng - Board Member

Han Feng is one of the most reputable blockchain speakers in China, he is respected and recognized by tens of thousands of blockchain and cryptocurrency enthusiasts in China. He initiated the postgraduate modules in Cyber Intelligent Economy and Blockchain of Tsinghua University. Feng’s book “Blockchain - On Quantum Wealth” has been amazon China Best seller in Blockchain in 2017. He’s the an blockchain advisor to Huawei Research Institute and Alibaba blockchain development, he’s also one of Tencent Talent Pool members.

Ref - https://www.eventbrite.co.uk/e/the-future-of-blockchain-with-the-founders-of-neo-elastos-stellar-tickets-39987949032#

Key Notes about Elastos

  • Has been in development of 18 years, since the founder left Microsoft in 2000
  • Has 10 millions lines of source code, 4 million of that is original https://github.com/elastos
  • Sponsored by industry giants such as Tsinghua Science Park, the TD-SCDMA Industrial Alliance and the Foxconn Group
  • It is estimated that over 700 people have worked on this project under the leadership of Ron Chen

Integrated Partnerships & People with Elastos

Stellar Lumens (XLM)

Elastos will be using their Peer to Peer payment system in a technology that uses “reflections” no internet connection will be required, no more IP addresses. We also should mention that founder of Stella Lumens Jed McCaleb is been involved with the creation of Elastos for the last 5 years, we could assume that Jed is also an investor in Elastos.

IBM, Hyperledger

Most people know that Stellar & IBM have partnered up to solve remittance type services, IBM has also been attending regular meetups regarding this new ecosystem with Elastos.

Ontology Network (ONT)

Is a blockchain/distributed ledger network which combines distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, and various industry-specific modules. Elastos will be incorporating the ID this service into their network.

OnChain & LawChain

As above, Elastos plans on using business trust chain type models (onchain) & legal chain models (lawchain) to further it’s hooks deep into the business sector.

Da Hongfei founder of NEO

Elastos is built on the NEO platform & Da Hongfei is an investor, regular meetups with NEO, Bitmain, Elastos, Stellar, OnChain, IBM & Ontology have been happening on regular basis.

Elastos Foundation Team (see Jihan Wu & Da Hongfei)

Jihan Wu, founder of Bitmain (bitcoins biggest miner)

It appears that Jihan Wu & other Associates with Bitcoin Cash; Roger Verr & John McAfee are grouping together to take 50% of the global hashing power of Bitcoin and use it to secure/mine the Elastos network. Please refer to last 10 minutes of the Founder interview - Rong Cheng (linked above).

Alibaba, Ali-Cloud Services

Offers high-performance, elastic computing power in the cloud. Services are available on a pay-as-you-go basis and include data storage, relational databases, big-data processing, Anti-DDoS protection and content delivery networks (CDN). Elastos will be using Alicould to build there apps and run virtual machines, this will be a big part of Elastos. Ali-Cloud plans to overtake Amazon in the next few years in this sector.

R3 Group

Is an enterprise software firm working with a network of over 200 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed for financial services and all other areas of commerce. Elastos have been making contact with the R3 and have been posting up it up on their twitter feed: https://twitter.com/SunnyFengHan/status/922477786094112768


Putting it all together

The key thing is to note that all these guys are having regular meetups in China on a frequent Basis, unfortunately these are all in Chinese which I cannot translate but you can review some of the summit reports summary here: https://neonewstoday.com/events/g3-summit-event-report/ or watch them on Elastos Foundation YouTube Channel if you can understand Chinese.


Source - BlockChain Brad


Summary

My intention was to bring awareness to Elastos project in relation to it's successful/significant connections and not so much talk about the project itself.. as the Whitepaper does a pretty good job of that already. I believe this project is still buried underground in the West and not many people are even aware that it exists or how significant this project is going to be.

How to get Elastos (ELA) - https://coinmarketcap.com/currencies/elastos/#markets

  • Elastos was just released yesterday on Huobi Exchange
  • I should note that ELastos was one of the most expensive ICO's to launch @ $18 per token
  • Price is currently $51 USD with a total supply of 33 million
  • From my understanding half of the total supply will be reserved for future development (similar to what NEO)
  • Estimated market cap $800 mil - $1 billion

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This is just my opinion and not financial advice

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SunnyFengHan Feng Han tweeted @ 23 Oct 2017 - 15:00 UTC

Elastos team is visiting R3 group. https://t.co/bJZGbG1JIN

Disclaimer: I am just a bot trying to be helpful.

How about the news that elastos got listed on kucoin? and also this news that they are giving rewards?
https://twitter.com/kucoincom/status/1019522012367032321