Elastos Founders and Angel Investors
Elastos Execution Team
Development History: Tens of Millions of Open-Source Code spanning Decades
In 2000, Rong Chen a Tsinghua alumni left Microsoft and returned to China to start his business.
In 2003, Rong Chen was received by Jin-Tao Hu, the former CPC General Secretary.
In 2013, Foxconn funded Elastos with 200 million RMB.
In 2017, Sunny Feng Han and Ji-Han Wu started running the Bitcoin Investment Elastos Blockchain Community and founded G3 with Bitmain and NEO.
In 2017, the Elastos Blockchain community received a global digital token investment worth 600 million RMB.
General Situation of GitHub
Introduction to Elastos
Elastos is the world’s first operating system to resolve problems that smart contract and virtual machine are highly coupled and functions are not orthogonal on current blockchain. Based on the design philosophy of ‘separation of trust and computation. Elastos keeps the trustzone function on one-dimension blockchain, and adds N smartweb dimensions, therefore guaranteeing that decentralized applications can run on a credible and secure Internet operating system.
Elastos can issue ID to digital content and identify its property right and render it tradable. This combination provides the Internet on this Age of Information with economic foundation of ‘private property right. Only based on clear property right, the economy can grow and the productive force can develop.
Elastos realizes ‘separation of trust and computation,’ rendering decentralized applications (Dapp) own ‘usability’ and ‘credibility’, and solving the current blockchain system limitations represented by Ethereum, where smart contract and virtual machine functionalities are highly coupled. Elastos guarantees that decentralized applications can run on a high-performance, credible, and secure ‘Internet of Wealth.’
Technical Background: Two Major Problems of Ethereum EVM
From the perspective of connecting user daily scenarios, there are two main problems of Ethereum EVM:
1.Single mainchain structure leads to the upper limit of computing power and in-extensibility.
- As storage and computing space, Blockchain is not able to support user daily life scenarios and not able to apply digital content.
Solution to Ethereum EVM Issues:
To address the first problem, Elastos proposes to adopt a flexible main chain and sidechain blockchain design structure. The main chain is only responsible for basic transactions and transfer payments, while the sidechain executes smart contracts to support various applications and services.
To address the second problem, Elastos runs applications on Elastos Runtime as opposed to on the already congested blockchain. This method is also more secure. With Elastos, all network data must be sent through a trustable and identity-verifiable channel. Identification and authentication come from the blockchain ID. In this way, the blockchain’s credibility can be transferred to Elastos Runtime. Elastos Runtime can have various forms: an independent OS, a Virtual machine, or a software development kit (SDK) that integrates into native apps of other mainstream operating systems.
User scenario (cellphone) and blockchain credible space generate intersection (orthogonal)
Elastos — Smart World Wide Web
Bitcoin = Trustworthy Ledger
Ethereum = Trustworthy Ledger + Smart Contracts
Elastos = Trustworthy Ledger + Smart Contracts + Monetizable Dapps and Digital Assets.
Four layers of Elastos:
Blockchain and Smart Contract
Elastos Carrier
Elastos Runtime
Elastos SDK
Foundation of Elastos Business Model (Super Stock Model)
Elastos provides large blockchain applications with secure running environment.
Digital content remains intact after multiple uses.
Big data and digital content can identify ownership on blockchain and correspond to tokens.
Tokens can be transferred and traded legally on blockchain, realizing future capital.
Usage of tokens can consume/use digital content in Elastos Runtime.
Elastos can set limited amount (e.g., Bitcoin) for digital content, producing scarcity and realizing future.
Elastos (ELA) functions as the general token of operating system, and can obtain rewardss, based on its economic model, from tokens of other DApp which is Elastos strategic collaboration.
Example of Brand-new User Investment and Consumption Model
Users can also buy limited edition game apps.
They play those games in Elastos Runtime on their cell phones.
They can sell the games to other people. Because this game is of limited edition, it fluctuates in the second-hand market. It helps users enjoy the digital content, earn the early benefits, and realize the future wealth.
Elastos Ecosystem Chain of Mainchain and Sidechain
The Elastos blockchain applies main and sidechain solutions to facilitate the smart economy and a healthy decentralized application environment.
Every application can create individual sidechain.
The Elastos blockchain provides built-in, complete, easy-to-use sidechain support. They will also be customizable, allowing clients to pick a different consensus method depending on the use case.
Tokens can be published on sidechains. These tokens may participate in two-way asset transfers across the main and sidechains.
The two-way asset transfers between ELA and ELA ecosystem chain through cross-chain protocol. ELA ecosystem chain can publish its own tokens.
Consensus Mechanism: AuxPoW+DPoS
AuxPoW
Bitcoin functions as Parent Blockchain, and Elastos (abbreviation: ELA) Auxiliary Blockchain of merged mining. Mining pool unites mining codes through planning. Meanwhile, miner submits Proof-of-Word (PoW) to Bitcoin and Elastos and enjoys profits of mining competition without extra consumption of computing power;
Elatos can pass trust of multilayers. The Elastos public chain is based on merged mining of Bitcoin mainchain (AuxPoW), and the Elastos sidechain of PoW consensus can depend on Elastos mainchain to conduct merged mining. Recursions occur and this trust relation can pass at deep levels, benefiting blockchain ecosystem of layered structuralized organization;
It is initially set that soft PoW annual inflation rate is 4%. The mining reward distribution is: AuxPoW 35%+ DPoS, 35%+ Ecosystem Application Reward, 20%+ Foundation Running, and Development 10%
Community Governance: Distributing Voting Weight According to Number of Tokens and Proof of Work
Community self-governance can be realized by distributing voting weight of number of tokens held and Proof-of-Work (PoW) through AUXPoW + DPoS.
Establishing community committee and forming committee self-governance.
The number of Elastos (ELA) locked determines the magnitude of voting power. The basic number of position locking is initially set to be 500 ELA.
People who lock more than 10,000 ELA will become the member of Standing Committee who has board members’ voting and election rights.
Creative Ecosystem Reward Mechanism
Ecosystem Advantage
Help ecosystem collaborating projects obtain starting users.
Elastos operating system provides credible, secure running environment.
Mutually sharing profits of prosperity with the whole Elastos ecosystem.
AirDrop Mechanism
Elastos ecosystem collaboration projects have to lock no less than 2–5% of project tokens published for converting into ELA. They also need to join the community mutual governance committee and build ecosystem chain according to Elastos’ cross-chain protocol.
Conversion rate to ELA is not higher than private offering price of the project and 50% of the converted ELA will be locked in position for three years (after three years, position-lock percentage will be determined by the project community or foundation).
20% of the project tokens (ELA) will be used for foundation development. 80% will be rewards shared by all ELA holders.
Roadmap for Elastos Technology and Ecosystem Building
December 2017. The Elastos public blockchain will be temporarily pause access from external nodes.
January 2018. The development and strategic cooperation of small mobile web applications will be initiated.
February 2018. The decentralized version of Elastos Carrier will be published and open source. The development and verification of the primitive model of the Elastos ID service sidechain will be completed.
March 2018. The Elastos Capital aimed at supporting Elastos application ecosystem projects will be established.
April 2018. The interface specifications supported by smart contract and sidechain will be published.
June 2018. The open beta of the Elastos ID service chain will be published open source, supporting multi-layered identity verification.
August 2018. The framework of small mobile web applications will be published, fully starting the landing of application ecosystem and realizing the airdrop mechanism.
December 2018. The mining of Elastos Chain and Elastos ID Chain accessed by external nodes will be open for conducting AUXDPoW+DPoS mining.
Elastos Ecosystem Introduction
G3：Elastos, Bitmain, NEO
Elastos Ecosystem Chain：
Creating voting governance mode of AuxPoWoW+DPoS
Building blockchain application environment
Forging digital asset ecosystem of decentralized application
Providing ecosystem enterprises with high-quality services
Elastos Capital：Special funds will be used based on decentralized applications of Elastos ecosystem, realizing the airdrop mechanism of ecosystem
Global community：Promoting blockchain concepts, seeking technical staff, and organizing community activities
Elastos Collaboration
Technical Support
Elastos mainchain provides sidechain and Dapp in the ecosystemwith secure running environment.
Elastos sidechain can easily allocate various bases and resources, provide revision tools, and lower development barrier for decentralized applications.
Elastos can provide ELA direct payment.
Capital Support
Elastos and its collaboration organizations provide high-quality sidechain and Dapp with capital support.
Brand Support
Uniting global PR
For more information on Elastos:
Join the conversation: Elastos Telegram Community
Twitter: https://twitter.com/Elastos_org
Reddit: http://reddit.com/r/elastos
Facebook: https://www.facebook.com/elastosorg