Cryptocurrencies began due to the economic slowdown that ripped the global economy during 2007-08. Blockchain technology and Bitcoin catapulted the concept to the current level. The success of Bitcoin has been instrumental in bringing up new entrants in the cryptocurrency arena. Some crypto coins brought a new trend and innovative thinking into the concept. Elastos is one such venture set to take the Internet and cryptocurrency by storm shortly. In the following paragraphs, let us delve a little deeper into the idea of Elastos and its y=unique strategy.
Elastos has already sold many coins, proving the platform’s capability as a whole. The unprecedented success can only be attributed to the ambitious project and the team’s confidence in this innovative and out-of-the-box venture.
What Does Elastos Stand For?
Well, the concept is unique and unusual in a regular cryptocurrency-centric world. Elastos has been conceived as an open-source network or operating system in itself. It is planned to offer distributed architecture and possibly intended as something on the IoT – the Internet of Things.
The Elastos Carrier is planned as the best option for content creators to benefit from the robust peer-to-peer marketplace that Elastos has been planning to build. The idea has been to tie up your digital ID with the digital content and create a newer media or data consumption model.
Elastos Carrier will be a decentralized open-source marketplace for P2P Decentralised apps or DApps. It can be compared to a distributed app store akin to Google Play Store or Apple App Store and interact with conventional operating systems like Android and iOS.
The Future
The concept has been quite innovative and unique in its own right. That should explain why it has received much backing from the Government of China, Foxconn, and Tsinghua University in China.
Elastos has been planning to utilize blockchain technology for distributing content. It intends to use the main and side chains to design the ecosystem. The blockchain’s main chain will handle the transactions, and the sidechain will cater to the applications and services.
The recent DApps meetup held by Elastos in San Francisco has created a good awareness about the project. The founder, Rong Chen, who is incidentally a Microsoft Engineer, used the meetup to share insights into the project’s future with the DApps service providers.
The Parting Thoughts
Elastos has been looking to a future with a smarter, more credible, and more secure internet-consumer ecosystem. The Internet will now be used as a base infrastructure rather than an application, making a difference in the days ahead. We foresee the concept to have a disruptive effect on how we use the Internet. We would correct ourselves on that statement that it would indeed reform the segment with far-reaching benefits for creators and consumers.
