What is Elastos (A simple Summary)

What is Elastos?

Elastos is three things in one, a Blockchain powered internet, Operating System, and runtime for DAPPs and APPs. A simple evidence of this is on the GitHub, where Elastos has three different repositories for each; Elastos.OS, Elastos.RT and Elastos.NET.

Elastos Operating System

Like windows, IOS, Andriod etc its general purpose and made to support Elastos DAPPS and connect easily to Elastos internet protocol, it will run on naked devices like IOT devices, Raspberry pi, and mobile devices. From history, Elastos started some 18 years ago with its first campaign in 2003 to develop a smartphone from scratch and the second campaign was in 2012 to develop an OS for industrial IOT devices and mobile devices.Therefore is the master-plan of the Elastos team to power devices with its OS mobile and IoT devices.It will use the same application interfaces as Android( this will make it easier for developers to adopt) and will go as far as powering android apps directly.

Elastos Internet

It is powering its own internet through the block-chain, to prevent hacking, copyright contents by digitizing contents, digitizing assets, prevent content tampering/theft such as phishing, Malware, and virus prevention. A case is made why the internet is not so secured therefore reason why automated economy hasn’t arrived yet, in the age where we preparing for the arrival of Artificial Intelligence it is imperative to consider why hasn’t any attempt made to make the internet fully automated in essence provide the automated economy, one reason is because of the problems presented above malware and virus being the biggest issues. Think of it as internet with Blockchain as the backbone

Elastos Runtime Environment

This enables Elastos on other operating systems like Andriod, IOS, windows Etc, not to limit the operation of Elastos DAPPs just to run Elastos, meaning you don’t need to run Elastos to use the Elastos DAPPs with the runtime environment Elastos DAPPs can be powered from any other operating system.This will enable fast adoption by developers.

Differentiation with other Blockchain Projects

With over 5000 different blockchain projects in the market and ICOs springing up from every corner it is important to differentiate a project from others not just for uniqueness and comparison, but also to understand its affinity in the market and how sustainable it is. Asides from Blockstack which has the same USP as Elastos Internet, and also there is BAT which is more a browser that protects browsers cache / data and digitizes it like Elastos internet and Blockstack, But I see no other project that is proposing an Operating system blockchain or runtime environment for IoT devices or mobile devices, so Elastos is different and unique if all this is combined. Elastos compares itself to bitcoin and Ethereum.

Bitcoin: A trustworthy Ledger

Ethereum: A Trustworthy Ledger + Smart Contracts

Elastos: A Trustworthy Ledger + Smart Contracts + Monetized dapps and Digital Assets.

Here we understand that Elastos takes it further to personalize assets on the blockchain from the whitepaper “ Current blockchain technology allows for the recording of property rights. But while users can prove that digital books belong to them, they can’t necessarily prevent people from stealing or reading these books without permission. In such an environment, it is very difficult to monetize digital assets. Elastos aims to solve this problem by creating an environment in which the execution of a digital asset (i.e., the viewing, buying or selling of a digital movie) all take place on the Elastos Smart Web, and therefore abide by the rules of smart contracts”.Elastos will provide storage for contents which is lacking in the current block chain system. In general, Elastos encompassingly has a USP that hasn’t been proposed yet by any other project thus far.

Token

Elastos token is called Ela, a total of 33 million would be created the smallest unit of ELA is satoshi ELA (SELA) is respect to Satoshi, 1 ELA is equal to 1000000000 Sela.

Just like Bitcoin, the total ELA that will ever be created is 33Million and the total ELA in circulation will increase every year by 4 %, circulating supply shouldn’t be confused with the total supply.

Elastos will be merge mined with bitcoin, ELA will be produced every two minutes, ELA foundation will take 30% from the newly minted ELA while the miners take the remaining 70%

Circulating Supply Estimation: For investors, it is important to know what the circulating supply will be for the year when it first hit exchanges.

The tokens allocated to Elastos foundation and angel investors shouldn’t be a cause for circulating supply anytime soon, and we know that the private sales (6 million ELA) and crowdsale (2 million ELA) accounts for the Private equity 24% of the total ELA. Therefore the major concern is in the Feedback bitcoin community allocation 16.5 Million ELAs are to be distributed.

The Feedback Bitcoin Community ELA allocation

The purpose for this is for effective circulation, be rest assured that this is a good gesture, ‘co-opetition’ will help ELA get adoption faster, speedy exchanges market and use of the ELA token. According to the white paper, not every bitcoin holder will get the token, the channel for distribution is exchanges and the ELA has to be claimed then the ELA foundation has to approve whom the exchanges can distribute to. Total bitcoin stored in exchanges in the world is not more than 7 Million , this is taken note that people with 100btc or less account for only 7 million of the total BTC in circulation, and anyone with 100btc will find it pretty hard to store it in exchange not to talk of those with more than 100btc .Not to talk about misplaced wallets, forget wallets which are estimated to be about 4Million. So we can safely assume the total that will be distributed to the foundation is less than 7Million tokens.

Therefore the estimate for circulating supply is

6 million from private sales + 2 Million from crowd sales + 7 Million from community airdrop = 15 Million

since it’s 7 Million or less that would be distributed to the community we can assume the circulating supply would be between 11 million and 15 million.

The price of ELA would be 1BTC (assume BTC current price $17,000) = 800 ELA

The price of 1 ELA is assumed to be 17,000/800 = $21.25

at this price, the market cap would be between 234 Million and 319 Million dollars.

Using A framework to define Elastos sustainability and Performance

Ethereum is similar to Elastos in that it has the trust ledger and smart contracts are launched with it, but contents can’t be stored with the Ethereum, Elastos is more than a register ledge and smart contract toolkit. but then due to its almost similarities, we can say that Elastos is likely to behave like Ethereum in the long wrong. Elastos uses bitcoin as the main chain for transactions and ELastos runtime or OS for the application running and building then it has auxiliary chains like NEO and Ethereum where applications can be launched via the Elastos OS/Runtime Environment, also Elastos OS is a general os that can be used on IoT and mobile devices, not like Ethereum VM that is just for smart contract building. Ethereum has scaling issues same with Bitcoin, having them as the main chain and auxiliary chain won’t affect Elastos as smart contracts and contents storage will be done on Elastos using the side-chain tech.

Note that Elastos has been in the making for over 17 years and they just launched 10 million lines of codes in their GitHub and mainnet is already started, it launched on 23rd December 2017. Just like ETH whose mainnet lunched on July 30 and sold for $0.6 about 0.00214btc, ELA according to rumor would be sold at 1 BTC per 800 ELA which is about 0.00125 or $21.25 which is reasonable if you ask me ETH has about , Eth then had a circulating supply of about 6OMillion compared to ELA 15Million , why investors are particular about circulating supply is because of the economics behind demand and supply the more scarce a product is the higher the price becomes.

It took Ethereum A year to have DOA, the first Dapp on ELA might take that amount time.

It is found by Chen Rong for Microsoft senior software engineer, stated Elastos in 2000 from building a smartphone from scratch to building an OS for IOT devices to building a decentralized public chain. Already the mainnet lunched and they have published over 10 Million lines of code on their GitHub, shows reputability and serious.

Elastos is supported by Jihan wu founder of Bitmain and Da Hong Fei founder of NEO.

Conclusion

Elastos promises a lot and though it is complex, with little information from the team asides the whitepaper, and it might take a while for it to get significant end-user adoption as IOT and decentralized internet might not be readily an immediate need, but surely with time it will. The price per token isn’t so high considering BTC

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Reference

https://www.elastos.org/static/file/elastos_whitepaper_0.2.pdf

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html