Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
Elastos (ELA) – All you need to know
What is Elastos?
Elastos is like an app store built on the blockchain. Rather than using a browser to access websites, you use whichever app offers the service you need. Every transaction across all the apps is done using the same currency: the ELA token.
This is an attempt to create a new online environment by completely changing the way we access the web. Every app, person, and device has its own unique ID stored on the blockchain to protect against malicious behaviour, and there is no central authority like Google that can hold your private data.
Elastos was developed by former Microsoft engineer Rong Chen, whose idea for an operating system that could power the entire web dates all the way back to 2000. The Elastos foundation itself dates to 2017, and it went live in 2019.
How does Elastos work?
Elastos works by adding a layer between a user and the internet. All apps run on the Elastos system, which then connects to the internet. So when a user goes onto an app, the app requests access to the internet through the Elastos system. As each app has its own unique ID stored on the blockchain, Elastos can check to verify everyone is legitimate before letting it connect. This cuts out most of the security threats that exist on the internet as it is now.
Elastos is linked to the Bitcoin blockchain. All new IDs and transactions are added by creating blocks, which it does by piggybacking on the work done by Bitcoin miners. This means it can benefit from Bitcoin’s security without needing the same level of computer power, making it faster and less energy-intensive.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >