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.

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