ELA
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1. Project introduction
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform services to produce a Modern Internet infrastructure.
It provides developers with the necessary tools to build and deploy open-source SmartWeb dApps that can function as peer-to-peer networks, decentralized data storage services, and decentralized identity solutions for users on a global scale.
Elastos utilizes a Delegated Proof of Stake (DPos) mechanism to achieve network consensus, where the ELA native token is secured by 50% of Bitcoin’s hash rate. With this model, Elastos users vote and elect delegates to validate blocks on the network - the key actors who actually produce these blocks are called merge-miners.
ELA is the native token for Elastos that helps support the underlying network. It's also used for P2P payments, storing information on the Decentralized Chain (EID), and running smart contracts.
2. Team introduction
Founder: Rong Chen
Linkedin: https://www.linkedin.com/in/rong-chen-5071a6135/
3. Application
ELA is the Elastos native token and is primarily used to store information on the DID sidechain, process network payments, and trade goods and services across the network. It plays different roles across the network’s different chains - on the ESC sidechain, it functions as Ethereum for payments and smart contract computations; on the DID sidechain, it’s used to update identity data, register new identities, and more.
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