Elastos | $ELA | Blockchain Powered Smart Web

by birtanpublished on October 1, 2020

hey everyone and welcome back first off
I'd like to thank everyone who's been
liking subscribing and sharing all of my
content you guys rule and I appreciate
the constant love and support that I'm
always receiving today's video is gonna
be about alas dose this is a topic that
I've wanted to cover for a while but it
was a little bit intimidating because it
seemed like it was a very indifferent
and I just wanted to make sure that I
did it justice
my usual disclaimer I'm not a financial
advisor all vestments have inherent risk
please do your own research and the
spirit of transparency I do hold some
alas dose the market has been pretty
crummy lately and I used that
opportunity to buy some a little
reminder I will be going to the crypto
coin con in Philly in August's hence the
t-shirt there's actually a discount code
if you want to get tickets its crypto
candor 45 and you'll get the tickets for
$45 disclaimer again I do receive some
small percentage of the sales but I'm
mostly obviously sharing because I'd
like to meet people and also because
it's a discounted code one final
reminder you can also go on my website
if you'd like to buy something I emerged
I've got t-shirts and stuff of that
nature and also if you want to support
the channel you can become one of my
patrons as usual I will leave all the
links in the description down below and
a final point to mention please don't
forget to subscribe to my channel if you
have not already
I've been putting out content pretty
frequently and I'd hate for you guys to
miss any of it let's get started with a
project history alas let's begin is the
brainchild of co-founder Rong Chen all
the way back in 2000 when he left
Microsoft in the u.s. to return to China
although the platform initially had no
blockchain ties Rong still envisioned a
platform in which its apps and services
didn't directly have to connect to the
Internet
it wasn't until June 2017 the Jihan Wu
the CEO of bit main became an angel
investor and the project began to really
take shape of a blockchain power
platform that it is today elasto states
that it is a safe and reliable Internet
of the future but utilizing the
blockchain decentralized applications
are detached from the Internet while
also permitting full scalability to
billions of users alaska's will enable a
generation of wealth through ownership
and exchange of your data and digital
assets wrong the founder of elastin your
software engineer at Microsoft he worked
for Microsoft from like 1992 to 2000
after working on an operating system of
Microsoft he moved back to China to run
his own company
he wanted to build the elastic operating
system from the ground up the project
went through some iterations but
ultimately wrong saw blockchain is a way
to create what he was dreaming up for
last dose and that brought us today so
the project has been about 18 years in
the making
next is the ICO alas those never had a
formal ICO and said they held a private
sale in August 2017 in China with the
price being 1 BTC to 1500 ela and there
was a public sale open to the whole
world apart from China including the US
which is obviously not very common and
that was through January 18th through
January 24th of 2018 the price was one
Bitcoin per 800 ela in the private sell
4,000 Bitcoin were raised in exchange
for 6 million ela and in the public sale
another 2,500 Bitcoin in exchange for 2
million ela 5 million ela were sold to
angel investors amongst where the
prominent names like G Hon Wu in dong
PHA and who boy
the current circulating supply is 5.2
million and the total supply is 33 point
six million Nexus technology Alaska's
main chain officially launched in
December 2017 the project is a 4%
inflation year-to-year and every time in
ela block is mined the reward is
distributed equally among the miners in
the stagers colossus consists of 4
pillars that enable the network
separation and platform flexibility
these pillars are the blockchain the
runtime the carrier and SDK or the
software development kit let's start
with the blockchain elasticity
proof-of-work coin but we move into a
hybrid proof of work delegated proof of
stake protocol in December of 2018 the
alas dose blockchain separates app
functionality between the main chain and
the side chains for each application the
main chain takes care of the basic
transactions and the transfer payments
while each side chain executes the DAP
smart contracts the side chains have a
few other advantages as well as a user
you can customize your own consensus
mechanism on each side chain and also
distribute side chain tokens on top of
that users can transfer these tokens
across side chains to the main chain
side chains will serve many different
purposes and will also allow people to
monetize their digital assets and value
that they contribute people can tokenize
content they've created to ensure
property rights through the Alaska's
blockchain making it possible for anyone
directly get rewarded for their property
skills and assets alas dose isn't wants
to resolve some of the major issues that
we see with current blockchain tech
that being scalability ownership bugs
throughput speeds cost flexibility and
security their next pillar is the alas
dose one time the runtime system of last
dose is designed to support the
execution of applications created on the
platform alas this wants to become an
entirely new internet not just an
application the last dose network will
be a web of DAPs
instead of going to a website you're
going to go to an app via the alaska's
platform dapsone alas those are forced
to never connect directly to the
Internet instead they only interact with
the alaska's runtime which serves as the
alas dose middle layer this process
ensures a far more secure use of the
internet because nothing's connecting
directly to the Internet the lastest
runtime runs on any mobile device or PC
making last so smart web accessible for
anyone on any device the third pillar is
the alas dose carrier the last Mo's
carries the project's decentralized
peer-to-peer network similar to other
decentralized Internet projects you're
able to rent out your computational
power and storage capabilities to other
users because of its peer-to-peer nature
the alas dose carrier is protected from
two of the most common internet attacks
that we see today
those are DDoS and man-in-the-middle
attacks the final pillar is the last
assess DK SDKs or software development
kits are created to make it a whole lot
easier for developers to create
applications on any given operating
system Android has an SDK as as iOS
Windows and a whole range of other
operating systems the alas those SDK
connects with applications in the smart
web which is especially beneficial for
non alas that's using the SDK these
applications can receive their ID and
access the smart web without having to
use the elastin other important points
to mention alas those offers integration
capabilities with a host of other
platforms and allows for programming
using a variety of languages including
Java HTML C and C++ in their white paper
I found a little explain like I'm 5 for
what alas this is compared to say
Bitcoin and Eve so Bitcoin is a
trustworthy ledger
aetherium is a trustworthy ledger and
smart contracts alas dose is a
trustworthy ledger smart contracts
monetized apps and digital assets that
brings us to present-day
currently elasto sits at number 87 on
live coin watch and has a market cap
value of 104 million if you're
interested in buying a lasso so you can
only get it on hoo-boy and be cex they
have their own blockchain and they also
have a web wallet that can be used to
store your ELA often exchange it lasted
so near
two projects that you hear going
hand-in-hand as of lately so I'd like to
clear up a little misconception that I
myself actually fell victim to for
whatever reason people think alas this
is built on the NiO platform which is
not true alas those has its own
blockchain and has not been an m5 token
Dao Hong FA of neo and Jihan Wu of bit
main are both early investors and
advisors to alas dose this is a big deal
because they're both very powerful men
Jihan Wu was ranked one of the most 10
influential figures in blockchain as of
coin desk in 2017 Jian pitched the idea
of developing Asics for Bitcoin mining
back in 2013 and that's how bit mean was
created and bit mean has committed to
redirecting their hashing power from
Bitcoin mining to alas dose the date for
this isn't set but it's in the works
alas this also works together with neo
and ontology on kyc standards and
digital asset identity protocols let's
talk about their partnerships a little
bit on May 25th of this year the
alaska's team presented their
partnership with weather bloc weather
block is a blockchain based startup that
is creating a platform for peer-to-peer
exchange of weather data and they plan
to integrate into the alaska's ecosystem
then i'm a twenty six lastest announced
two new collaborations first they
announced a partnership with bit game a
startup that's creating an exchange
platform for blockchain based games the
cooperation will also strengthen a
previous partnership with hash world a
blockchain game that's been allowing
users to learn the blockchain tech well
also being able to earn real-world
crypto currencies and they also
partnered with reactor an independent
game that's fighting against piracy
there are more partnerships such as the
one with the Chinese automotive industry
and Zakia a file sharing app with more
than 500 million registered users check
the lastest media blog for more
information on that and all of their
other partnerships what's the purpose of
the coin the ELA coin will be used for
multitude of functions on the platform
which is a positive thing because it's
going to create a natural demand for the
coin ela will be used to pay for a lasso
space domain names for DAPs usernames
elasto storage service and issuing
tokenized content which could be music
books or videos this is going to allow
content creators of all kinds to truly
own what it is that they are creating
now to mention it creates a secondary
market for people who have purchased
their assets and then can now sell them
within the elastic ecosystem a second
time like a lot of platforms out there
last those holders will also get to
participate in air drops when new
projects build on the alaska's platform
once merged binding is active alas this
will have more than 50% of the total
bitcoin hash power from the
beginning of the public mining 30% of
Bach wards will go to the last Lowe's
foundation and then 70% will go to the
miners but that's only for the first two
years the block rewards currently are
five ELA there's a transaction in every
block with five newly generated ela
tokens currently the last those
foundation control is all 25 ela mining
nodes and all the block rewards are
being used for the ecosystem development
the Alaska's main chain is using the
same consensus algorithm as Bitcoin and
therefore has comparable transaction
throughput however the block time for
lastest is only two minutes and the
block size is currently set to eight
megabytes for those who don't know what
merge mining is merge mining is the
process of allowing two different
cryptocurrencies based on the same
algorithm to be mined simultaneously
this allows low hash power
cryptocurrencies to increase the hashing
power behind their network by
bootstrapping on to a more popular
cryptocurrency in this case Bitcoin so
what's coming up in the future that we
have to look forward to the
implementation of DPOs there aren't a
ton of details on that or a date for
this but it is on the horizon also the
added hashing power from bit main there
are talks that that might be coming in
December
up next the pros the project is open
source this makes the development of
daps easier to bring about the project
is really strong partnerships and
obviously a very large backing in the
space as I had mentioned before da Huang
Fei and Jihan Wu are people that are big
names that are behind the project the
system creates financial opportunities
for both the creators and consumers
thus incentivizing more people to use
alas dose being able to tokenize digital
assets is a huge plus for me also this
falls under the prevention of plagiarism
or theft being able to prove ownership
and track the sale of something will
allow for authentication on to the cons
really vast project with a lot of goals
they have a strong team helping them but
this is one of those enormous blockchain
projects or 3.0 projects that's kind of
promising to reinvent the wheel
centralization is definitely a con right
now the Alaska steam is in control of
all the mining nodes
although the co-founder wrong feels that
alas dose doesn't have any direct
competitors I would have to say that
Cardinal would be a major competitor for
me just because it's kind of touting the
same
blockchain 3.0 promise Rong's thought
process is that the majority of these
projects are these 3.0 projects are
trying to use blockchain to run their
entire project where Rong says alas this
is only trying to manage the trust of
the blockchain
meaning he only wants to use blockchain
tech for operations which require
consensus
wrong says the last dose is trying to
improve the current architecture of
operating systems and the internet
itself like most projects whose teams
are filled with a bunch of intellects
there's always a concern that the
project is kind of gonna take longer
than it may have because the academics
move slower or maybe you know they kind
of get in the way of each other my final
con would be the fact that the exchanges
that it's on are not available in the US
and that's a big con for the majority of
my viewers final thoughts so alas assist
the new internet but an entirely new
smart economy focusing on digital assets
monetizing computer power and sense of
izing trading and digital assets all
combined with a very high level security
and the removal of a middleman alas
those main priorities are speed security
and minimal cost for all users involved
alas this promises a lot and hopefully
with their strong team and backing and
their partnerships they can pull all
this off it's definitely a project to
keep your eye on though all right guys
that's all I've got for today I want to
thank you and usual for watching if you
haven't subscribed please do so this
Friday I will be on the crypto basic
podcast for their flagship Friday
edition so if you haven't subscribed you
should listen to them too and yeah I'll
see everyone soon

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