Web3 native browsers continue to break through the boundaries of decentralization. But that's not enough… that's where Elastos comes in.

Written by: Viktor DeFi

Translated by: TechFlow

Currently, despite having over 13,000 decentralized applications (dApps), we have yet to attract billions of users into the cryptocurrency space. In addition to decentralization, cryptocurrencies need a completely decentralized technical stack to achieve this goal, so Elastos is collaborating with Alibaba and Tencent to build the foundational layer of Web3.

Let's face the reality: the current internet model is designed for scalable Web2 applications. Even with outstanding decentralized value propositions, we still face difficulties because centralized institutions operate the existing internet infrastructure.

Thanks to blockchain, Web3 native browsers continue to break through the boundaries of decentralization. But that's not enough… that's where Elastos comes in. Elastos is not just an L1 blockchain—it is a Web3 ecosystem built on open-source, decentralized technology stack.

A quick introduction to Elastos:

∙ Founded in 2017;

∙ 80,000 users on the smart chain;

∙ Over 220,000 users on the main chain;

∙ 50+ projects, partners, and platforms;

∙ 70+ BPoS nodes and 12 Cyber Republic nodes in North America, Europe, and Asia.

Elastos aims to create a new type of internet through blockchain technology, an internet that gives end users and creators complete control over their identities and intellectual property.

The Elastos ecosystem is equipped with all the tools needed to build the next generation of dApps, from infrastructure to middleware, blockchain, and operating systems.

The four pillars of Elastos' core blockchain architecture adopt a unique hybrid consensus model called "Elastic Consensus."

∙ Elastos main chain;

∙ Elastos Smart Chain (ESC);

∙ Elastos Identity Chain (EID);

∙ Elastos Cyber Republic.

Elastos Main Chain

It adopts a hybrid consensus mechanism, namely Bitcoin's Proof of Work (PoW) and Bonded Proof of Stake (BPoS), to provide decentralized trust and security for the network. With over 50% of Bitcoin's hash power, the network can quickly process transactions and payments.

The innovative Variable Binding Proof of Stake mechanism provides flexibility for users, allowing them to bind their ELA tokens for 10 to a maximum of 1,000 days in exchange for equity tokens and stake them with the chosen validator.

Elastos Smart Chain (ESC)

As the name suggests, ESC is a scalable sidechain compatible with the Ethereum Virtual Machine (EVM), supporting smart contracts. It facilitates the development and operation of dApps with lower gas fees, top-notch support, and security.

Elastos Identity Chain (EID)

EID is revolutionizing identity management on the network. It can create an unlimited number of secure digital identifiers (DID), giving users complete control over their data and credentials. User data can be stored on-chain or off-chain (via private storage).

Elastos Cyber Republic (CR)

CR is the governance council of Elastos, consisting of 12 committee members comprising project leaders, community members, and network contributors. Committee members are elected and serve a term of 1 year. Additionally, committee members also serve as validators.

In addition to blockchain, Elastos has developed a core technology stack that provides all the tools developers need to create decentralized solutions.

Elastos Hive

It is Elastos' storage system. Hive utilizes the standard IPFS/Cluster open-source project and has made necessary improvements to provide storage capabilities for dApps. It also allows dApps to easily access file data through HTTP API and SDK.

DRM

Elastos platform's Elacity recently announced Digital Rights Management (DRM) technology. DRM helps NFT creators protect their intellectual property, preventing unauthorized copying and piracy. This allows creators to earn more revenue and have greater control over their content and its usage.

Essentials Super Wallet

Essentials is Elastos' native wallet, allowing users to interact with dApps, easily create DIDs, and manage their assets. The wallet is EVM-compatible and supports all major chains, including BTC. Users can use it for staking, voting, and earning $ELA.

Recently, Elastos partnered with Tencent Cloud to promote the development of an inclusive smart network. This is good news for developers and creators. They also collaborated with Alibaba Cloud to provide one-stop Web3 solutions, such as validator deployment, DID, and storage.

Other partners include Celo and Wisdom Gaming, among others. Through their partnerships, Elastos will drive the adoption of blockchain technology and create a more secure, user-centric internet.

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