Elastos

GemCoin Spotlight: Analysis Series - 1

Are you ready? We're embarking on a comprehensive analysis journey!
oday, we will delve into the Elastos project, covering it from all angles, from its vision of a decentralized internet to the advantages of the Merged Mining system.
Elastos, founded in 2000 by a former Microsoft expert with the goal of creating a revolutionary operating system and continuing development in blockchain technology since 2016, is a blockchain platform aiming to transform the internet into a completely decentralized, highly secure, monetizable environment while ensuring ownership and privacy of user data using the unique features of blockchain technology.

It aims to enable users to benefit from features such as verifying digital rights and creating digital assets. With this, users can create digital assets on the blockchain, such as movies, books, music, and games, while retaining full ownership of these assets.

The Elastos Smart Web Ecosystem consists of four fundamental concepts:

• Elastos Blockchain: Building a decentralized Smart Web where every individual, device, website, and digital asset has a trustworthy identity. The technology of the Elastos Network makes this possible and ensures its security.
• Elastos Runtime: An operating system designed for personal computers and smartphones, preventing direct access to the internet by applications and services.
• Elastos Carrier: A decentralized peer-to-peer platform that relays communication information using all network traffic for applications.
• Elastos SDK: A software component used to access identities on the Smart Web and Elastos Carrier services.

Elastos utilizes various platform components, including blockchain technology, Side Chain structure, Peer-to-Peer Network, Decentralized Identity (DID), Community Governance, and Decentralized Storage.

Elastos' technical infrastructure integrates unique consensus mechanisms such as Auxiliary Proof of Work (A-PoW) and Delegated Proof of Stake (DPoS) with Bitcoin mining. A-PoW enhances security by connecting Elastos' mainnet to the Bitcoin network, while DPoS optimizes scalability by selecting block producers in sidechains. Additionally, Merge Mining increases security while maintaining energy efficiency, ensuring the project's sustainability.

Let's discuss the pros and cons of the Elastos Network:

Pros

Elastos, thanks to its Side Chain technology, can increase scalability, allowing for more transactions on the network and faster application performance, thus enhancing user experience.

Elastos places a strong emphasis on data security and identity management, enabling users to securely manage their personal data in a decentralized environment.

The Merged Mining system enhances Elastos' security while maintaining energy efficiency, ensuring the project's sustainability.

Let's discuss the pros and cons of the Elastos Network:

Cons

The adoption process for Elastos takes time due to the gradual acceptance of new technologies offered by a decentralized project.

The technical complexity of the project can make development processes challenging, requiring continuous innovation and development to stand out in the competitive market.

In conclusion, Elastos stands out as a high-quality project with a strong and dedicated community. While its popularity may have been relatively lower due to not being listed on major exchanges like Binance, their focus on security and promise of Smart Web technology make them a noteworthy blockchain platform.