Currently, when you make an ethereum or neo based dapp, yes you are using neo smart contracts but it’s still just a browser dapp. In other words, you can’t fully make a full fledged apps like a resource intensive game. Eg. Failed cryptokitties. Elastos solves this problem by not running dapps using the main Blockchain and instead using sidechain structure. With sidechains, you get to utilize your hardware resources to make any kinda app imaginable and which is also secure
Someone made a Reddit post about inflation rate of elastos. I’ll copy my answer here on my take:
There’s a big reason why elastos chose this model. In order to continually have liquidity where your platform will be used for tracking millions and millions of digital assets, where digital assets themselves generate wealth, it makes sense to wanna incentivize miners so they keep on securing the network while the DApps are generating their own tokens. It’s also to account for lost coins every year. It's estimated around 4 million btc have been lost forever. If you were to ask any economist, they would agree with this sentiment as well. Let’s just say that this model wasn’t chosen on a whim and in fact was talked about a lot internally consulting professionals. Inflation itself isn't bad. You need inflation for a growing economy. With that said, if you were to compare inflation rate of ela to other projects like eos, ethereum, etc, it's actually much lower. It should also be noted that 4% inflation is not written in stone forever. There may come a time where the community votes to decrease this inflation rate and that is entirely possible to do. This 4% can change and probably will change as Elastos grows and the token price does as well. In the beginning, it's especially important to encourage miners to start merge mining ela with btc so it can see mass adoption very rapidly. With that said, even if the inflation rate of 4% doesn't change for the next 10 years, it would only increase the total supply from around 33 mill to 49 million which isn't a lot compared to other projects hard cap.
In addition, think of each crypto currency like its own country. This is especially true for Elastos because Elastos is building an entire ecosystem from the ground up and only integrates Blockchain for 2 very simple things - ELA payments and DID issuance. For everything else including smart contracts, it implements the sidechain structure which means any kind of blockchain may be integration into the elastos ecosystem as a sidechain. Think of the implications this will have. With a growing ecosystem like Elastos that is much more than just blockchain but also an actual operating system where dapps are being built not just for regular consumers but also for IOT devices that will autofunction with their own currency or even integrate ELA into their system, it's clear that there's a lot of heavy backend work that needs to always be happening or else the entire platform would fall apart. You can think of this as a country. Now, think of countries today and compare them to a hundred year ago. If there was no inflation, there would be no liquidity and there would not be enough money to go around which would create some problems in running a giant country. Average people wouldn't even have a chance at owning a single dollar bill and thereby that country's currency would not be adopted very well and they would most likely migrate to another country. Elastos is an ecosystem that can be thought of as this. The only difference is that the inflation rate in Elastos is implemented using an algorithm that cannot be abused by anyone while the currency in the real world is produced in the air. Hence, you need an inflation to reward miners and stakers so that the country can keep on running long term.
To understand this better, one must understand how dApps work.
As of today dApps are equal to smart contracts. Since they get executed in the blockchain VM and require consensus everybody can trust them. However, this design has some major flaws.
-Blockchains which run a lot of different smart contracts get congested easily
-Blockchains are not designed to run apps, they are way too slow for this. You can think of a blockchain as a distributed computer which requires consensus for every operation and this makes it very slow. On top of this, everyone is using the same computer which only amplifies this problem.
-You also need a way to interact with the blockchain, which is mostly done with web apps currently. This is an enourmous security threat because of MIM and DDoS attacks, malware and traffic monitoring.
Elastos tackles all of these pro lems:
- The congestion problem is solved by using a main chain/sidechain structure. Every dApp can have their own sidechain with every consensus mechanism they seem fit. If they need the highest security available in the industry they can make use of Elastos‘ PoW, if they need more tp/s they can go for Elastos‘ DPoS and if they need finality of blocks they can make their own sidechain with a dBFT consensus or use Neo once the NeoVM has been ported to Elastos
-dApps on Elastos dont run on the Blockchain itself but in a VM on your device, and every dApp runs in its own VM. The only thing that gets executed on the blockchain are smart contracts which are part of the dApp, for example to make micro transactions in the dApp. However we can trust these dApps as much as we trust the ELA blockchain. Every dApp has a unique ID which is saved on the blockchaib and before the dApp gets executed, this ID is checked against the blockchain by the Elastos Runtime. The Runtime also verifies that the dApp hasnt been tampered.
-The third problem is solved by using a truly decentralized P2P network with Decentralized ID‘s (DID‘s) stored on the blockchain. No dApp running on Elastos has direct access to the network. All the network traffic is handled by the Elastos Runtime. All connections are blacklisted by default and only whitelisted connections will be allowed by the Runtime. So if youre running an Elastos chat dApp and someone sent you malware which now tries to steal data from you and wants to send it to the attacker, it cant establish a network connection and is therefore useless. And if you close the dApp, the VM gets destroyed and the malware too. Elastos can also prevent a lot of DDoS attacks since you can easily set access to a service to only whitelisted DID‘s and man in the middle attacks since there are no central servers and its impossible to predict how the traffic will get routed.
All of this combined will provide a truly scalable, decentralized, trustable and secure ecosystem for dApps, no matter if they use Ethereum, Neo, EOS or Elastos sidechains for their smart contracts. If Ethereum with casper turns out to be the best blockchain for smart contracts then thats great, since Elastos has the solution for many of the other problems blockchains are facing today.
Good point (from Kryptik below). Stay 💪. I’m using the dip to accumulate little bits here and there. This tour, exchanges (they will come), Feng’s tour, re-branding, CyberRepublic, Ethereum VM release, the global hackathon... it’s all happening.
The reason the data silos happen is cuz one system doesn’t trust another. Facebook doesn’t trust google. Neo doesn’t trust ethereum. Hospitals don’t trust Apple data. There’s no way to mesh them together. BUT, with elastos, even if there are 5 different smart devices at your house and with 5 different sidechains storing 5 different sets of data, at the end of the day, all the sidechains trust the elastos main chain. So they can talk to each other and make sense of each other’s data and build their smart contracts and interoperate and operate no matter what.
Looky here gang, I don't give a fuck about the short term price of my beloved Elastos, and neither should you. Things take time, this vision is grand as fuck.. we are talking creating a network operating system which fixes so much that is currently wrong with the internet, and ELA will be the universal currency used in this new internet.
No matter how you slice and dice it, 33 Million tokens is NOTHING, it's an incredibly small circulating supply regardless of how and when those tokens are released. Elastos fixes so much that is wrong with the current internet and current dApp platforms like Ethereum and NEO, yet the price per coin is sub $15 and there are less than 8 million of these puppies floating around.
If Elastos keep chugging along with development and creating their new ecosystem/economy, which they are because the price per token doesn't matter for development, then I don't know how this project doesn't easily reach a 1 Billion+ market cap during the next bull run... And if you can hit a 1 Billion market cap, why not 2, 3, 4, 5... you get the idea. Look at some of the garbage that reached highs in December/January of last year which brought nothing new or revolutionary to the table. Elastos is here to stay, and when optimism comes back to this market, Elastos will fly sky high.
Do yourself a favor and don't worry about the price. I can pretty much guarantee you, those who will win the most are those who will not get emotional by the daily volatility and instead hold long because they get that this is a game changing project in the space. Swing trading this volatility is very risky, with this low supply, the price can rise quick. If you have a big bag already, just sit back and reap the rewards. Congrats, you made it here early.
Can we still use our wallets as normal after we have added the Ethereum address.
Also, if there is a future ERC20 airdrop, will we have to add another ERC 20 address, or will the same address last for all future airdrops as well
Sidechain is exclusive to elastos ecosystem. Friendchain lives outside of elastos ecosystem. DID chain is a sidechain. When ethereum or neo smart contracts get ported to elastos, we will have a corresponding sidechain for them too. Whereas, public chains like ethereum, neo, ada, EOS, whatever are friendchains.
There are two types of sidechains. System level sidechains and application level sidechain. System level sidechains are something that will be utilized by all DApps no matter what. For example, everyone and everything gets an ID via DID sidechain. Token sidechain is another system level sidechain that issues tokens to DApps. So everything on elastos is pegged to ela and will be used to power this system via system level sidechains.
Application level sidechains are specific only to applications. For example, ported neo or ported eth smart contract sidechain May be application level sidechain since applications can choose these or create their own specific for their needs. These types of sidechains will likely have their own sidechain token
Friendchains are what allows ela and other public chains to interoperate with each other. For example, dex and atomic swaps between ela and public chain tokens. Maybe eventually, we can even interoperate with the public smart contracts similar to what wanchain is doing.
Hello Folks. Been working and now I feel massively behind the news. I recall that we have IOEX and viewchain airdrops coming up. Do we need to do anything? Last one we had to connect an Ethereum wallet. Anything this time?
Fantastic, this week we will have Hyper.IM available in the iOS App Store for a secure, p2p decentralized messaging system, we also have the Ethereum sidechain going live in April! April is going to be an incredible month so I hope you’re ready! 😃
ELA is a base currency that governs the entirety of elastos ecosystem - main chain, ALL the sidechains, carrier nodes incentives, other incentives to support the elastos infrastructure. All the sidechains such as DID sidechain that generates decentralized IDs, token sidechain that generates fungible and non-fungible tokens, ethereum smart contract compatible sidechain that runs ethereum smart contracts, NEo smart contract compatible sidechain that runs NEO smart contracts, and any future sidechains of elastos provide value to the entire elastos ecosystem. These all use ELA. Because all the apps will need to be interacting with these sidechains. All the gas fees and transactions are made in ELA for these sidechains. So, in a way, ELA powers all the services offered by elastos infrastructure. Yea, you could use BTC for these but the very code that makes these sidechains possible are directly derived from main chain and is connected to the main chain closely so all these sidechains are protected by the security of the main chain as well. So, a new currency is needed to power all of this because that's the only way to ensure that all the services that is offered by elastos infrastructure works independently of any other currency. We cannot rely elastos services cost and resources on btc or eth or whatever else. A new currency is needed to govern and manage and support all these services. That is the true value of ELA
People say DApps are the future. But could we come to consensus for the following two questions? (1) DApps could not be shutdown by a third party. (2) DApps, as digital assets, should preserve their value for 10 years or more, i.e., they should still run after 10 years or more.Taking Crypto Kitty for example, if the website is down, can you run your kitty? Are you sure that the kitty client app would run on a host OS in ten years? BTC blockchain has been running for more than ten years. How about Ethereum smart contracts? Asking the right questions is the first step towards solving them.Elastos is not there yet, but we are moving towards the direction to answer above questions, and the Elastos Smartweb has been running since yesterday. Hooray!
🚨 Technical Development🚨 Trinity✅ Wallet ported to Trinity, it can run normally in the form of dApp, and the docking test network is verified. Currently, only Android platform is supported, and iOS platform is under development.✅ Improve the Wallet dApp, based on the testnet environment, has implemented DPoS voting✅ dApp signature and verification is basically completed, code finishing✅ Browser engine switches from WebView to Webkit plugin to provide better performance and user experience✅ Update the latest Carrier SDK and test the carrier plugin✅ Modified each plugin document to update the use of the plugin in Trinity (written directly in the manifest.json corresponding to the dApp) Hive✅ Solving the problem of synchronization instability between different nodes of Key-Value in Hive✅ Hive IPFS/Cluster releases new version v0.1 (Alpha developer trial version) and re-arranges Hive Cluster test cluster✅ Updated Hive Native SDK v0.1 (C++ version) to eliminate compilation errors and alarms, and release v0.1 SDK version after verification✅ Continue to write and review Hive Native/Java/Swift SDK✅ Start building and writing Hive Native SDK test case setsCarrier✅ Optimized Carrier Native offline message implementation (offline message changed to asynchronous send)✅ Merge offline message test case code (prepared as offline message stability test case) into offline message branch✅ Merging offline message branches into the Carrier Native repository Master branch✅ Verify offline messages and perform stress tests✅ Incorporate the iOS/Android offline messaging feature into the Master branch to begin verification✅ Released the Carrier Android-v5.2.2 version and released the generated aar package to the Bintrayenter platform for third-party Android applications to rely on the Carrier via Gradle✅ Publish a Technical Preview release (v5.3) that supports offline messaging✅ Synchronous debugging to verify offline messaging for Android/iOS CarrierELA main chain DPoS consensus✅ DPoS goes online for the second iteration, bug convergence✅ Use DNS instead of SeedList configuration to resolve the problem that the arbitrator network cannot be connected due to the inability of DNS to forward routes.✅ When the arbitrator becomes Inactive, the time to resume the transaction can be changed from one day to immediately✅ Solving the problem that the DPoS network cannot be connected due to dynamic IP✅ Modify python automated detection program to support ela, arbiter, andid configuration file changes✅ ela-cli command line tool adds info listproducers, active transactions, voting transactions, output multiple outputs, and updates to documents✅ A mechanism for degrading into a DPoS consensus of only 12 CRC nodes when the number of subsequent arbiters is insufficient when pre-connection, normal handover, and inactive handover are implemented.✅ Clean up the super node deployment plan and simplify the ELA configuration file✅ Improve the warning program for arbiter not to issue proposals SPV C++✅ dev branch adds support for Token chain has been completed✅ Modify the light node reconnection delay, change to gradually increase, and finally synchronize the time to the last block time.✅ Joint debugging ETH SPV synchronization encountered problems, can complete the head node chain download✅ Spv Python interface wrapper for automated testing of Spv wallet modulesEthereum compatible side chain✅ Write tests to other nodes that have processed the refill transaction and delete the transaction logic from the transaction pool.✅ Test contract compatibility, test new contract compiler✅ Researched the Ethereum logFilter and tested it in the light node background coroutine.✅ Modify the Ethereum wallet, you can automatically switch to the mainnet corresponding to the main chain when the mainnet, testnet, rikeby network switch, testnet, regnetOther✅ Neo side chain increases receipt structure
LEO is a special unit used to perform various actions in the Trusted Computing Platform. Similar to how Ethereum blockchian uses gas to perform computations in the Ethereum network, Trusted Computing Platform uses LEO to perform various computations
MoU to develop and implement blockchain wallet integration into Dacsee’s social ride-hailing mobile applications by utilising Elastos’ Ethereum Sidechainhttps://blog.cyberrepublic.org/2019/09/10/cyber-republic-signs-mou-with-dacsee-to-utilize-elastos-ethereum-sidechain/
🔥 Saturday we had the pleasure of meeting Rong Chen and some of the Elastos team in Paris! Some notes below:🔹 Rong explained where Elastos comes from. It means both another cloud and an elastic OS. It was born from a desire to get back our privacy and achieve a smart economy. ❌ Right now, applications can send packets containing our data at will. Elastos will provide an OS that will control the network connections of the applications, therefore preventing them to leak or receive unauthorized data. 👉 A good and vivid example is about home security cameras. Do we know what the company who handles them does with the footage? They could easily have an AI-based image recognition software run on all the feeds from all the cameras they've sold and know who visits each home, at what time. Maybe even know what's going on inside many houses. 🌐 You've understood it, Elastos can bring an unprecedented level of privacy to the IoT world. Rong was also mentioning Tesla for example. The possibilities are nearly limitless. Wherever there's critical data, there's a potential need for privacy.📚Another use case is the P2P selling of digital assets. Elastos will provide atomic swaps when trading them: the copy of a book or a song will be deleted from user A's device, sent to user B's device and the funds for the transaction will go from B to A at the same time. They are big on fighting piracy. They are also working on a digital capsule for DRM, probably out next year.♦️ Companies are very aware of the fact that data is misused but they don't care because they make money. 🎤 It will be possible to buy tickets for events thanks to Elastos before August. No more scalping.💰 Rong was very open about the financial state of the Elastos foundation, saying they raised the equivalent of 6500 BTC in August 2017. 👥 They have about 100 employees.✈️ They do not fly first class or stay in 5-star hotels. Rong even said he's willing to have someone from the community who has a CPA and is willing to sign an NDA to take a look at the books and write a report for the community.✅ They are trying to make their funds last for as long as they can and then Elastos will be fully autonomous, governed by the nodes and the community. The foundation is not only a non-profit but also nearly a non-income foundation.💎 Elastos will bridge so many services thanks to their protocol built on top of the TCP/IP layer, not on the blockchain itself. They will have many partners covering all the needs for users: storage, computation, sending messages and exchanging value. They will support the Ethereum blockchain and others. Their vision is an all-encompassing ecosystem. 📅 They are about to go live in a few weeks with another big update. They're just giving a few weeks for the nodes to update the software and run some tests to make sure everything will be smooth. 🙏 It was a great event. Elastos has very interesting things planned. Rong has been working on this for the past 20 years. He's been through many hardships which have solidified his vision and his will. Really looking forward to seeing how things will develop.
❗️***Elastos Bi-Weekly Update - 28 February 2020******End Of Year Report 2019***Exploring elastOS: What is elastOS?Exploring elastOS: The DID dAppelastOS: The Gateway to the Smartweb, Released For Android DevicesThe Problems being Encountered by Blockchain Ecosystems, and How Elastos has Already Solved ThemCR Council Election RulesInaugural CRC ElectionsElastos AMA – November 2019Spotlight Series 5: Ethereum SidechainSpotlight Series 4: Elastos DIDSpotlight Series 3: Elastos Hybrid Consensus and Finality of BlocksSpotlight Series 2: Elastos Sidechains and Scalability Spotlight Series 1: Elastos Runtime aka Trinity aka Elastos BrowserFor all the latest articles, visit our News BlogLearn more about Elastos at:Elastos AcademyDeveloper Portal———————————Cyber Republic———————————Cyber Republic WebsiteCyber Republic YoutubeCyber Republic GithubCyber Republic Forum———————————Elastos Wallet Resources———————————- Elastos Web Wallet: https://wallet.elastos.org/- iOS Elastos Wallet- Android Elastos Wallet- Elephant Wallet (iOS & Android)Wallet FAQUsing the Wallet Guide———————————Additional Resources———————————Official WebsiteElastos NewsRoadmapBlockchain ExplorerGitHub———————————Social Media———————————FacebookFacebook GroupTwitterRedditYoutubeInstagramOfficial Telegram News Channel 🌎International Telegram Community🇨🇳Chinese Telegram Community🇰🇷Korean Telegram Community🇩🇪German Telegram Community🇳🇱Dutch Telegram Community🇫🇮Finnish Telegram Community🇮🇳Indian Telegram Community🇷🇺Russian Telegram Community🇬🇧U.K. Telegram Community🇨🇿Czech/Slovak Telegram Community🇪🇸Spanish Telegram Community🇦🇺Australian Telegram Community🇹🇭Thai Telegram Community🇫🇷French Telegram Community🇹🇷Turkish Telegram Community🇻🇳Việt Nam Telegram Community🇬🇷Greek Telegram Community🇨🇦 Canadian Telegram Community🇧🇪 Belgian Telegram Community🇲🇾 Malaysian Telegram Community🇲🇨 Indonesian Telegram Community🇸🇬 Singaporean Telegram Community🇵🇱 Polish Telegram Community 🇿🇦 South African Telegram Community🇮🇹 Italian Telegram Community🇸🇪 Swedish Telegram Community🇦🇪 UAE Telegram Community🇵🇭 Philippines Telegram Community 🇷🇴 Romanian Telegram Community 🇯🇵 Japanese Telegram Community🇮🇪 Irish Telegram Community🇳🇬 Nigerian Telegram Community🇲🇦 Moroccan Telegram CommunityRules:- Any input and contribution to this community is appreciated, but remember, be respectful of one another.- No referral links, links to other telegram groups/channels, other cryptocurrencies or spams. You may be banned without notice. Discussions are ok and encouraged however no external links that advertises something in any way except if it's related to Elastos- No price speculation/prediction, chart analysis, portfolio discussions, lambo talk etc. Enforcement:- first infringement: Warning by an admin- second infringement: Muted for 3 days- third infringement: BanAwareness:- There are fake accounts pretending to be Elastos Admin. Please be aware of this. Admin will never contact you first or solicit any kind of payment through pm.- Please report ANYONE asking you to make a payment, for your private wallet address, or anything that feels suspicious.The following are the admins of this channel. Feel free to tag or DM with any questions:@[email protected][email protected]@[email protected]_ELA_Til_I_Die
“If you want a high TPS and you’re not satisfied with Ethereum Sidechain TPS which is around 1500 TPS, then you can port existing fast consensus Blockchain platforms as a sidechain to Elastos. Elastos is really very agnostic. The only reason there is even a limit to ETH sidechain on Elastos is because that’s the limit of the ETH network. If there’s a more robust network than ETH, and it’s popular, it’s easy to port it to Elastos. Then you can have all the insane TPS you want.” 1500 TPS is currently around 100 times faster than the amount of transactions per second Ethereum can currently produce.