Singapore, October 20, 2020 — Premier cryptocurrency exchange Bittrex Global has announced the official listing of ELA, the native token of the Elastos blockchain on 21 October. Elastos is a blockchain-powered internet infrastructure that enables the development of secure, decentralized applications and empowers users to become true owners of the data they generate using Elastos.
Tom Albright, Bittrex Global CEO, said: “We’re very excited to be launching Elastos’ ELA token on Bittrex Global. Elastos’ commitment to open source projects and support for developers in the crypto ecosystem perfectly embodies the ethos and promise of blockchain technology.”
The market launch for the ELA trading pairs – bitcoin (BTC) and Tether (USDT) – takes place on Bittrex Global at 7am PDT (Pacific Day Time) 21 October, with wallet availability beginning the day before, on Tuesday 20 October at 7am PDT.
Albright continued: “We look forward to working closely with Elastos and their committed community as they build new projects over the coming months and years.”
The project’s origins date back to the year 2000, when founder Rong Chen culminated a decade-long stint working on operating systems at Microsoft Research and returned to China to develop his own revolutionary vision: an operating system designed for the entire web. In Rong’s model, applications and services are unable to access the Internet directly, thus rendering the pervasive ills of the current internet – data privacy, theft, and malware to name a few – infrastructurally infeasible.
When blockchain emerged as a revolutionary technology capable of realizing trustless systems in 2017, Rong coordinated with Elastos co-founder Feng Han to incorporate blockchain, effectively completing his preliminary vision. Now three years into its journey in the blockchain space, Elastos’ internet operating system is a pioneering force of open-source technology called simply: the Elastos SmartWeb.
Elastos leverages blockchain technology to support the secure ownership and exchange of a vast array of digital assets and data, in an ecosystem of decentralized, peer-to-peer exchange. With Elastos, users are the sole owners of their data and digital assets and the entire platform is decentralized, including the way data moves and is stored.
Solving the trilemma
Taken together, Elastos resolves the pressing trilemma facing all blockchain projects: the prerogative to provide robust security, scalable architecture, and decentralized governance to users and developers alike. First, in order to secure its ecosystem, the Elastos blockchain is merge-mined with the Bitcoin blockchain – a process through which Elastos has already amassed more than 50% of Bitcoin’s hash power. Meanwhile, Elastos’ sidechain architecture allows for virtually infinite scalability, and its implementation of Delegated-Proof-of-Stake consensus provides for an additional layer of decentralization in solving blocks. Finally, in its commitment to true, community-led decentralization, Elastos’ DAO, Cyber Republic, operates a consensus mechanism of its own whereby community-elected representatives vote on and allocate funds to development proposals and broader ecosystem initiatives.
In addition to resolving the blockchain trilemma, Elastos has also become renowned throughout the space for its industry-leading DID solution, which is compliant with the specifications laid out by both the DIF (Decentralized Identity Foundation) and W3C (World Wide Web Consortium) – two of the world’s most prominent internet standards organizations where Elastos acts as a contributing member. With its powerful DID Sidechain, Elastos is capable of issuing DIDs to every user and device across its ecosystem.
ELA is the native token of the Elastos blockchain, and is used for trading and paying all gas fees in the Elastos ecosystem. ELA currently trades at $1.61 USD with a market capitalization of $28 million.
Founded by OS expert Rong Chen, Elastos is building the blockchain industry’s most comprehensive and interoperable open-source platform. Using a hybrid consensus that combines the secure hash power of Bitcoin and the democratic ideals of Delegated-Proof-of-Stake, the Elastos SmartWeb is a suite of software for an entirely decentralized internet. Elastos employs not only blockchain technology, but a peer-to-peer network for communication, decentralized data storage services, and a decentralized ID (DID) system for all digital assets. With sidechains like Ethereum, Elastos is not merely the foundation for securing truly decentralized applications that can scale: it is the foundation for true data ownership.
elastOS, the flagship product of the Elastos Smartweb, brings the entire decentralized ecosystem into a single App, currently available for Android and in development for both iOS and desktop.
Elastos is also actively searching for both new and existing dApp projects through its Cyber Republic initiative. Cyber Republic possesses a community-governed grant fund designed to help startups and existing businesses explore blockchain. You can read more about Cyber Republic at https://www.cyberrepublic.org.
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