Elastos (ELA) - a cryptocurrency that overtook blockchain

A cryptocurrency using the Internet, but also based on two blockchain chains? This is not only theoretically possible. Such a solution is already working and work on it was ongoing before blockchain technology appeared. How is ELA doing in the cryptocurrency market? 

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today is the time for Elastos - a project that was developed before anyone heard about blockchain technology, and then perfectly used the opportunities it created.

How it all started

Elastos (ELA) is a cryptocurrency based on blockchain technology, used to power a self-sufficient ecosystem, i.e. a decentralized internet, operating system and virtual machine. The project was invented by Rong Chen and Fen Han as early as 2000, who then started working on the network system. Their advisor is  Ziheng Zhou, member of the Alibaba Research Institute Academic Committee.

Since 2017, the Elastos foundation has been developing a project based on blockchain technology. 

In January 2018, an ICO was carried out, in which 18,09% of the maximum number of tokens could be purchased for USD 6. In a dozen or so days, all cryptocurrency units dispersed. 

How ELA works

A network operating system based on blockchain technology can separate tasks related to data processing, i.e. application activity, from sending tokens. This significantly increases the scalability of the network, which is a problem for most blockchain projects. It also positively affects the flexibility of the network and its security due to the limitation of access only to a given transaction or supported action. 

The principle is simple: the network operating system works with the main blockchain, and all smart contracts and applications support the side blockchain. The base is the public Internet network, but each application first goes through Elastos, and only then - properly secured - connects to the Internet. For this, you need a decentralized identifier separate for each application and smart contract, verified by the Elastos network at each access to the Internet.

So it makes the side block systems and the main blockchain almost completely independent. This allows many commercial applications to be launched quickly without detriment to network transfers. It is the ancestor of dual-blockchain systems that are now appearing in many new projects. 

Elastos can also count on the support of the Chinese government, and Tsinghua University in China, although it is expected to be redirected with the final completion of the digital yuan. 

Undoubtedly, Elastos's biggest advantage is routing all computing transactions to the side blockchain, as this is the first step to creating a "future internet" based on blockchain technology. This will not only change the global network itself, but it will allow the construction of a real Internet of Things, based on blockchain technology, with virtually no speed limitations. 

Elastos cryptocurrency quotes

The ELA token can currently be traded on 12 cryptocurrency exchanges around the world. As of April 09, 2021, each one costs $ 9,67. There are already 17 of the planned 244 tokens in circulation, which translates into a capitalization of over USD 540 million. The peak of trading took place on February 23, 084, when you had to pay USD 774 for each ELA token. As you can see - it is still a long way from ATH, but in the last 166 months, the price of the Elastos cryptocurrency is quickly recovering. In the year it increased by 24%.