As time is passing by since the first use of the blockchain technology was seen as a base for a payment system, the diverse utilities for the disruptive new technology are coming to light one after the other.
One of the latest prospects for the utility of blockchain technology that is being explored is a blockchain powered decentralized internet.
Elastos is the first internet operating system which has come into the centre stage to create a decentralized internet which uses the power of blockchain technology taking the helm of it all.
The Elastos project has three separate repositories for each of the segments which are namely Elastos.OS, Elastos.RT and Elastos.NET. The concept of Elastos is not particularly the latest one. It was actually developed almost two decades ago with the first campaign being launched in 2003 and resulted in the creation of a smartphone from scratch. The second run that Elastos saw was for the creation of an operating system that accommodated industrial application Internet of Things devices.
To define Elastos in the current scheme of things, we can very simply say that it is a decentralized system on the internet which makes use of blockchain technology in order to verify the identities of users, applications and machines. The open source system has seen a lot of faith showed in it by investors with the Foxconn Group, in particular, after having invested a large sum of over 200,000,000 RMB among investments being made by other investors who are all giants in the tech industry.
Operating System for Elastos
The Elastos operating system was made in order to facilitate the decentralized applications on the Elastos blockchain and allow it very easy connectivity with its internet protocol. The Elastos operating system will be running on the Raspberry Pi, on the Internet of Things Devices and on mobile devices.
The team behind the Elastos project has the goal of powering devices with its operating system for both mobile and Internet of Things devices.
The Elastos operating system will have an interface that is pretty much similar to that of the Android operating system making it easy to power Android devices with the Elastos OS and for developers to adapt to the new OS.
While very similar to the Microsoft COM technological source, the main difference between that and the Elastos operating system is in the fact that the Elastos project is operating on an open-source basis.
Runtime Environment and Internet on Elastos
Elastos will be able to digitize assets and the content making it nearly, if not completely, impossible to hack the data, prevent phishing attacks, malware and any kind of virus infections by powering its own form of the internet through the blockchain technology at its base.
The aspect of a blockchain based internet will make it a much more secure environment which will be able to facilitate an automated economic system and allow it to foster. Furthermore, the individuals making use of this blockchain powered internet will be able to transact with each other without the intermediaries elongating the process and use a system without the fear of threats or attacks.
The biggest asset in the future will be data if it isn’t already, and they can easily be converted into monetary gains because of this digitized economic system brought upon everybody by Elastos. The runtime ecosystem which Elastos will provide is going to be able to adapt to other operating systems which are already popularly used throughout the world like Microsoft’s Windows, Google’s Android and Apple’s iOS. The decentralized applications by Elastos will be able to run through any of the other operating systems thus, allowing developers to easily mould to the Elastos system.
Elastos Blockchain Network
The blockchain network for Elastos is one that is going to support both the main chain and the side chains in order to help create a more efficient environment for the development and smooth running of decentralized applications. Each decentralized app will have its own side chain. Having the side chain solution present right off the bat will allow the blockchain network by Elastos to properly scale as the network grows larger and more users come on board.
The Elastos blockchain network will have its own tokens, the Elastos tokens or the ELA. The smallest unit of ELA will be similar to that of Bitcoin’s Satoshi, i.e. divisible by 1000000000th of an ELA. The cap on the total number of ELA that will ever be produced is at 33 million and the supply will increase annually by 4%. The new ELA tokens, as they are created, will see 30% of it going to the ELA foundation while the miners will be rewarded the 70%. Buying the ELA tokens is only possible at the Huobi Pro cryptocurrency exchange and it can be traded for Bitcoins, Ether and the US dollar.
Elastos is very promising considering what it is offering through its proposed blockchain powered internet. In an ideal scenario where everything goes exactly how its founders are planning it, it will be able to develop a new smart economic system that can foster the growth of new technological uses and a better economy.