Intro to Elastos Blockchain (Review)

Josh Miller
intro to elastos

Elastos is a fairly low-cap Ethereum layer 2. A sidechain that operates as an Ethereum scaling solution. Because Ethereum is so expensive to use. Elastos is cheap, however.

Elastos links

Pros of Elastos

Fast. With an average block time of 5 seconds. Putting it on par with the likes of FUSE and MATIC. Though, not as fast as Avalanche and Fantom.

Growing. It has just under 20K wallet addresses at the time of writing.

Low cap. The market cap is under 50M$ right now.

EVM compatible. It runs smart contracts and works with Metamask too (if you have the right RPC.)

Quite a few products were built by the Elastos team.

Cons of Elastos

  • Not that many projects.
  • Not as fast as some performant L1s.

What’s so special about Elastos

They’re trying to build infrastructure for the new internet. Web3.0.

Peer-to-peer communication network

Decentralized data storage services

Decentralized ID system for users and assets

There are multiple chains. The main chain is decentralized by BTC/BCH hash rate; the smart contract chain, ESC, is an Ethereum sidechain (similar to how Polygon works with Ethereum.

Decentralized proof of stake. You can stake ELA to earn more, and for governance.

Supports numerous activities. Ecommerce, verifiable credentials, IoT, publishing, media and assets, messaging.

Tokenomics

At genesis, 33m ELA tokens were created.

ELA tokens increase supply by 4% per year. 1.3m ELA is added to supply every year. Distributing additional tokens between the POW miners on the main chain, the POS miners on the sidechain, and the Cyber Republic DAO.

See also  Intro to FUSE Blockchain; an Ethereum Layer 2 Sidechain

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