About Elastos (ELA)

Overview

Elastos (ELA) aims to be a safe and reliable internet of the future, powered by blockchain technology. Using this new internet, people will have the ability to own and generate wealth from digital assets, such as digital books, movies, music and games. For example, currently you can purchase a digital book, but you are unable to sell it to anyone else. So the question becomes, do you really own it? The idea is to create an internet where digital assets are scarce, identifiable and tradable; an internet where users can access articles, movies and games without going through an intermediary platform. Blockchain technology is used to issue ID's for digital content, so it is possible to know who owns a digital asset which, in turn, allows digital assets to be traded between users. Elastos allows developers to build decentralised applications (dApps) on the platform, similar to Ethereum. DApps will run on a peer-to-peer network, and users can access the dApps via their mobile phone, without changing their operating system.

Technology

Elastos uses merged mining to reach consensus, a process which utilises the Bitcoin blockchain and the Elastos blockchain simultaneously. The Bitcoin blockchain works as the parent chain to Elastos, which operates as the supporting chain. Miners submit Proof-of-Work (PoW) to both blockchains concurrently. Energy consumption is no higher than it would be mining either blockchain alone and through this mechanism, Elastos boasts the computing power of the Bitcoin blockchain, while allowing for innovations at a global scale. Elastos touches on the benefits of this mining mechanism in their whitepaper: 'An auxiliary blockchain, or sidechain, dependent on merged mining does not need a consensus of multiple nodes. In the extreme case, one chain only needs one node and does not diminish the reliability of the ledger information on the main chain or other chains. No other blockchain consensus algorithm has this kind of advantage.'

Future Focus

Large-scale applications and projects are currently under development on the Elastos network. We can expect the release of these dApps over the next year. By December 2018, mining of the Elastos Chain and Elastos ID Chain are expected to be open to external nodes and accessible. For more information regarding Elastos visit their website, or view their whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Need to know

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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Due to the price of sending and sourcing BTC the minimum order is $500.00.

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