The Cyber Republic (CR) Council has officially closed a deal onboarding cryptocurrency market maker Kairon Labs to provide support across exchange markets for Elastos and its native token, ELA, as outlined in the terms of recently approved Proposal #80. Originally submitted as Suggestion #159 by ecosystem organization and CR Council member Elation Studios, the proposal was passed emphatically, with 11 of the CR Council’s 12 parties submitting votes in the affirmative. As a leading market maker in the cryptocurrency space, Kairon Labs has been providing market making services since 2017, and has built an industry leading reputation providing tailored algorithms and support to more than 60 clients in various cryptocurrency sectors including DeFi and NFTs across more than 120 exchanges.

Ecosystem Benefits: Market Depth

By onboarding a professional market maker that is already well adapted to a variety of unique market dynamics and digital assets, Elastos stands to provide a far more stable, sustainable, and liquid market for traders and other individuals and organizations seeking to engage the Elastos ecosystem. Kairon Labs will support the Elastos’ presence in public markets by:

“We are excited to announce this partnership with Kairon Labs, the industry leading market maker for cryptocurrencies and utility tokens. We look forward to working closely with their leadership team to benefit the Elastos ecosystem,” said Fakhul Miah, Co-founder of Elation Studios.

Ecosystem Benefits: Network Extension

In addition to stabilizing public markets for ELA, onboarding Kairon Labs opens up a wealth of new networking opportunities in the exchange and investment space. Kairon Labs will be able to add value to the Elastos ecosystem as a networking agent by:

”With the addition of Elastos, Kairon Labs has added tremendous value to its own network. Elastos has continued to grow and evolve since its inception and has shown an obsession with quality. This attention to detail is evident if you’ve ever used the Elastos Essentials application, which is a swiss army knife for anyone looking to interact in the Elastos ecosystem. We look forward to looking after ELA in the markets and helping with the future growth and adoption of the platform” said Jens Willemen, Co-Founder of Kairon Labs.

About Cyber Republic

The Cyber Republic Consensus is the third Elastos consensus mechanism after PoW and DPoS. The purpose of CRC is to provide a consensus-based community governance mechanism that will drive Elastos’ technological and ecosystem development, dispute resolution, and management of community assets, and establish incentives to foster community participation in the governance of and contribution to the Elastos community.

The CR Council can be viewed as the CR community’s top-level governance model, but it is not intended to become a closed off, tightly knit, or compulsory organizational structure for the community; openness, dispersion, and spontaneity are essential characteristics of the community. Rather, its purpose is to guide the process of grassroots growth through the power of democratic decision making, and to provide assistance when necessary.

Additionally, the CR Council is the basic infrastructure for developing the Elastos dApp ecosystem, as it provides a general community governance mechanism, including funding opportunities for truly decentralized applications.

About Elastos

Founded in 2017, Elastos is a decentralized community building the blockchain industry’s most comprehensive and interoperable open source Web3 platform. Using a hybrid consensus that combines the secure hashpower of Bitcoin and the democratic ideals of Delegated-Proof-of-Stake, the SmartWeb ecosystem of Elastos comprises 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, a decentralized ID (DID) system for all digital assets, the Elastos Smart Chain (ESC)—an EVM-compatible layer 2 chain, and the ability to create smart contracts and unlimited sidechains. Elastos is not only the foundation for securing truly decentralized applications that can scale; it is the foundation for true data ownership.

To learn more, visit the Elastos Info Website, Twitter, or Discord. If you are a developer, visit Elastos Developer or GitHub.

About Kairon Labs

Kairon Labs is an industry leading cryptocurrency market maker incorporated in Antwerp, Belgium.

Kairon Labs performs liquidity provisioning and algorithmic trading services as a designated market maker for their clients, supporting over 120 exchanges. Kairon Labs supports a wide range of blockchain projects, from top 100 projects listed on major CEXs such as Coinbase and Binance, to smaller projects looking to secure their first listings on DEXs.

 


Elastos has officially formed a strategic partnership with Web3 infrastructure meta-platform Encentive.io. Through the partnership, Encentive will be providing Elastos with exclusive Web3 infrastructure, comprehensive technical support, and operational maintenance services to accelerate Elastos ecosystem development.
Encentive provides Web3 projects with secure, cost-efficient, and modular tech components including DEXs, farming functions, staking pools, NFT marketplaces, GameFi tools, OTC services, and other DeFi legos. The Encentive protocol will introduce a breadth of new features on Elastos, including one-click deployment for customized Web3 applications and customizable OTC widgets that enable seamless exchange. Encentive’s service offering also resolves issues involving early-stage liquidity challenges for new applications built in the Elastos ecosystem and running on the Elastos Smart Chain (ESC).

About the Elastos Smart Chain (ESC)

The Elastos Smart Chain (ESC) allows developers to code, deploy, and run smart contracts designed for Ethereum Virtual Machines (EVMs), including smart contracts written in Solidity. Employing DPoS Consensus, the ESC acts as a high-performance, scalable smart contract execution solution.

Website: https://www.elastos.org/

Twitter: https://twitter.com/ElastosInfo

Discord: https://discord.gg/elastos

About Encentive:

Encentive is the world’s leading Web3 OS. Encentive hosts network, application, and business layers that enable one-click deployment for Web3 applications spanning across DeFi, NFTs, GameFi, and more. Encentive has also developed the world’s first Fiat-DeFi payment system, and enables third-party integrations for cross-chain bridges, derivatives, and more.

Website: https://encentive.io

Twitter: https://twitter.com/Encentive_io

Telegram: https://t.me/Encentive_official


With much support from the Feeds team, Pasar has now released Pasar V2, the newest version of the Pasar marketplace. With major funding support from Cyber Republic via CR Proposal #67, the Pasar Web App is very much a product of the Elastos community. Now several months into its development, the Pasar Marketplace is already the Elastos ecosystem’s leading decentralized platform for NFT minting and exchange. With Pasar V2 now live, a suite of new NFT features are now available to the Elastos community, and a whole lot more is in the works and on the way.

Pasar V2 Key Features

Here is what Pasar has in store for users in V2:

Future Outlook and Upcoming Features

Pasar V2 represents a major milestone for the Elastos ecosystem with respect to NFT minting and exchange. But the Feeds team is just getting started with Pasar’s marketplace capabilities, and has its sights set on major opportunities ahead. Ultimately, the team envisions Pasar becoming a totally decentralized, open, and community-driven marketplace for the exchange of  personal data and digital assets. Here are a few of the features the Feeds team has planned for Pasar’s upcoming versions:


To keep up with the Feeds team and their upcoming versions of the Feeds social media application, Pasar marketplace, and cutting-edge NFT features, stay tuned here on the official Elastos Info Blog.


Developing its platform on Elastos to complement Pasar, MetEast is a decentralized NFT marketplace ready to add value to Elastos’ growing NFT ecosystem. In addition to allowing users to mint and trade NFTs via encrypted asset agreements, MetEast is bringing a suite of new features to the Elastos ecosystem that will provide superior liquidity for NFTs, support autonomous governance functions, and enhance social interactions from within the platform. On the technical side, MetEast is proud to be developing its application on the Elastos Smart Chain (ESC), which opens up a number of opportunities for integrations and synergies with the growing community of ecosystem applications currently operating on the ESC.

Solving the NFT Liquidity Problem 

To date, tens of millions of NFTs have been minted across the blockchain space. Unfortunately, the vast majority of these NFTs are never sold, and remain dormant after they are minted. Circulating and monetizing these NFTs is today’s great challenge for users in the NFT space, and MetEast has developed an incentive model on their platform to help users surmount this challenge. A special NFT called a Blind Box plays a major role in solving this problem for users, and MetEast’s value proposition Here’s how Blind Boxes work:

Key Features

To build a strong platform around Blind Boxes and form a robust community, MetEast plans to bring a number of key features to market for the MetEast 1.0 release:

A Look Ahead: MetEast 2.0

Already hard at work on getting MetEast 1.0 to market, the MetEast team has its sights on future features and integrations as well. The team has already confirmed that MetEast 2.0 will be focused on DeFi credit systems. At present the team has three main objectives for the platform’s second release:

The MetEast core team is composed of a global community of thought leaders, professionals, developers, technologists, investors, incubators, and community members that bring diverse backgrounds, philosophies, and life experience to Elastos. The team operates without a CEO, as team members aim to collaborate and add value to the project in a decentralized model. To contact the MetEast team directly and join their growing community, connect with the project on their social channels:

Social Channels
Twitter: @Meteast2022

And as always, to remain up-to-date on the latest events and developments in Elastos’ growing NFT ecosystem, stay tuned here on the official Elastos Info Blog.

DR

What is your field of expertise?

While my studies in college were in material science and mechanical engineering, I found my calling in design engineering using computer aided design (CAD). The scope of work I do is design, developing, quote/price-out, engineering, and manufacturing the cosmetic displays one would see in an airport duty-free shop or a department store.

I have been at my current job for almost 10 years and have worked my way up to department manager of my business unit. Using my experience in the field I am able to help groom new engineers and unite different departments using my social skills. I hope to be able to apply these skills to the CR Council if I were to be elected.

What is your goal with Elastos by the end of the council’s next term?

My goal with Elastos for this upcoming term is to help make Elastos prosper; both socially and economically. While I am understanding of people’s real world obligations to their jobs and families, as well as any other projects they may be working on (in the crypto-space or otherwise), I feel it is important to be vocal with the community and have constructive back and forth discussions with the community. This is something that I have seen somewhat lacking in some previously elected members; lack of community engagement.

As an elected council member you are acting as a representative of the community as well as the opinions they hold.

What is the main issue with ELA, looking at its market performance (dropping out of top 100, currently sitting 500+ in terms of MC)?

There are many issues that are plaguing ELA token price at the moment; some which we are in control of (listing on exchanges), and many in which we aren’t (overall market sentiment). However if I could point out one glaring issue is the lack of liquidity as well as trading options in the US market.

In other markets such as APAC and EMEA, there are more exchanges to choose from, however in the US market, unless you are listed on a small selection of top tier exchanges it is difficult to trade ELA unless you are comfortable with relatively small exchanges such as Kucoin or using a DEX, which needs a more technical know-how of how to use it. Being able to reach out to the crypto-layman will help with the liquidity issue of ELA as well as increase market share and overall visibility.

What should be Elastos’ killer dApp in your opinion?

Not a dApp, but rather a concept; I believe that having a digital identity (DID) will be the next frontier in the internet’s evolution. As we have become more and more incorporated into the digital world in the past decade or so, it will be important to be able to have a digital fingerprint to prove who we are.

In regards to how this ties into Elastos… once a base DID has been established, the possibilities opened up for dApps are endless. Decentralized social media. Decentralized P2P messaging. Decentralized credit and banking. Decentralized marketplaces. The list can go on and on.

How are you going to contribute to the CR Council if you get elected?

One of the glaring issues in the past has been the speed to vote on active proposals. I promise if elected to have my election locked in within the first 72 hours of any proposal alongside a thorough response. No one word “yes” or “no” replies to votes. One week is an eternity in the world of crypto.

Recently we have all witnessed a Top-10 market cap coin collapse to a fraction of what it once was in less than a week. A lot can happen in a week. While I understand the importance of taking time to read proposals and properly judge both pros and cons, the fact of the matter in this atmosphere, time into the market is almost as important as what you are bringing to the market itself.

If you are running for your first time, please introduce yourself to the community. Tell us a little about your background, prior experience, and personal vision for Elastos and Cyber Republic. Or, if you are a former council member, please share your contribution to the CRC that you have made.

My actual name is Dan. I am used to using DR for work to sign documents so that has somewhat stuck. As previously mentioned, I am a design engineer. I have always been a hands-on type of guy. I always wanted to design cars from when I was a kid, but when I realized my last name wasn’t Ford or Dodge, I had a harsh realization that that wasn’t on the cards for me.
While my professional technical background isn’t directly beneficial to the technical side of Elastos, such as coding, my managerial experience has been able to benefit me both in the workplace as well as outside. I feel that I would be able to translate some of these skills into the position of CR Council.

I learned about Elastos back in 2018. After hearing about the Cambridge Analytica scandal and how Facebook and other social media can influence people’s opinion without them even noticing, I realized the importance of how centralized data can be used as a weapon against the people it was designed to help benefit. While I have been a long time community member only recently have I become more vocal and involved with the community.

At the end of the day, I am just your average Joe trying to help Elastos succeed and meet its fullest potential. There is so much untapped potential in the community, core teams, and projects; we just don’t know it yet.

Would you say the design of suggestions and proposals, and the CRC in general, has been effective? What could be improved?

The design of the suggestion-proposal system works, but as MButcho and Nenchy have brought to the table, there is definitely room for improvement. As previously mentioned, time to the market is important. If we are consistently waiting 6 days just for someone to look at the proposal, that is an issue, especially if they can’t chain their vote in time. Many proposals can be addressed in a few days rather than the complete voting period.

The lack of voting has caused many good proposals to fall by the wayside. This is a shame because the penalty for missing a vote is not severe enough considering the magnitude of each vote when there are only 12 elected ballots cast.

Who else would you endorse for being on the Council with you?

I believe that most of the community are good apples as well as most of the elected council members; both first term and second. I would have no issue running with any current members of the community as well as any incumbent council members.

Is there anything else you would like to add?

Quoting the movie “Ms. Congeniality”: I really do want world peace.

Joking aside, while it may seem like things run at a snail’s pace in the Elastos-world compared to the rest of the market, it allows us to think about each decision before making any rash decisions that may harm us in the long run. At the end of the day, we are still a relatively young community. This would be only the third council. Yes, we have had growing pains, and I am sure we will continue to have them, but when you stop growing and learning from the mistakes that you make and have general stagnation, that is when the wheels start coming off the machine.

Please, everyone, feel free to reach out to me on Discord if you have any questions regarding myself and my stances on topics regarding Elastos.

 


This article originally appeared on the Cyber Republic Blog

Sash | Elacity

What is your field of expertise?

The creative industries, dev ops, blockchain and Web3 technology.

What is your goal with Elastos by the end of the council’s next term?

As founder of Elacity, I have the goal to integrate all of Elastos’ technology into the platform, to grow a successful business and showcase to the world how Web3 goes far beyond what most consider it to be today.

Elastos is not a competitor to many other layer1 blockchains, ESC yes, but in fact, Elastos as a suite sits above as a necessary OS component to ensure data and ownership can be stored and moved in a secure environment, catering for both on-chain and off-chain data management.
I’m extremely excited about the technology, its maturity, and the journey we’ve been on to date including the story ahead. It’s our goal, as one of the first teams developing on Elastos, to help see it shine, to offer insight, and experience and ensure we reduce friction points wherever possible. For Elastos to thrive, we must bring together the following formula;

Innovation + commercial spirit + thriving capital markets = great productivity gains It is my goal to help tackle and encourage both the innovation and commercial spirit of Elastos by the end of the council’s next term. I bring an understanding of Web3, development operations and economic navigation with experience serving on both the first and second council under Orchard.

I will take time to review proposals, gather feedback from the community, vote and bring opportunities to the council’s attention through our network wherever possible.

What is the main issue with ELA, looking at its market performance (dropping out of top 100, currently sitting 500+ in terms of MC)?

The main issue with ELA is there is a lack of consensus on its value. Consensus is what drives wealth and ELA has yet to have a viral moment where its technology finds a market fit and external attention forms around the value it provides that others do not. Such a moment is a gold rush moment many wish for. Elastos chose a difficult path with its big vision and it’s one that takes time, but great challenges bring great rewards. We must focus on refining the technology and delivering products which showcase it’s unique utility.

It’s been very easy to compare ourselves to others in this volatile market, and at times frustrating, as the market hasn’t always been rational. Success is found through continuous self-reflection and error correction. No one when beginning a journey has all the answers, and it is on the journey we learn, adapt and grow but, most importantly, we have to jump in to swim. Bull markets drive speculation, and at times grossly overvalue projects. Bear markets drive fear and crush those with no value and force others to innovate. Regardless of either trend and performance, everyone at some point will return to their mean average based on the true value provided.

ELA’s mainchain offers a fantastic and novel place of security, harnessing around 50% of Bitcoin’s hash power. We offer investors one of the safest places to hold a non-custodial digital asset, and should anyone wish to explore and use our world of Web3, they can easily transfer ELA across to our proof of stake sidechains, charging up accounts and using its smart services, such as digital identity or de-fi and data exchange today. As a Bitcoin believer, the significance of this tethered security has yet to be fully appreciated.

Areas that previously lacked that are now being addressed, including: market-making, exchanges and marketing, which are welcomed and new to ELA this year. ELA will continuously be tested, but it has a place in many hearts and this will grow over time, we must keep building, listening and welcoming a diverse community of intellect to navigate our path well.

What should be Elastos’ killer dApp in your opinion?

A peer to peer digital capsule marketplace for trading assets. Such a platform can unlock and create a snowball effect for many industries where everyone from businesses to individuals can use to participate in the digital economy. To date, we have NFT marketplaces, which primarily involve blockchain receipts and payments, successfully bringing in billions per month on popular chains yet only representing a small step into web3 data ownership and trade.

There will be many success stories that come from the Elastos nation over the coming years due to our tech stack. This is very exciting, so we must continue to encourage those building. We only need to be right once for everything else to fall into place and for prosperity to spread.

How are you going to contribute to the CR Council if you get elected?

I’ve had the privilege of serving on the 1st and 2nd-year council for the Cyber Republic under Orchard. With a 100% voting track record, I’ll bring reliability first and foremost. This year, I offer a seat as a builder in the ecosystem, bringing value through the Elacity experience, and offering insights in helping ensure we are both focused on the right goals to be accommodating for others to set Elastos up in the best way possible to reduce friction points and succeed.

If you are running for your first time, please introduce yourself to the community. Tell us a little about your background, prior experience, and personal vision for Elastos and Cyber Republic. Or, if you are a former council member, please share your contribution to the CRC that you have made.

I have a strong understanding of Web3 technology, obtaining a Blockchain strategy certificate from Oxford Saiid Business School. I understand the culture of Web3, including Elastos technology, and have been in the space for many years. I’m a builder, founding ela.city, a Web3 cloud city and data marketplace on Elastos. I care deeply about the need for bottom-up technology and am equally passionate about macroeconomics and how to navigate and understand the changing world around us.

Over the years, whether myself or through Orchard, I have been a part of the important burn topic, deflationary model, Guardians, Web3 conference, Elacity and more. I am prompt, taking the time to attend and participate in biweekly council calls, offering my opinion and being a voice for the community. I will continuously support or critique proposals as a representative and strive to help foster growth, excitement and communication in the ecosystem.

On a personal note, I’m very concerned about where the world more broadly is headed, I believe we are at the end of a macro debt cycle, seeing creative destruction in fiat currencies which represents the most important fabric of our societies. Trust is breaking down globally as a result, tensions are rising and we are entering a paradigm shift where there aren’t many levers left for governments to pull to stop the volatility that’s emerging.

I am, however, very excited and hopeful for the new borderless Web3 nation emerging parallel to this, built using blockchains to reinstate truth and to combat manipulation. It is bringing opportunity through a new monetary system and data economy that everyone can participate in, a needed life raft to new lands. It makes complete sense to me that Web3 technology will only grow stronger and power smart economies in the years ahead as the older systems die off. Whilst it takes time and involves hard work, the journey must be savoured for we are on the right path and writing history.

Would you say the design of suggestions and proposals, and the CRC in general, has been effective? What could be improved?

Yes, it’s been effective, however, one area worth noting is the release of funds prior to delivery. I believe for the secretariat to do the job the best they can, there must be accountability and payment milestones for teams who submit proposals.

Who else would you endorse for being on the Council with you?

This year we had biweekly calls, usually lasting 2-3 hours each time. Whilst not mandatory, there was a lot of additional work and energy given here, discussing topics, becoming aligned and taking time out of our days to attend. I really enjoyed these calls, and the members consistently present and who I would endorse as a result were Feng, Elation, Strawberry, Ryan, Rebecca and Sjun.

I also welcome newcomers like Nenchy and Mbutcho as they have a rich experience in understanding the culture as community builders and moderators. I believe it is important we continue to have diversity this year on the council, from application builders to community supporters, core members, business developers and investors. This way everyone can be represented and can each offer a skill to invite holistic conversation and understanding to successfully push forward.

Is there anything else you would like to add?

Persist. ELA and Elastos have a place in history, the world is moving towards us slowly and we must simply keep building and showing our unique value, there will come a tipping point. We must remain strong and committed to the vision, reminding ourselves what it will provide humanity and most importantly, unify in difficult times. Whilst ELA price may be the reason for upset, great relationships have been forged, the fundamentals of our technology only grow stronger, and the value is in the hearts and minds of those it expands to serve.

Persist. Onwards. Upwards. Elastos!


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It’s that time of year again – Cyber Republic Council elections are upon us!

In the Elastos ecosystem, Cyber Republic Consensus (CRC) plays a significant role in ecosystem policies, tokenomics, and other funding decisions regarding development. Once a year, the Elastos community votes in a new CR Council composed of twelve parties that vote on key decisions affecting the Elastos ecosystem. Now entering their third year, CR Council elections will begin taking place on Elastos Essentials for the first time. As the flagship Super-Wallet application of the Elastos ecosystem, this transition represents a major technical milestone. As previous council members run for re-election and new faces and organizations emerge from the crowd, here’s how to get started registering as a candidate and voting in this year’s Cyber Republic Council elections running from May 12 (Block height 1,162,930) to June 12 (Block height 1,184,530): For more information on the election, including contact info for finding a candidate sponsor, click here and email election@cyberrepublic.org.

Getting Started

Whether you intend to register as a candidate in the CR Council election or participate as a community voter, you will need to take a few minor, preliminary steps to get started.

Step 1: First things first, open the Elastos Essentials application. If you’re new to the Elastos ecosystem, no worries – Essentials is available for free download on both iOS and Android.

Step 2: Deposit ELA into your Essentials wallet address. 5,000 ELA is required to run for Council, and a minimum of 1 ELA is required to vote.

Step 3: (For CR Council candidates only): Register your very own DID in Essential’s DID application. Your DID will allow you to use applications that run on Elastos, and to register for ecosystem events such as the CR Council election.

Step 4: Enter the Election

Select the “CR Council” button under “Elastos Voting “.

When the CRC election begins, the “Vote” button will appear at the top of the “CR Council Members” page. Click “Vote” to enter the “CR Council Candidates” page. After arriving on this page, you can register candidates, vote, and conduct other operations.

All set! Now let’s dive in.

Registration

1. Register to Become A CR Council Candidate

After entering the “CR Council Candidates” page, click the “➕” icon in the upper right corner, and then follow the prompts to complete registration to become a CR Council candidate.

1.1) Click “➕” and you will be prompted with a message.

1.2) Read and accept the agreement.

1.3Enter relevant Candidate Registration information.

Note: You cannot modify “name” after registration.

1.4) Click confirm and enter your password.

1.5) Complete registration.

After successful registration, you will automatically return to the “CR Council Candidates” page, and a prompt reading “Successful Candidate Registration” will be displayed at the bottom of the page.

After successful registration, the candidate will be displayed on the “CR Council Candidates” page after a confirmation of 6 blocks.

2. Update Candidate Information

Enter the “CR Council Candidates” page, and click the “*…” icon in the upper right corner of the page to display the operations menu. Click “Update Candidate Details” to modify relevant information.

CR Council candidates can update “Location” and URL information, but cannot modify “Nickname”. Clicking the “Update” button will initiate a transaction on the CR candidate information update.

3. Candidate Cancellation 

Enter the “CR Council Candidates” page, and click the “*…” icon in the upper right corner of the page to display the operations menu. Click the “Exit Election” button, and a warning prompt will be displayed. After confirming the warning prompt, a CR candidate cancellation transaction will be created.

Notes:

 

4. Withdrawing Pledged Deposits

Candidates who withdraw from an election, are not elected after the end of the election period, or are not re-elected after their previous CR Council term ends, can withdraw their staked ELA through the “Withdraw the Pledge Deposit” button.

After 2,160 blocks (approximately 3 days) after a CR candidacy is canceled and confirmed, the “Reclaim the Deposit” button will appear in the upper right corner of the “CR Council Candidates” page. Click this button, and a prompt will appear to retrieve the deposit. Confirm the prompt to create a deposit retrieval transaction.

Tip: When you retrieve your staked ELA, you need to use the wallet that was used originally for registration.

5. Elected Council Member DPoS Node Binding

In order to fulfill a CR Council member’s responsibilities and obligations, a newly elected CR Council member must bind with a DPoS node.

After the election period ends, newly elected CR members enter the CR member information details page by clicking their personal entry on the “CR Council Members” page. After clicking the “” / “” button at the bottom of the page, a CR Council member then enters the public key of their designated DPoS node and enters the password according to the prompt, thereby binding the DPoS node.

Voting

 

1. View Candidate Information

Enter the “CR Council Candidates” page and click “About Candidate” to read about each candidate.

2. Vote

Enter the “CR Council Candidates” page, select one or more candidates, and click the “Distribute Votes” button at the bottom to enter the voting page.

The upper part of the voting page will display your current wallet’s maximum votes and the total votes cast. Click the “Cast Votes” button at the bottom of the page and enter the password when prompted to complete the voting process.


While the majority of digital art NFTs (non-fungible tokens) available today might seem like extortionate JPEG files, there is no doubt that NFTs are here to stay. Collectible NFTs, simple profile pictures, and other forms of digital art are just the tip of the iceberg.

If you have no idea what an NFT is, then we’ve got your back.

What is an NFT?

The term NFT stands for Non-Fungible Token.

In simple terms, NFTs are digital files that are stored on the blockchain. They cannot be copied, substituted, or divided. The most fundamental NFT use case is that it can prove ownership.

If you own NFT art, the underlying blockchain technology proves and verifies that it belongs to you. This means you can sell it just like you can a digital token.

While the initial NFT hype was around promises and potential, the exclusive properties of NFTs will empower them to radically disrupt entire industries.

The digital collectibles of today might not be as popular in the future — in fact, unless they’re hosted on IPFS or a similar decentralized storage service, then they may not exist at all. Those that do survive could maintain value as retro collectible NFTs, but they won’t be able to compare with the utility of up-and-coming NFTs.

If you asked somebody a year ago about non-fungible tokens, they would have either not known what you were talking about, or told you they were worthless junk. Even today, many skeptics remain, but interest is steadily growing and there’s a clear trend towards utility. NFT use cases are emerging and this is where they become game changers.

So what are some of the use cases for NFTs?

NFT Use Cases: Top 10 NFT Ideas

From the gaming industry to the real estate industry, NFT solutions are becoming more and more accepted. As an emerging technology, the full nature of this groundbreaking concept will only become apparent in the years to come. For now, we can speculate based on the disruptions that are already happening.

Let’s take a look at the top 10 cool NFT ideas that are here to stay.

1. NFT gaming

The gaming industry is booming. Not only is it thriving, but millions of people are already buying digital goods to use in games every single year. The only difference is they don’t own them.

Applying the NFT solution to the gaming industry means that users can truly own their in-game items. This is one of the NFT use cases that appears to be gaining the most traction in terms of mainstream adoption. Popular game companies like Ubisoft have already integrated NFTs in some of their games and have plans to do it much more in the future.

This bold move is despite the backlash from non-crypto gamers who dislike the idea of NFTs in their games. Nicolas Pouard, VP at Ubisoft’s Strategic Innovations Lab, said that gaming is going through a “paradigm shift” and that NFTs are “really beneficial [for the players], but they don’t get it for now.”

The main draw for the use of non-fungible tokens in games is that it gives power to the players and enables them to earn from playing. This innovative approach to the gaming world has already seen huge success with Axie Infinity being played as a full-time job by Filipinos during the 2020 lockdown. The play-to-earn model of NFT games is revolutionary for many reasons. Games can be about more than just having fun, they can also earn you a living — literally.

NFT gaming is also popular because of the trading element associated with it. For generations, gamers have loved to collect and unlock rare game items. Even in recent iterations of games, such as Call of Duty and FIFA, the desire to unlock rare items is still ever-present. In FIFA: Ultimate Team, for example, you can open packs and potentially get yourself a legend like Pele, Ronaldinho, or Zidane. You can sell these on a secondary market to earn in-game coins that can only be used to buy more packs or different players. Wouldn’t you rather be able to sell them for real money?

With NFTs, you can.

With NFTs, you literally own your items and the proof is on the blockchain. With ownership comes the right to buy, sell, or swap. This hearkens back to the days of trading Pokemon cards. No longer will big gaming companies rinse you dry and leave you unable to recoup your investment from in-game items. You can sell them when you’re finished with the game and potentially even make a profit.

Now, imagine an online game where you can play with your digital assets. With recent advancements in blockchain technology, it’s possible for your NFTs to evolve over time. Sometimes this is referred to as NFT 2.0.

Going back to the Pokemon example, imagine if your Pokemon could evolve through experience and more play time. It could go from Charmander to Charmeleon to Charizard, simply through playing the game. This is the essence of NFT 2.0 and play-to-earn NFT games. Not only can you buy and sell your NFTs, but they gain more value the more you play.

Some of the best NFT blockchain companies are working in the gaming sector to innovate and create new types of NFTs. Keep in mind that despite being one of the most promising use cases for NFTs, these NFT platforms are still very early in development and adoption. The NFT space is relatively new and poised to grow.

2. DeFi NFTs


Not all NFTs are about digital art. One of the most innovative non-fungible token use cases that keeps in theme with Bitcoin and the original purpose of cryptocurrency is DeFi NFTs (Decentralized Finance Non-Fungible Tokens).

There are plenty of examples of NFT applications within DeFi already. These types of NFTs provide crucial financial benefits. They may come with artwork too, but due to the emerging technology of smart contracts, their main draw is utility.

To use an example from the DeFi ecosystem of Elastos, you can use your Phantz NFTs to get staking bonuses on Glide Finance. By holding Phantz NFTs, you can get a boost of up to 28.22%!

However, NFT use cases in DeFi don’t stop there. CreDA uses cNFTs, i.e. Credit NFTs. Their NFT model means you can have a credit score on the blockchain, through which you can enjoy privileges such as low-collateral or even collateral-free loans! In the future, the CreDA team aspires to enable real-world credit scores to affect your ability to take out decentralized loans without collateral.

These are just a few of the innovative ways in which decentralized applications, particularly in DeFi, can integrate NFT use cases. None of this would be possible without the powerful technology behind NFTs.

3. NFTs in the metaverse

The gaming industry overlaps a little with the metaverse — it’s similar in many ways. Metaverse NFTs won’t just be limited to virtual avatars though. There are now plenty of options for digital real estate in the metaverse too. Virtual worlds are being divided into land parcels that you can purchase as NFT items.

Digital real estate empowers gamers to own specific parts of the metaverse world that they’re playing in. It brings an entire ecosystem to life by creating in-game currencies with real-world value. The NFTs of virtual worlds will hold unique and exclusive properties that allow you to rent your digital space out to marketers. While this might initially sound ridiculous, big brands are eager to display their products or services in a virtual world that will be accessible by millions of potential customers.

This means that NFT owners can earn passive income from owning virtual real estate. The digital scarcity applied to NFT tokens ensures that there is a limited number of digital assets available in any given virtual world. This incentivizes trading as people will have to buy their desired digital assets from NFT marketplaces once the initial allotment has sold out.

As more and more people enter a specific metaverse, the land that most people will see first becomes more expensive and more appealing to marketers.

4. Private membership experiences

One of the earliest NFT use cases to be created was exclusive access to specific communities. Just as Clubhouse was once an invite-only social media platform for the rich and famous, NFT collections have been used as entry tickets to exclusive communities. The ownership of the NFT tokens can be verified on the blockchain, therefore it’s impossible for somebody else to gain access to the community without the specific NFT.

While the image may be replicated, this interesting use case can’t be without proof of NFT ownership.

Not only could NFTs serve as an entry ticket to exclusive communities, but they can also be used to access premium experiences. For example, Gary Vaynerchuk recently opened the world’s first NFT restaurant…

Membership to the restaurant — known as Flyfish Club — can only be purchased as an NFT. By ownership of one of their officially minted NFTs, you can receive a private dining experience at the restaurant.

This type of membership empowers anybody to join if they have enough interest and money, unlike invite-only platforms or communities in which you have to know somebody who knows somebody to be a part of the crew. The good thing about this is you can also resell your membership NFT, possibly even making a profit if interest in the club has increased. You don’t need to know the buyer. They can be anonymous and still receive the perks of the non-fungible token use cases.

This type of model can be replicated by other experience-based businesses too. Upcoming NFTs may disrupt the monthly membership fee model that currently exists.

5. Data ownership

How would you like to verify that you own your username across all socials? In fact, you won’t even need a different username for each social, because once you own one and it’s linked to your decentralized identity, then you can automatically use that to log-in for all your other socials.

Check out our post on digital identities and DIDs here to learn more about this fascinating technology and how Elastos is paving the way for a decentralized web 3.0 (or if Jack Dorsey has his way, web5).

To go into a little more detail, you can effectively own your own identity online. This is already possible on Elastos with their DIDs. You can also register the name of your crypto wallet so people can send you things more easily.

One of the NFT use cases linked to digital identities is that of birth certificates and other forms of identity verification. It will be possible to issue NFT birth certificates to newborns. This could be a huge step in preventing identity fraud in the digital future.

NFTs can also be used to store sensitive medical data in a safer way than a hospital’s centralized database. You could verify a patient’s medical information without compromising its confidentiality. The most important thing is that you own your data.

In the case of DIDs, which use the same underlying technology as NFTs and cryptocurrencies, something known as a zero-knowledge proof plays a major role. Zero-knowledge proofs allow you to verify something — your age, for example — without ever revealing what your actual age is. The person running the check will never know your private information.

By implementing these types of NFT use cases, we can create a decentralized internet that gives power to the people.

6. Events and tickets

We already touched upon the way NFTs can be used to join exclusive communities, but what about regular events and tickets? Just like how culturally important ticket stubs can now sell for astonishing sums, an NFT representing a ticket may be kept and held onto if the event has significance.

One of the most obvious NFT use cases is to digitize and simplify processes. In the case of ticketing, a regular paper ticket can get damaged or lost. NFT tickets are available on your phone, so long as you don’t lose your password — but as mentioned above, NFTs are also making it easier to have just one log-in for all accounts. Even losing a password will become far less likely on web 3.0.

Additionally, NFT tickets are cheaper to produce and less time-consuming than their physical counterparts. They can also have a royalty fee built in so that the NFT ticket seller can perpetually earn from the event long after it’s over.

Not only are NFT tickets digital replacements of physical assets, they are also sufficiently technologically superior to be able to counter fraud. With blockchain technology, it’s possible to verify ownership and create digital scarcity. For instance, if a venue only holds 1,000 people, it can be guaranteed that there are only 1,000 tickets. No more overbooking. No more counterfeit tickets. Only the 1,000 NFT owners will be permitted to enter.

This would also work on public transport to streamline the travel industry. Take plane tickets for example. Wave goodbye to the days of waiting hours for airlines to give you your boarding pass, or accidentally overbooking your flight. Passengers will be given an NFT, scannable by a QR code and traceable on the blockchain. If you have your NFT ticket, you can rest assured that your journey is guaranteed. If the flight is canceled for whatever reason, the NFT could still be valid for the rearranged flight — or swappable for one that is valid.

7. Music

The main advantage of NFTs in the music industry is that it cuts out the middleman in terms of royalties. Every time the NFT changes hands, the musician receives the royalty automatically. Royalties are programmed into the smart contracts and therefore impossible to interrupt. There will be no delay in receiving the funds either.

Strictly speaking, this doesn’t just apply to music. Authors will be able to receive royalties too. And that Ebook you bought? You can sell it once you’ve read it. This is the beauty of NFTs.

But going back to music, there are plenty of other advantages of utilizing NFTs. Many of the benefits of NFTs in the music industry overlap with ticketing and exclusive communities. This is because the ownership of an NFT can grant “backstage” passes and other forms of interaction with fans. It brings a new wealth of experiences that were a lot more difficult to organize before.

NFT buyers may also be able to receive additional benefits from their favorite music artists too. For example, there are several musicians who are giving a percentage of their streaming proceeds to their NFT owners. One of the most recent musicians to adopt this tactic is the rapper, Nas.

He launched NFTs for 2 of his recent songs, “Rare” and “Ultra Black”, with three tiers of streaming royalty ownership. If you own one of these NFTs, you earn a cut every time that song is streamed. The funds are released to your wallet intermittently.

By partnering with Royal, Nas and other artists are able to leverage the technology of NFTs to bring themselves closer to their fans.

8. Supply chain

There are a myriad of problems when it comes to the supply chain industry, particularly within the food sector. In an increasingly distrusting world, people want transparency. Right now, it’s impossible to verify where things come from. We have to trust that big businesses are honest. With non-fungible tokens, we can trust code – not corporations.

One of the most game-changing NFT use cases, tracking goods by minting a digital equivalent can solve tons of problems in maintaining the authenticity of supply chain data. VeChain and OriginTrail are two of the largest projects that are focusing on this particular NFT solution.

Imagine being able to verify exactly when and where each and every ingredient was sourced simply by checking the supply chain data stored on the NFT. You’d be able to open your fridge, pull out an item of your choice, scan the packet and have all the information you need. This would also apply with products such as wine that tend to increase in value as they age.

Equally, this will work with shoes, clothes, artwork, and practically any other product that is moved from place to place before being sold.

9. Digital art museums

The Seattle NFT Museum opened in January 2022. It’s the first museum of its kind to exhibit only digital art NFTs, or “blockchain art”. The co-founders, Jennifer Wong and Peter Hamilton, said “Digital art pushes the boundaries of physical space without the limitations of mediums and materials.”

The Seattle NFT Museum isn’t the only way that NFT art can be displayed in an exhibition format however. There are plenty of websites, particularly for special events, that host exhibitions of NFT art.

One of the more recent topical examples of NFTs on display is that of Ukraine’s “Meta History: Museum of War“. Strictly speaking, it’s more of an NFT collection than a museum, but when you boil it down, what’s the difference between an NFT collection displayed in one place, and an NFT exhibit? Not so much.

As NFT use cases expand and merge with virtual reality technology, there will be many possibilities for digital art museums that you can access via an NFT in an immersive virtual world. You’d be able to view NFTs in virtual worlds and trace each of them back to their original owner.

Crypto Punks and other popular NFTs are already on display in Seattle. How long until Phantz, Bellas and Bunny Punks are on display too?

10. Real estate

While we’ve covered virtual real estate, NFT use cases extend to actual real estate too. Imagine how simplified and streamlined the process of buying or selling physical property would be if all your deeds were in the form of an NFT that was tracked and traced easily by the blockchain.

There would be no need for lengthy bureaucratic dealings that take many months to complete. It could all be as simple as transferring an NFT deed from one wallet to another. For a breakdown of the best NFT wallets, click here.

NFTs replacing paperwork is inevitable. However, it must be said that it may take several years for this to come into effect as the global awareness and acceptance of NFTs must come first.

There may also be difficulty at first in transferring files from the real world to the digital world. It could be a very time-consuming effort that may postpone the adoption of this specific NFT use case. Nevertheless, when its time does come, it will certainly improve the traceability of real world assets.

Honorable mentions

There are too many potential NFT use cases to mention, and many cross over with each other, but here are a few others to consider:

Mint your NFTs on Elastos

With Elacity, Pasar, and Vitrim, there are plenty of NFT marketplaces you can explore on the Elastos Smart Chain (ESC).

As mentioned earlier, Phantz and CreDA’s credit NFTs already integrate DeFi. Profile, a decentralized type of social media, will soon enable private communities for specific NFT owners. The BunnyPunk team is busy building BunnyHop, an NFT platform that will allow users to stake their NFTs in order to earn a token. In the not-too-distant future, the Elien NFTs will be able to be staked in order to earn VitX, the native currency of Vitrim.

These innovative NFT ideas have spawned over the last several months, and it seems certain that more will come soon. Just this month, three new collections launched on Vitrim: The 2821 Club, Galactic Shapeshifters, and Mythic Beings.

Who knows where tomorrow will take us?


This article was written by Matt Leppington


Elastos Info is pleased to announce the third rendition of the Cyber Republic DAO’s annual elections. Now two full years, 78 proposals, and countless funding allocations into the decentralized operation of Elastos’ ecosystem DAO, our 12-member council has collaborated to ensure the brightest future for the Elastos tech stack, its brand and adoption, and the diverse and growing community that has formed around it. Some of the most notable funding accomplishments to date, include: the legal registration of Cyber Republic in the state of Delaware, USA, the onboarding of strategic marketing agency TLGG, as well as funding support for native platforms Glide (DEX), Elacity (NFT and Metaverse), and FilDA (decentralized finance and banking).

Individuals and organizations that intend to run for CR Council are required to stake 5,000 ELA or, for exceptional candidates, find an ELA sponsor for their candidacy. To participate in the election, voters may cast one vote per ELA held in their Essentials wallet across any number of candidates they choose. For full details into the operations of Cyber Republic and its annual electoral process, please visit the CR Whitepaper page at the link below:

CR Whitepaper

Our council will see its third rendition take form in the month ahead:

  1. Registration will open at block height 1,162,930 on May 12, 2022. At this time, aspiring council members may register as candidates to participate in the election. Once a single candidate has registered, ELA tokenholders may immediately begin casting votes.
  2. Voting will conclude at block height 1,184,530 on June 12, 2022. At this time, all outstanding vote counts will be finalized, and the 12 candidates with the highest vote counts will become Council members for Cyber Republic’s third one-year term, which will culminate circa June 11, 2023.

As always, whether you’re looking to participate in Cyber Republic’s upcoming elections or to simply keep tabs on the action, the official Elastos Info Blog is the best place for all of the latest news and updates. Looking to speak to someone about running or finding a sponsor? Please email election@cyberrepublic.org and introduce yourself. In the days ahead, Elastos Info will be releasing an official guide and tutorial for participating in CR Council elections directly from Elastos Essentials. Stay tuned!

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