Read English Version BeL2 Whitepaper
The newly released BeL2 whitepaper, “Be Your Own Bank” unveils a transformative approach to enhancing Bitcoin’s functionality. This innovation integrates the Bitcoin-Elastos Layer 2 solution (BeL2) with Elastos SmartWeb technology, marking a significant leap in Bitcoin’s scalability, programmability, and privacy.
- Scalability and Programmability: BeL2 addresses Bitcoin’s current limitations in handling high transaction volumes and complex programmable contracts. This is achieved through zero-knowledge proofs and BTC-powered Ethereum Virtual Machine (EVM) smart contracts, enabling faster, more versatile transactions.
- Security and Fraud Prevention: The paper details a new innovative mechanism being built for secure transaction verification, utilizing relayers for fraud prevention. This approach not only fortifies security but also gamifies transaction management, providing a robust and reliable Layer 2 network.
- Decentralized Governance: Governed by the Cyber Republic’s Decentralized Autonomous Organization (DAO), BeL2 supports decentralized decision-making, staying true to Bitcoin’s ethos of community-driven innovation.
Impact on Bitcoin’s Ecosystem:
- Unleashing Dormant Value: This exciting new solution unlocks new potential in Bitcoin holdings, paving the way for innovative uses in decentralized finance (DeFi) and digital rights markets.
- Extended Functionality: By leveraging Bitcoin’s robust security, BeL2 significantly expands Bitcoin’s use cases, making it more versatile and adaptable for modern financial needs.
The BeL2 whitepaper presents a straightforward plan for enhancing Bitcoin by integrating advanced technologies where engineering will now commence. This approach, appealing to both Bitcoin users and Elastos developers, aims to expand Bitcoin’s capabilities. The BeL2 whitepaper signifies a key step in evolving Bitcoin, combining its fundamental attributes with new SmartWeb technology for improved scalability, functionality, and privacy. To explore BeL2’s visionary approach and understand how it is set to transform the Bitcoin landscape, read the English BeL2 whitepaper here or alternately 阅读BeL2中文版白皮书.
In Part 1, we explored the pivotal contributions of Rong Chen to the internet’s development, starting with his innovative work in 1987 at NCSA on data rendering algorithms. This era was essential for the evolution of the internet, marked by the introduction of the first TCP/IP protocols for IBM PCs and the genesis of the World Wide Web in 1989. Rong’s involvement was key in transitioning the internet into a user-friendly platform. During his time at Microsoft (1992-2000), he further advanced OS development, focusing on multimedia systems and secure computing, a testament to his forward-thinking technological approach.
As the internet evolved from Web 1.0, a basic platform for reading content, to Web 2.0, an interactive space fraught with challenges like data centralisation and privacy issues, Rong’s insights and experiences became increasingly meaningful. This evolution paved the way for Web 3.0, centering on user security, data ownership, and decentralisation—simplifying and enhancing the groundwork laid by Web 2.0. This slow yet significant approach in computer science signified a change towards a more secure, user-centric internet. These foundational principles inspired Rong Chen to establish Elastos, a pioneering Web3 platform, which will be further explored in Part 2.
“The network is the computer.” Rong Chen
Core Technological Principles
Post his time at Microsoft in 2000, Rong relocated to China to spearhead the development of a new operating system, Hexin, amidst tough challenges. His innovation with a C++ virtual machine established a secure, sandboxed environment, laying the foundational architecture of Elastos. The incorporation of blockchain technology in 2018 was a pivotal moment, endowing the platform with decentralised security, immutable records, and smart contracts—cornerstones of a trust-based, secure internet. This integration, along with Rong’s expertise in operating systems and computer science, simplified internet architecture, moving from a centralized to a decentralized network OS. This shift redistributes power from central entities to individual users and communities. Here are the core components:
- Sandboxing: Elastos revolutionises security through sandboxing, isolating applications to prevent malware spread and safeguard user data. This contrasts starkly with the current internet model, where apps often have extensive system access.
- Peer-to-Peer Communication: Elastos transforms internet communication with a peer-to-peer model, facilitating direct data exchange between devices sans central servers, thus enhancing privacy, security, and efficiency.
- Decentralised and Trust-Based Interactions: Blockchain technology in Elastos underpins a secure, decentralised system with an immutable ledger, pivotal for safeguarding transactions and preventing data breaches and misuse. Elastos combines a main chain for essential transactions which is merged mined with Bitcoin for security with adaptable side chains for fast tasks like smart contracts and identity services.
Elastos as a World Computer
Elastos can be conceptualised as a “World Computer”, a decentralised network mirroring a singular, global computer. This network enables secure data storage, processing, and communication among its users. Its comprehensive framework integrates various components, each akin to parts of a traditional computer. Here’s a breakdown of Elastos’ components and their parallels in a traditional computer system:
- Elastos Runtime (The Virtual Machine): Mirroring a computer’s operating system, the Elastos Runtime serves as the primary interface for running applications. It hosts decentralised applications (DApps), akin to an OS within an OS.
- Elastos Hive (Storage Solution): Hive operates as a decentralised storage system, similar to a computer’s hard drive. It facilitates secure and decentralised data storage and retrieval.
- Elastos Carrier (Network Layer): Comparable to an internet connection, the Carrier enables peer-to-peer communication between nodes in the Elastos network, circumventing the need for centralised servers.
- Elastos Blockchain (Trust and Security Layer): This backbone of the Elastos ecosystem is akin to a computer’s security and trust protocols. It’s merged-mined with Bitcoin and provides decentralised trust, records transactions, and manages digital identities.
- Elastos Sidechains (Scalability Solution): These function like auxiliary processing units, providing additional capabilities and scalability without burdening the main blockchain.
- ELA Tokens (Transaction and Governance Mechanism): Serving as the currency within Elastos, these tokens are akin to resources or credits in a computer system, managing processes and prioritising tasks.
- Elastos SDK (Software Development Kit): Similar to a computer’s development tools, this kit equips developers to create DApps for the Elastos ecosystem.
By integrating these components, Elastos forms a comprehensive “world computer”, redefining application operation, data storage, and transaction processes in a digital environment. It emphasises decentralisation, security, and user control. By decentralising the network, Elastos aims to tackle key issues plaguing the current internet, such as data monopolisation, security vulnerabilities, and lack of user autonomy.
E Last OS – The Last OS
“Every Web3 app has its dedicated compute space, provided by the hosting device’s OS or the browser’s WebAssembly. Additionally, each Web3 app is equipped with its embedded OS, with dedicated binary executable code loader and interrupt handlers, that can thwart reverse-engineering attempts on decryption keys. This design ensures that the loader can scrutinise the hash value (SHA256) of each executable file against the dependency list in the caller file’s resource section. In essence, every Web3 app has its own built-in trustworthy computing mechanism, eliminating the need to trust external entities, a crucial aspect for Web3 security. Given the diversity of mechanisms employed by different apps, it becomes very challenging for an open-source Web3 Network OS to compromise the security of a Web3 app.” Rong Chen
This vision simplifies Web3 app security: each decentralised app (DApp) functions in its own secure runtime environment with an embedded OS. This design eliminates the need for complex external security measures, focusing on internal protocols like specialised code loaders and SHA256 hash checks. This approach directly enhances trust in the Web3 space, embodying Elastos SmartWeb’s commitment to a secure, independent, and simplified Web3 application security framework.
In this new paradigm, the internet is no longer a series of centralised servers owned by a few corporations. Instead, it functions as a global, cooperative network where each node contributes to the overall system’s stability and security, and binary code moves peer to peer, validating blockchain rights before running the DApp. This approach fundamentally alters how data is stored, shared, and managed, empowering users with greater control over their digital identities and interactions, addressing Web 2.0’s centralisation issues such as single points of failure, corporate control over data, and lack of transparency.
Elastos SmartWeb (Interconnectivity Layer)
In Elastos’ vision for Web3, Rong Chen birthed the term ‘SmartWeb’, a category which transforms the internet into a user-driven, interactive ecosystem. The SmartWeb is analogous to a computer’s web browser or internet suite. It enables interconnected services and applications on the Elastos network, allowing for a seamless and integrated user experience. It merges decentralised technology and security, transitioning from centralised control to a more democratic space where users own and control their data.
“On the current internet everything you share is a copy and doesn’t have much value. The internet of value is scarce. Today we trade offline goods, but can you trade online virtual digital assets and build a virtual economy which protects users data? To send a digital asset you have to send code not, for instance, a file that can be played by a media player. You have to send binary code, which runs like a program and validates itself and checks the blockchain, do you still own it? When you’re sharing code we call it a Smartweb.” Rong Chen
Components and Functionality of SmartWeb
- Decentralised Structure: SmartWeb utilises Elastos’ decentralised structure, operating across a network of distributed nodes rather than central servers, enhancing security and preventing singular entity control.
- Security Through Sandboxing and Blockchain: Security in SmartWeb is multifaceted. It employs sandboxing technology to isolate applications, preventing malicious software from affecting the system or accessing user data without permission. The integration of blockchain technology provides an immutable ledger for transactions, fostering trust and transparency.
- User Empowerment and Control: SmartWeb is designed to return control to users. Through decentralised applications (DApps) and digital identities, users gain autonomy over their digital interactions, managing their data, and controlling how it’s shared.
- Peer-to-Peer Interactions: A vital component of SmartWeb is its peer-to-peer communication model. Unlike the traditional internet, where data often goes through centralised servers, SmartWeb enables direct communication and data exchange between users’ devices and personal nodes, boosting privacy and efficiency.
- Integrated Digital Economy: SmartWeb isn’t just about secure communication; it also fosters a decentralised digital economy. Blockchain and smart contracts facilitate secure, transparent financial transactions without traditional intermediaries.
In the last five years, Elastos has been initiating a paradigm shift in the internet’s evolution, building on ARPANET’s foundational principles. Rong Chen’s vision compels corporations and individuals to adapt, as companies must forgo some control for a decentralised model, disrupting conventional business structures. For individuals, it heralds a new era of digital interaction and ownership. The benefits are transformative: Elastos enhances security, privacy, and user-centricity, supporting true digital ownership. It catalyses individual monetisation and redefines digital private property, enabling users to participate actively and equitably in the digital economy. Users can monetise their content and services directly, establishing ownership rights over their digital assets, a previously challenging feat. Elastos isn’t merely a technological leap; it’s a call to revolutionise our digital world, paving the way for a secure, equitable, and user-controlled digital landscape.
Elastos, a pioneer in decentralised internet solutions, is working on a significant innovation. Since its inception, Elastos has maintained a close link with Bitcoin, sharing a merge-mined history since early 2018. Now, Elastos introduces ‘Bitcoin Elastos Layer2,’ codenamed ‘BeL2,’ a Layer 2 solution for Bitcoin, signifying a significant evolution in its journey. Next week, Elastos will release the ‘Be Your Own Bank’ BeL2 whitepaper. To be the first to read it, turn on notifications on Elastos Twitter for its announcement and join the community’s Telegram group. Here is some supporting information in the lead-up!
Bitcoin and Elastos History
Elastos’ journey with Bitcoin dates back over five years, beginning when BTC.com merged-mined its first block for Elastos’ mainchain at no extra cost, earning ELA rewards. This contributed to gaining over 50% of Bitcoin’s hash power security in the subsequent years. Merge mining with Bitcoin leverages its robust and battle-tested Proof of Work infrastructure, offering unparalleled security to Elastos at a fraction of the cost. This approach not only simplifies the SmartWeb ecosystem by supporting resource-sharing but also fosters a symbiotic relationship, enhancing both security and rewards across networks. It’s Elastos’ fundamental belief that without Bitcoin’s security, no ecosystem is truly decentralised. You can learn more about Elastos’ Bitcoin-powered architecture here.
Bitcoin-secured ELA has been powering transactions across its ecosystem, from gas to staking, and it’s used yearly in its Cyber Republic DAO governance layer for election voting and as collateral for council member participants. This historical connection with Bitcoin now forms the foundation for Elastos’ new direction – leveraging its long-standing relationship to build “BeL2”, a Bitcoin Layer 2 solution aimed at making the $700billion worth value on its Layer 1 more adaptable and intelligent using Elastos technology for various applications in the digital economy.
The BeL2 Architecture
BeL2 represents an exciting move for Elastos, aligning with Bitcoin’s ethos while expanding its utility. BeL2 will augment Bitcoin’s capabilities without altering its core principles. BeL2 aims to address Bitcoin’s limitations – transaction speed, smart contract complexity, and privacy issues, by layering Elastos’ SmartWeb technology atop Bitcoin’s robust infrastructure.
- Zero-Knowledge Proofs: A zero-knowledge proof is a method for proving a fact is true to someone without disclosing any details about the fact itself. In BeL2, zero-knowledge proofs are generated from Bitcoin transactions, allowing the verification of their truthfulness by the Layer 2 network without disclosing transaction details.
- Relayer and Staking Mechanisms: Relayers are responsible for transmitting zero-knowledge proofs to BeL2 smart contracts and validating transactions from the Bitcoin network. Relayers are incentivised and regulated through a staking mechanism, ensuring network integrity and reducing the risk of malicious behaviour.
- Smart Contract Capability: Unlike Bitcoin’s original scripting language, BeL2 introduces more complex smart contract functionalities such as Ethereum Virtual Machine (EVM) logic, allowing Bitcoin users to enter with proofs and opening up Bitcoin Layer 1 to a wider range of decentralised applications. BeL2 is secured by Elastos SmartWeb’s DAO council members, the Cyber Republic, who are voted in annually by its global community using ELA, its Bitcoin-merged mined reserve currency.
Potential Use Cases
BeL2 revolutionises how value is leveraged within the Bitcoin ecosystem. For example, pledging Bitcoin on BeL2 can unlock USDT loans, usable across various platforms.
- Credit Casting Based on Bitcoin Pledges: Transforming Bitcoin on Layer 1 into a collateral asset for credit lines in Layer 2.
- Decentralised Financial Transactions: Streamlining Bitcoin swaps on Layer 1 and asset exchanges into Layer 2.
- NFT Trading and Digital Content Market: Providing a Layer 2 platform that enables secure and private trading of digital content rights, from access, and distribution to royalty, powered by Bitcoin.
Months of planning have led to an architecture plan that harnesses the strengths of both Elastos and Bitcoin. The BeL2 upcoming whitepaper, scheduled for early December, will detail the operational mechanics and timeline, including:
- 3 Months: Development of a Proof of Concept
- 3 Months: Decentralisation of Relayers
- 6 Months: Integration into “Hero” Products
The Elastos Foundation will be sponsoring BeL2. Sasha Mitchell, the CEO and Founder of Elacity and a long-standing member of the Cyber Republic Council (CRC), has been asked to lead BeL2. Working alongside him is Jon Hargreaves, known for launching platforms like Cosmos and LinkedIn, and recently backed by the Cyber Republic DAO. Alongside other ecosystem teams such as Infinity and the Guardians, their mission is ambitious yet clear – to drive market-wide utilisation of Elastos through BeL2 and ignite interest in the SmartWeb.
2024 is shaping up to be a very exciting year. Not only will we witness the release and enhancement of Elacity DRM for video, showcasing Rong Chen’s 2017 vision for the first time, but Elastos’ move to develop BeL2 represents more than a strategic shift; it’s a redefinition of Bitcoin’s capabilities using SmartWeb technologies. Next week, Elastos will release the BeL2 whitepaper and immediately begin its execution. To be among the first to read it, turn on notifications on Elastos’ Twitter for its announcement and join the community’s Telegram group.
Elastos has entered a strategic partnership with the Blockchain Game Alliance (BGA), supporting our integration of cutting-edge Web3 technology into the gaming industry. This collaboration embodies our commitment to pioneering a decentralised digital economy and marks a pivotal step in enhancing our influence and reputation within the gaming sector.
- Enhanced Visibility and Credibility By aligning with the Blockchain Game Alliance, Elastos significantly increases its visibility in the dynamic gaming industry, establishing itself as a credible and influential player. This is crucial for attracting innovative projects into our ecosystem.
- Networking, Collaboration, and Partnerships: Our BGA membership opens doors to invaluable networking opportunities, fostering potential collaborations and partnerships with other industry visionaries. This network will serve as a bedrock for growth and development, especially for our project, Destiny Calling.
- Community Building and Industry Insights: Being part of BGA allows us to actively engage in community building, gaining deep industry insights. This knowledge is vital in staying ahead of trends and aligning our strategies with the evolving landscape of gaming technology.
- Early Access and Industry Integration: Our involvement grants us early access to emerging information and developments within the gaming sector, positioning Elastos favourably for integration and technical collaboration.
- Boost for Destiny Calling: Utilising BGA’s extensive network, we aim to propel Destiny Calling to new heights, attracting interest and fostering potential collaborations.
Elastos will participate in the New Member Presentation hosted by BGA. Elavation representative, Jon, will introduce Elastos to the gaming community, showcasing it’s vision and capabilities (Date TBC). Elavation will also use connections from the Blockchain Game Alliance (BGA) for the support and success of Destiny Calling.
At its core, Elastos offers a robust, decentralized infrastructure, capable of revolutionising how games are developed, distributed, and monetised. By joining forces with BGA, Elastos gains an influential platform to enhance its visibility and credibility within the gaming sector. This partnership is not merely about membership in an organisation; it’s a strategic alignment of goals and a shared vision for the future of gaming.
Elastos’ groundbreaking Elastic Consensus incorporates three core technologies: Auxiliary Proof of Work (AuxPoW), Bonded Proof of Stake (BPoS), and Proof of Integrity (PoI). To celebrate our robust blockchain framework, recent partnership with Staking Rewards, and the Elastos Growth team’s participation at the Staking Summit, we have collaborated with Morfyus—a blockchain-based social network and job platform—to commission three unique, limited edition Elastic Consensus NFTs. Additionally, we’ve infused these NFTs with special utility features! To recap, Elastos’ Elastic Consensus is a revolutionary blend of three synergistic mechanisms:
- Auxiliary Proof of Work (AuxPoW): Leverages the hash power of Bitcoins miners to help secure the Elastos main chain at no extra cost.
- Bonded Proof of Stake (BPoS): Allows stakeholders to lock ELA and gain voting rights, based on which BPoS nodes work with Bitcoin miners to validate transactions.
- Proof of Integrity (PoI): Establishes a democratic governance model, with community-elected council members validating Elastos’ sidechains and governance proposals.
The transition from DPoS to BPoS this year amplified the network’s security and participatory governance, making it a great opportunity to become a validator with Elastos’ Elastic Consensus, aligning with the ethos of blockchain democracy.
Celebrate with Elastic Consensus NFTs!
To celebrate, were created three distinct Elastic Consensus NFTs, each representing a pillar of our consensus mechanism and granting specific utilities.
Launch Date: LIVE!
Scarcity: 264 NFTs in total, 88 total of each.
Price: 20 ELA each
Blockchain: Elastos Smart Chain (ESC)
Mint your NFT here!
Elastic Consensus NFTs Utility
1) AuxPoW NFT: Claim and stake this NFT and earn Glide tokens until Feburary 15th on Elastos’ DEX Glide.
2) BPoS NFT: Claim a 50% discount on validator support services from the Elastos node provider, Elasafe.
3) Proof of Integrity (PoI) NFT: Claim 20% discounts on Elacity’s generative AI services Flint.
Holders of all three NFTs receive the benefits of each as well as the ability to earn additional ELA. This is because all primary and secondary sales go towards daily ELA rewards, which can be collected by those who collect all three NFTs. This campaign will run until February 15th. You will be able to see eligibility and claim daily ELA rewards in the Elastic consensus dashboard here.
If you’d like to purchase a specific NFT, you can do so from Elacity’s marketplace with buy now, auction and offer features. The contracts for trading can be found here:
- Auxiliary Proof of Work (AuxPoW) NFT Contract
- Bonded Proof of Stake (BPoS) NFT Contract
- Proof of Integrity (PoI) NFT Contract
How to Participate
To mint, simply head over to the official mint page. Sign in with your decentralised identity and click the mint button. If you don’t have ELA on the Elastos Smart Chain to purchase an NFT, you can follow this guide.
Elastos is revolutionising digital communication and asset exchange by establishing a secure, trustless, and decentralised Internet platform. Launch into the future of our blockchain with these fun Elastic Consensus Celebratory NFTs—where innovation meets tangible utility.
Mint your Elastic Consensus Celebratory NFTs Here!
In the latest Elastos Bi-Weekly update, the core development ecosystem has witnessed substantial advancements led by Trinity, Gelaxy and Elacity, reflecting a strong commitment to innovation and strategic collaboration.
The Trinity team’s role in advancing Elastos’ ecosystem is marked by their focus on enhancing user experience and security, as well as their dedication to resolving functional challenges across various projects such as Elastos DID Web Service, KYC-me, Essentials wallet and Carrier networking. In the Elastos DID web service, they have significantly upgraded the DID web service. This includes introducing the ability to unbind email accounts in the Security Center, facilitating the import and display of Verifiable Credentials, and improving the access key generation process. Key issues such as incorrect issuer displays in VCs and browser compatibility problems in the user activities list have been addressed, leading to ongoing updates in the DID web services UI/UX design. These improvements are now available in both the staging and production environments, where more information on its release will be announced soon.
The team’s efforts with the Web3Essentials wallet have been geared towards enhancing its reliability and functionality. This includes resolving the complications with NFT trading on OpenSea, updating the integration with kyc-me, and preparing for the release of version 3.0.13 of Web3Essentials, which includes fixes for several accumulated bugs.
In their work on the kyc-me initiative, the Trinity team has tackled the issue of the app icon not displaying correctly during Web3Essentials wallet logins and implemented a backend interface to clear cached user data. They have also boosted the OCR return parameter’s Confidence value to refine identification accuracy, especially in cases of blurry identity document photos. Trinity is continuously improving the kyc-me code, with a particular focus on ensuring its compatibility and effectiveness on desktop browsers. Moreover, under the Trinity Team’s direction, the Carrier service has experienced notable improvements and enhanced community support.
The Gelaxy Team has made significant strides in enhancing the Mainchain and Elastos Smart Chain (ESC) and Elastos ID (EID). For the Mainchain, they’ve nearly completed increasing the side chains’ gas price, optimised state transitions of BPoS nodes and CR members for better stability, and improved the main chain browser to support more detailed statistics. A notable update is the now-online rewards calculator on the main chain explorer.
In the ESC/EID domain, the team resolved an issue where the increased minimum Gas price limit on the ESC sidechain was not effective. They also began repairing the ESC browser to display intra-contract transactions accurately and addressed occasional block instability on the main network EID, ensuring smoother and more reliable blockchain operations.
For Elastos Runtime infrastructure, the Elacity team’s primary goal is to enhance both the security and media playback with DRM-encrypted video capsules for the handling efficiency of the system. To achieve this, they have focused on fundamental aspects such as strengthening the interaction layers between modules, refining the process of Elliptic Curve Diffie-Hellman (ECDH) key generation, and incorporating robust AES-128-CBC encryption to protect media content. Their approach to debugging and playback optimisation, aiming for simplicity and effectiveness, has significantly improved media continuity and reliability.
To further streamline media handling, the team has introduced on-demand media creation, allowing audio only for future music application and achieved more precise synchronisation using Media Source Extensions (MSE), coupled with a thorough restructuring of the player codebase for enhanced organization and efficiency. The team’s efforts in updating the codebase and tools are evident in the integration of the latest remuxing techniques, upgrading to Go version 1.21 for WebAssembly System Interface (WASI) support, and delving into the potential of WebSocket integration for improved network handling.
Finally, the Elacity Team has worked on refining the Elastos runtimes frontend and playback experience. This includes bolstering the metadata infrastructure to better support frontend processing, methodically resolving memory leaks to enhance performance, and proactively tackling specific playback issues related to Chrome’s keyframe interpretation, all aimed at delivering a more streamlined and reliable user experience.
DID Web Service
- Implemented the feature in DID web service to support unbinding of email accounts in the Security Center.
- Implement the functionality in the DID web-services Applications page for requesting to import/show related VCs (Verifiable Credentials) information.
- Optimize the page for generating access keys in the DID web service.
- Resolve the issue in the DID web service where the Issuer is incorrectly displayed when importing VCs.
- Fix the issue in the DID web service where the imported Identity Root is not displayed on the import/export page.
- Address compatibility issues in getting the browser name, as some browsers show undefined names in the user activities list.
- Continue importing UI/UX designs to update the front-end implementation of the DID web service.
- Update deployment in staging and production environments.
- Resolve the issue with NTF trading not being possible on OpenSea.
- Update the integration of kyc-me.
- Accumulated bug fixes.
- Test and release version 3.0.13 of Web3Essentials.
- Resolve the issue where the kyc-me app icon is not displayed when logging in using the Web3Essentials wallet or DID web service.
- Fix the issue where there is no pop-up prompt when the scanned identity document photo is placed too far or too close, preventing further verification steps.
- The kyc-me service backend has added an interface to clear users’ cached data, supporting front-end clearance of cached user data through API calls.
- Increase the OCR return parameter Confidence value to 0.93 to filter out some cases where individuals are incorrectly identified as non-document holders (though the final tests still occasionally result in incorrect identifications).
- Update the kyc-me test environment for further testing and verification.
- Optimize the kyc-me code implementation based on testing suggestions.
- Begin assessing kyc-me support for Desktop Browsers.
- Community support and improvements based on community feedback.
- Most of the work of side chains gas price increase has been completed in relation to main chain.
- Optimize the state switching(from inactive to active) of BPoS nodes and CR members to improve node stability.
- Optimization of the main chain browser to support transaction count, block count and other statistics.
- Revenue calculator, which is now online on the main chain explorer has been updated.
- Tweak and fix the problem that the increase in minimum Gas price limit of ESC sidechain does not take effect.
- The cause of the problem that some of the ESC browser’s intra-contract transactions cannot be displayed has been investigated and the related repair work has been started.
- Handled the problem of occasional block instability on the main network EID.
- Strengthened the security layer between modules, reinforcing the robustness of interactions and data exchange.
- Initiated and refined the key generation process for Elliptic Curve Diffie-Hellman (ECDH), enhancing the cryptographic strength of communications.
- Successfully implemented the key agreement flow, adjusting for operational consistency across C and Golang environments.
- Integrated AES-128-CBC encryption method to secure media content, augmenting the overall security posture.
- Conducted thorough debugging to isolate and rectify the origin of a persistent playback error, improving reliability.
- Extracted and analyzed segment creation from legacy remuxing code, pinpointing the underlying bug within the refactoring efforts.
- Devised a methodology for testing segmented media outside the WebAssembly (WASM) player, utilizing the Linux command line for direct Media Source Extensions (MSE) feeds.
- Achieved seamless video playback using MSE, addressing previous challenges with media continuity.
- The segmentation solution was incorporated into the latest WebAssembly player release to ensure compatibility and smooth playback, which relates to addressing playback optimization.
- Adjusted the new segmentation logic to ensure the seeking functionality works correctly, addressing issues from the last implementation.
- Refined the main codebase to support on-demand media creation, enabling audio-only, video-only, and combined streams.
- Ensured broad compatibility with diverse operating environments, notably WASM and browsers like Google Chrome.
- Successfully streamed segmented video and audio through Media Source Extensions (MSE), demonstrating improved handling and synchronization.
- Refactored the player codebase, moving utility functions to separate files for better organization and readability. This could be seen as enhancing media handling by improving the code structure that supports it.
- Adjusted the player’s data flow to enhance performance and address previous issues, directly relating to handling media streams more efficiently.
- Integrated the latest remuxing improvements to enhance browser buffering capabilities and optimize MSE performance.
- Visualized and analyzed timestamp discrepancies to troubleshoot and rectify Chrome-specific playback anomalies.
- Merged cutting-edge remuxing developments into the de/remux branch, leading to better segment buffering strategies.
- Updated Go to version 1.21, enabling WebAssembly System Interface (WASI) support, which aligns with the latest web development standards.
- Researched the conversion of POSIX sockets to WebSockets and developed a better understanding of network handling and proxying techniques. This update signifies an improvement to the infrastructure supporting the media player.
- Attempted manually setting up a WebSocket server to test and possibly integrate into the player’s networking layer. This falls under updating the tooling to enhance the networking aspect of the media player.
- Enhanced the metadata infrastructure, incorporating mime codec information to aid frontend processing.
- Embedded and operationalized WebAssembly (WASM) code directly within the browser, fortifying the application’s playback capabilities.
- Addressed and resolved a critical memory leak, which significantly improved playback performance and resource efficiency.
- Identified a Chrome-specific issue with keyframe interpretation, with ongoing efforts to understand the rejection of particular keyframes.
- Found a temporary workaround by setting sourceBuffer.mode to “segments,” although a more permanent resolution is being sought within the backend remuxing flow.
Read Elacity’s whitepaper here
In a significant milestone for the digital asset community, Elacity has officially released its much-anticipated whitepaper “The Access Economy in Web3”, marking a new chapter in the management and monetisation of non-financial digital assets. This release not only demonstrates Elacity’s innovative approach to digital rights management but also highlights its strategic incorporation of Elastos technology.
Elacity Founder Sash stated, “In 2018, I created a basic graphic that stated ‘Elacity – peer-to-peer digital marketplace’. First came our NFT marketplace supporting art markets, and for over the last year and a half, we’ve been engineering our upcoming access economy innovation, setting the stage to revolutionise how digital rights and assets are managed online using Elastos SmartWeb technology. This is completely custom-built and a framework which can be expanded to grow markets for all types of digital assets in the years ahead. I appreciate everyone who has believed in our team and been with us to date. Our upcoming MVP will be released in December, and it will open a new door for supporting online user-owned markets. We will continue to expand business models, digital assets, and integrate partners to drive markets. I encourage everyone to understand what we’ve engineered and what’s to come”.
At its heart, Elacity’s Access Economy mission is to revolutionise how digital assets are accessed, traded, and monetised. The fundamental question they address is: How can we ensure the security, scarcity, and value of digital assets in an increasingly digital world? By reimagining digital assets like audio, video or software as secure, tradable, and exclusive ‘Digital Capsules’, Elacity answers this by providing creators and asset owners with unprecedented control and monetisation opportunities, powered by Elastos’ SmartWeb technology.
The whitepaper provides a comprehensive view of Elacity’s Access Economy Protocol (AEP). The whitepaper is more than a technical document; it’s a blueprint for a new digital economy where access equates to ownership and every creator or asset owner is empowered to participate in a fair, global marketplace.
As we celebrate this significant release, we invite you to delve deeper into the Elacity ecosystem by reading the whitepaper. Whether you’re a content creator, a digital asset owner, or someone interested in the future of digital rights management, this whitepaper offers valuable insights into a world where digital asset management is secure, equitable, and user-centric. For updates, follow Elacity’s Twitter here.
To explore Elacity’s visionary approach and understand how it is set to transform the digital asset landscape, read Elacity’s whitepaper here.
Elastos BPoS consensus mechanism revolutionises staking! 2023 saw the advent of Elastos’ BPoS (Bonded Proof of Stake) consensus mechanism, enabling node operators to customise their staking duration and offering greater flexibility to delegators. As a result, this upgrade doubled the number of validators on Elastos in just a few weeks. We’re now excited to share that Staking Rewards, our strategic partner, has added a dedicated Elastos dashboard for BPoS data and insights. Take a look here!
Bonus incentives from the Elastos Foundation and low operational costs create an ideal opportunity to join our validator and staking community today. Staking Rewards is instrumental in sharing this information with prospective validators, including investors looking for assets with ROI. As an extension of our collaborative efforts, the Elastos Growth Team will be present at the Staking Rewards Staking Summit event in Turkey on November 10th, where the team will connect with attendees and showcase the unique features of Elastos’ validator system, along with the opportunities for earning ELA it offers. Follow our Twitter for updates!
“We are excited to bring Elastos staking data onto Stakingrewards.com. With its distinct PoW/PoS model, Elastos has a unique position in the industry and we are looking forward to driving adoption for ELA staking in the ecosystem and beyond.” Mirko, Staking Rewards CEO
“We have recently introduced a new consensus mechanism for Elastos and now the details of our blockchain validators are on Staking Rewards we feel like Elastos has arrived! We look forward to welcoming further node operators to share our Web3 journey. For only 2000 ELA there is an opportunity for node operators to earn pre-halving rewards, including bonuses, at a very reasonable cost – ELA scarcity is part of the economics and locking them for consensus security offers a safe haven for on-chain holders wishing to support us. Staking Rewards adds visibility to the project so we can share what we’re working towards. Elastos has been building for over five years so is here for the long run, and with the next bull run taking shape, it presents an opportunity to join a maturing community with resilient technology as the Web3 story charges onwards.” Fakhul, Elastos Head of Growth
Building upon this momentum, Elastos recently partnered with Alibaba Cloud and Tencent Cloud. These collaborations bolster our SmartWebs resilience with cloud infrastructure and advance DID identity solutions with KYC and verifiable credentials support for privacy-preserving compliance. These partnerships have reinforced Elastos’ standing in secure digital identity verification and enhanced validator confidence in the ecosystem, making today a great time to be a validator.
Next, Elastos is looking to launch an ecosystem accelerator campaign to foster project development across various Web3 applications like DeFi, SocialFi, and NFTs. The campaign will leverage Elastos’ core technologies, including Carrier for communications, EID for identity, Hive for storage, and Elastos Smart Chain for EVM support. Separately, ecosystem project Elacity is advancing DRM technology on Elastos, supporting the development of Elastos’ Runtime technology, an execution environment to support playback of encrypted content like video and music using tradable NFT rights.
Explore the Elastos Staking Rewards Dashboard today and take control of your digital life—identity, finances, and content. With Elastos, it’s possible.
In the latest Elastos Bi-Weekly Update, significant progress has been made across different areas of the project. On the Elastos Main Chain, the core teams have completed the development and testing phases for changing the BPoS voting consensus mechanisms via pledging. This development is expected to bring about greater flexibility and enhanced security to the voting system. Additionally, advancements in Zero-Knowledge (ZK) proof verification are enabling more secure transactions and there have been direct network recovery features undergoing refinements through BPoS consensus logic, helping make the system more resilient. While the Elastos BTC Layer 2 solution is still under research, check out the Main Chain explorer which has also seen an update that enhances data visualization, and a new tool calculating staking rights and rewards which has just been introduced.
On the Elastos Smart Chain (ESC), significant strides have been made in incentivising developer involvement. A new developer incentive mechanism has been implemented, and it’s currently in the testing and verification stage. In terms of transaction costs, there is an ongoing debate about adjusting the gas fees. While a consensus hasn’t been reached, it remains an important point of discussion for making Elastos more rewarding to stakeholders. A preliminary plan is in place that aims to redistribute block rewards to miners, contract developers, and the CR treasury through an adjusted gas fee mechanism.
For the ESC/EID intersection, SPV synchronisation stability has been notably improved, leading to a more consistent block generation speed for sidechains. Issues of unstable block generation due to node failures in the broadcasting mechanism have been effectively addressed, adding another layer of reliability to the network.
In the area of Decentralised Identifier (DID) Web Service and KYC-me, there are plans for significant upgrades by the end of the year. These are aimed at integrating with KYC-me, which is extending its support for multiple eKYC providers. User experience enhancements are actively being worked on, following the trend of continuous improvement seen in the DID Web Service.
This comprehensive series of updates reflects Elastos’ commitment to advancing both its core infrastructure in blockchain technology and decentralised identity solutions. Interested in staying up to date? Follow Elastos here and join our live telegram.
– The core teams have completed the development and testing phases of changing BPoS voting consensus mechanisms via pledging.
– Core teams assisted in ZK proof verification, enabling more secure transactions.
– Work on the BTC layer 2 solution is still in the research phase.
– Direct network recovery is undergoing enhancements through BPoS consensus logic refinement.
– The Main Chain explorer has been updated, providing more comprehensive data visualizations.
– A new tool calculating staking rights and rewards is now live.
Elastos Smart Chain (ESC)
– Implemented a new developer incentive mechanism; ongoing testing and verification are underway.
– A debate about adjusting gas fees is ongoing; consensus is yet to be reached.
– A preliminary plan aims to redistribute block rewards to miners, contract developers, and the CR treasury through an adjusted gas fee mechanism.
– SPV synchronization stability has been improved, resulting in more stable block generation speed for sidechains.
– Addressed the issue of unstable block generation due to node failures in the broadcasting mechanism.
DID Web Service and KYC-me
– Significant upgrades to the DID Web Service are planned by year-end and will be integrated into KYC-me.
– A second partner for eKYC to KYC-me is in the pipeline, extending KYC-me’s support for multiple eKYC providers.
– Work is in progress to enhance the overall user experience.
If you’re well-versed or new to Web3 and considering a valuable contribution, Elastos offers a unique opportunity. The project not only presents a novel approach to blockchain consensus but also provides strong financial incentives for participating as a validator. By coupling Bitcoin’s security, community governance, and a DAO Council’s integrity, Elastos has created a validator ecosystem ripe for efficiency and scalability. Here’s what you stand to gain by joining this innovative network as an Elastos Consensus BPOS Validator!
The Currency: ELA
$ELA is the universal asset within Elastos, underpinned by a deflationary model. The currency has a current circulating supply of 21,364,394 ELA with an issuance cap set at 28,219,999 by 2108. ELA comes from the Elastos Mainchain, a blockchain merged mined by Bitcoin. The next issuance halving is due in December 2025, supporting an increased potential for earning more ELA now rather than later.
The Incentives for Elastos Consensus BPOS Validators
Becoming as a BPOS validator means working with Bitcoin miners to validate transactions on the Elastos Mainchain, with distinct advantages. A full step-by-step guide can be found here.
- APY: Up to 27% APY without BPOS staking incentives program added (see below). Validator Calculator available here.
- Low Entry Barrier: A 2,000 ELA pledge and a $6/month node maintenance fee are all it takes to start.
- Revenue: Active BPOS validators are directly rewarded with 25% of the block rewards.
- Yield: Calculated on the staking amount and pledge time, favouring both new and existing validators.
- Staking Rights: 36 nodes are randomly selected every 36 blocks, ensuring equal opportunities for all.
- Rewards Distribution: Automatically handled by Elastos’ mainchain.
“Setting it up according to the guide was quick and easy. I’m hosting it on a Contabo BOS at $6/month. It’s been running flawlessly since the beginning of BPOS. Rewards are distributed instantly, and on top of that, I regularly receive early rewards from the Elastos Foundation”. – Iggis Popis, BPOS Validator
In Elastos’ BPoS system, participants stake ELA tokens for periods of time using the Essentials Wallet and receive equity tokens to vote on validators. This allows stakers to also earn ELA rewards. Higher yields are found with nodes with fewer votes, and periodic re-voting is necessary once pledge times expire to continue earning rewards, helping revolve validator nodes. A full step-by-step guide can be found here.
- ELA Staking Duration: 10 to 1000 days.
- Equity Tokens: One staked ELA = One equity token for voting.
- Reward Calculation: Proportional to ELA amount and time.
- Pledge Time: Fixed but extendable, within node expiration limits.
- Real-time Adjustment: Benefits updated if pledge time extended.
- Profit Sharing: Node owners 25%, Stakers 75%.
- Special Nodes: 12 CR Council nodes are off-limits for voting.
- Re-Voting: Required at the end of each pledge period.
Special Staking Incentive Program
The Elastos Foundation (EF) has launched a program allocating 1 million ELA for staking on community nodes, designed to aid nodes in attaining the 80,000 staking rights required for activation. This initiative further distributes staking profits to stakers and validator nodes monthly, enhancing your potential earnings.
Staking Rewards Partnership.
Elastos has teamed up with Staking Rewards to highlight the advantages of our consensus system. The Elastos Growth Team will be present at the Staking Summit in Turkey on November 10th. They aim to connect with attendees and showcase the unique features of Elastos’ validator system, as well as the opportunities it offers for earning ELA. Other speakers at the event will include Justin Sun, Founder of Tron, and Anton Bukov, Co-founder of 1inch.
The Power of Elastic Consensus
So how does everything work and come together? Elastos employs a threefold consensus mechanism. A comprehensive technical overview can be found here.
- Auxiliary Proof of Work (AuXPoW): Leverages Bitcoin’s existing computational power to secure the Elastos mainchain.
- Bonded Proof of Stake (BPoS): Allows stakeholders to lock ELA assets and gain voting rights, based on which BPoS nodes work with Bitcoin miners to validate transactions.
- Proof of Integrity (PoI): An additional governance layer for validating sidechains, from identity to smart contract chains, administered by a community-elected council using ELA for voting and collateral.
Five years since its launch, Elastos has made remarkable strides in:
- Identity Management: Through Decentralized Identifiers with Zero/Knowledge Proofs (DID).
- Data Storage: Enabled by HIVE, integrating IPFS and personal cloud hosting.
- Networking: via Ethereum-compatible Smart Chain and decentralised ‘Carrier’ data and messaging communications.
- Security: Using Runtime for secure execution environments for decentralised applications.
Become a Elastos Consensus BPOS Validator today!
The Elastos ecosystem offers not only consensus opportunities for validators and stakers but also possibilities beyond the Mainchain. Soon, stakers will be additionally able to mint BPoS NFTs, receipts which enable secondary markets and trading opportunities through smart contracts on the Elastos Smart Chain. Follow Elastos to stay up to date!
Interested in becoming a validator? Check out our comprehensive guide for a step-by-step process on becoming a validator today.