Welcome to the Elastos Blog
Read it here first
Elastos Bi-Weekly Update – Oct 29, 2023
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.