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Elastos’ 4th Anniversary WeChat AMA｜Jingyu Niu, Head of Elastos Fusion
August 30, 2021 — Jingyu Niu, Head of Elastos Fusion, shared Elastos’ project development plan for the next two years at the 4th anniversary, “Elastos Web3 4th” with the Chinese Community. According to Jingyu, Elastos’ project planning for the next two years – whether in the form of ecosystem support or infrastructural development – aims to complete the implementation of ecosystem applications and expand Elastos’ user base.
Jingyu Niu’s talk is translated below in its entirety:
Hello everyone, I am very happy to celebrate the 4th anniversary of Elastos Web3 with you here. The Elastos Fusion team is mainly responsible for product planning related to Elastos, and we cooperate with other teams to complete the development of Elastos’ infrastructure. Today, I would like to share with you our plans for the ongoing development of Elastos.
After several years of development, the core architecture and basic components of Elastos have been completed, and together serve as the foundation outline for a Web3 platform. Over the past four years, Elastos mainly focused on developing the Elastos blockchain (main chain) and platform infrastructure. During this period, we received strong support and contributions from various community teams. The development and maturity of Elastos today are inseparable from the efforts and wisdom of everyone who has contributed to its development.
Concerning our current platform, the development team supported by the Elastos Foundation (EF) will shift their focus from developing infrastructure to developing and supporting ecosystem applications with the primary goal of promoting ecosystem development. Elastos’ blockchain infrastructure and established platform components have been enhanced to support the implementation of applications and provide a superior user experience. This focus on user experience has been reflected in the work completed by various teams, including shorter ESC (Elastos Smart Contract) output times, faster cross-chain asset transfers, faster DID registrations, and the reformation and repositioning of Elastos Essentials. In the future, we will continue to emphasize user experience in the project development vertical.
Seeing as we are focused on ecosystem applications, let’s begin with some applications that are already live on Elastos. Applications like Elanode, Elabox, Profile, and Feeds are community projects that are supported by the EF. Elabox is a hardware project that aims to integrate the basic services offered on Elastos on a single device to promote services for individuals – a mission which is very much in line with the initiative of decentralization. Profile is a social project that deeply integrates Elastos DIDs by establishing credible interpersonal relationships. With the help of community resources, we are now making early contacts with various business partners to find a suitable landing point for Profile.
In the development stage ahead, Elastos aims to support more community projects so that current and future users alike can better enjoy their experience on Elastos. By continuing to optimize Elastos and make it more friendly for users, we will be able to scale and expand our user base more effectively. The consensus model of the main chain is an important part of realizing this goal. In June 2021, we started to change the main chain issuance model such that inflation rates would continue to decrease over time. Such a disinflationary tokenomic model will have a major impact on income for nodes, including those in our AuxPoW (Auxiliary Proof-of-Work) consensus. The blockchain team is currently examining Elastos’ tokenomic model, and a preliminary adjustment plan has already been completed. The adjustments involve Elastos’ core consensus mechanism, and the team is working to fully demonstrate the feasibility and security of their revised model.
Once the team has fully completed feasibility and security tests, they will submit a Cyber Republic (CR) proposal. If the proposal gains sufficient support from CR Council members, development work will be carried out in accordance with the proposal. Apart from the changes in core consensus, the blockchain team will conduct additional research regarding support for ecosystem applications. First off, the team plans to transform the current ESC Sidechain into a standard Layer 2 network. Such a transformation will enable Elastos to attract existing applications from beyond the ecosystem, which is a major strategic initiative for the project. The blockchain team is also investigating Lightning Network as well as Multi-sign and Multi-chain Support, with the objective of further improving user experience.
DID is a relatively mature component of our platform. As a decentralized ID system, DID is applied in various scenarios, such as use cases in CR and Essentials. DID is sufficiently mature to support the development and implementation of various applications. In the future, we will develop more user-oriented applications and components based on DID, such as mobile phone applications and one-click login functions on websites. In addition, we will make one-stop identity authentication features more convenient so that more applications can import and implement Elastos DID features.
A development plan has also been formulated for Elastos Carrier, and development is already in progress. In addition to architectural improvements, the pure P2P (Peer-to-Peer) mode will be transformed into a network model that may contain Supernodes and other federated forms of consensus that can better support the network.
Elastos Hive has been deeply integrated into Essentials. Both data backup and recovery in Essentials are based on Hive. Hive is currently an optional multi-center where users can have their own Hive nodes. Further on in the development process, Hive will place greater emphasis on decentralization by encrypting and storing user data on IPFS to allow for the sharing and transfer of data through IPFS, thereby shifting toward a more decentralized model and providing support for other networks.
This concludes the overview of the development plan and general strategic direction for Elastos. Quite simply, our objective is to provide a superior user experience, and to support and facilitate the implementation of ecosystem applications.
I am also happy to say that the Elastos Fusion team is also entrusted by the EF to support community teams. In the early stages, that means providing support for community projects focused on building ecosystem applications improving upon Elastos’ technical infrastructure. By advancing and supplementing foundational infrastructure, we can expand Elastos’ user base. We’ve already supported the Elavate Finance DEX and Elabox, both of which are making excellent progress in getting their platforms to market.
For other community teams aspiring to develop projects that align with our goals and receive support from the EF, please feel free to contact our product team, which is currently led by Rebecca Zhu Feng. A direct line of contact will be established and announced shortly. Of course, we will rigorously review all projects that apply for support, and we will grant support to those which best meet our requirements.
In closing, the two-year development vision for Elastos aims to promote the growth of the Elastos ecosystem and expand its user base. In order to accomplish both of these objectives, we will be providing key support to both ecosystem applications and Elastos’ foundational infrastructure. That’s all for now. Thank you very much!