Elastos

Frequently Asked Questions

ELA (Elastos) is a digital asset and part of a broader ecosystem aimed at creating a secure, decentralised internet. It benefits from merged mining with Bitcoin, meaning it leverages Bitcoin’s Proof of Work (PoW) security without additional energy consumption. Introduced in 2018, Elastos enhances its security by having over 50% of Bitcoin’s mining power, making its blockchain as robust as Bitcoin’s. Elastos undergoes a halving event every 4 years, which cuts its issuance in half; the next halving is scheduled for December 2024. By 2105, the total supply of ELA will be 281,999.999. ELA serves multiple roles within the Elastos ecosystem, including covering transaction fees, facilitating digital asset exchanges, providing incentives for network participation, granting governance through voting rights, and serving as the primary currency for DApps.

Smarter Bitcoin, powered by Elastos, revolutionises Bitcoin’s capabilities with merged mining and smart contracts, enhancing its utility and security. This innovative strategy leverages Bitcoin’s vast hashing power through merge-mining with Elastos, ensuring dual network security and rewarding Bitcoin miners with ELA. By marrying Bitcoin’s unparalleled security with Elastos’s scalability and flexibility, Smarter Bitcoin marks a significant advancement in blockchain technology, offering enhanced security, efficiency, and utility for both users and developers, paving the way for a more integrated and innovative digital world.

The SmartWeb, conceived by Elastos Founder Rong Chen, introduces a user-driven, secure Web3 era, integrating decentralised technology and stringent security to protect user data and system integrity. Eliminating central server dependency, it enhances security and reduces centralised control risks. Its design features sandboxing for application isolation and blockchain for a transparent, immutable ledger, secured further by Bitcoin mining. This shift empowers users with control over their digital identities and promotes a decentralised economy through peer-to-peer interactions. The Elastos SmartWeb signifies a move towards a democratic, secure, and private internet, prioritising user autonomy, efficiency, and financial independence, free from traditional intermediaries.

Essentials, Elastos’ Super-Wallet, streamlines digital identity, asset management, and interactions within its ecosystem. It supports a diverse range of assets and enables Decentralised ID (DID) registration for digital identity. With decentralized storage, peer-to-peer communication, and access to dApps, it offers key functionalities like automatic DID generation, Web3 interoperability, crypto swapping, and smart contract execution on the Elastos Smart Chain (ESC). Users can also engage in governance via BPoS staking and DAO voting.

To stake ELA and participate in the Bonded Proof of Stake (BPoS) system, follow these concise steps:

  • Download Essentials Wallet: This is the official Elastos wallet, available for both Apple and Android devices. It’s required for all BPoS activities.
  • Acquire ELA: Purchase ELA from exchanges such as Coinbase, Kucoin, Huobi, or Gate.io. For ERC-20 ELA, follow a specific guide to transfer it to mainchain ELA suitable for BPoS.
  • Transfer ELA to Essentials Wallet: Move your purchased ELA to your Essentials wallet to begin the staking and voting process.
  • Stake ELA:
    • Open your Essentials wallet and navigate to the “ELA Staking” page.
    • Select “Stake” and enter the amount of ELA you wish to pledge.
    • Confirm and complete your pledge.
  • Vote for Validators:
    • From the “ELA Staking” page in your Essentials wallet, navigate to the “BPoS Voting” page.
    • Choose validators to vote for, confirm your selections, and cast your votes by specifying the number of days and votes for each chosen node.
  • Claim Rewards:
    • Rewards can be claimed via the “ELA Staking” page by selecting “Withdraw” and entering the desired amount of ELA rewards to claim.

Note: ELA can be unstaked after the pledge period expires but cannot be unstaked before this time. The pledge period ranges from 10 to 1,000 days, and rewards depend on the amount staked and the pledge duration. Voting rights are recalculated in real-time if the pledge time is extended.

BeL2, Bitcoin Elastos Layer 2, is a Layer 2 platform enhancing Bitcoin by enabling its transactions to interact with smart contracts on other blockchains, offering unique interoperability and smart contract extension features. It stands out by allowing Bitcoin to maintain its integrity while engaging in the programmable and dynamic world of decentralised applications (DApps). BeL2 serves as a bridge, making Bitcoin more versatile without changing its fundamental protocol. It supports the development of DApps that capitalise on Bitcoin’s security and user base, thereby broadening Bitcoin’s utility and application scope. This Layer2 solution focuses on cross-chain interactions and smart contract integration, differentiating it from conventional Layer 2 technologies that primarily target scalability or transaction speed improvements.

Elacity is an Elastos project delivering a decentralised Digital Rights Management (dDRM) system to revolutionise digital asset monetisation by eliminating traditional centralised license servers. This innovative approach automates license issuance and enables immediate royalty payments, offering creators and organisations a platform to monetise digital assets directly in a global decentralised marketplace. By encrypting content into “Digital Capsules” distributed across decentralised networks, Elacity ensures secure, transparent, and equitable asset management. 

The system empowers creators with global control over their works through decentralised IDs, supports diverse Web3 business models, and facilitates real-time payments. Elacity’s model fosters direct creator-audience connections, removing gatekeepers and transforming access and IP management by tokenising access and ownership into scarce, tradable units, heralding a new era of digital asset economy.