Elastos Foundation Announces Board Changes as it Shifts to Market-Oriented Strategy

Dear Elastos Community,

We would like to announce a recent change to our board of directors. Mr. Rong Chen has resigned from his position due to personal reasons and we have accepted his request. We deeply appreciate Mr. Chen’s contributions and leadership to Elastos over the past twenty years. He has been an invaluable member of our team and we are grateful for his dedication to the Web3 concept of “You own your own data”. We would like to note that Mr. Chen has expressed his commitment and desire to continue supporting Elastos as Smartweb advisor and active member of our community.

As we move forward, we are excited to welcome Mr. Hongjie Hu as our new board member. Mr. Hu has been deeply involved in the blockchain industry since 2013 including the establishment of China’s first blockchain industry association, DACA. He has made invaluable contributions to the establishment and development of the Elastos Foundation, joining as a founding member in 2017, serving as the Secretary-General and leading the Asset Management ‘DAB’ team. He brings a wealth of experience and expertise to the board and we are confident in his ability to help lead Elastos into the future.

For five years, Elastos has been quietly building the foundational components of a full Web3 tech stack. Now, as most of the core technology is ready to be utilized by developers, the Foundation has decided to shift its strategy from a technologyoriented approach to a market-oriented one. This will be achieved through close collaboration with the community-formed Elavation Growth team, led by Cyber Republic Council member, Mr. Fakhul Miah (Elation Studios), who will work closely with the Foundation to identify market opportunities and develop strategic partnerships. By embracing the wider market and expanding our community through inward investment and ecosystem cooperation, we are confident that we can sustain market-driven operations for the next five to eight years. We will continue to support the development of Elastos’ core technology teams and promising community ecological projects.

Aside from the three board members and Elastos Chief Architect, Su Yipeng, the Foundation collaborates and provides sponsorship funding for a number of core teams, including the Product & Services Team, Trinity Tech, Gelaxy, Elacity and the DAB Team. To better align with market conditions, we will work closely with these teams and conduct market-driven performance assessments, while also seeking technological and outsourcing collaborations. We value the participation of our community in this process and welcome their active involvement.

These changes mark a significant milestone in Elastos’ pioneering journey and are part of the ecosystem’s overall ‘Snap Back’ strategy. Together, let us seize the vast Web3 market opportunities of the future and work towards making Elastos one of the most prominent Web3 projects within the industry.

Thank you for your continued support.

Elastos Foundation

April 28, 2023