How Bitcoin and Elastos Are Redefining Our World – Part 1

In history, technological transformations have been pivotal in reshaping human society. An early transformation brought us the power of steam and mechanised production, fundamentally altering our relationship with work and geography. Then, electricity and the assembly line ushered in a new transformation, followed by the digital age, driven by computing and the internet, which redefined global communication and information access. Today, we stand at the threshold of a new technological transformation, characterised by the fusion of technologies blurring the lines between the physical, digital, and biological spheres.

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Harnessing New Technology

This transformation can create a more sustainable, healthy, and fair world by harnessing cutting-edge technologies such as AI, blockchain, and IoT to create systems that are not only smarter and more efficient but also more responsive to human needs. The tangible outcomes include energy systems that optimise consumption and reduce waste, personalised healthcare treatments tailored to individual genetics and lifestyle, and economic models that offer equitable access to resources, where everyone is rewarded fairly. This phase is not just about technological advancement; it’s about leveraging these advancements to fundamentally improve how we interact with our world and each other, leading to a future where progress is measured not just in economic terms, but in the well-being of all humanity.

However, this transformation can only occur fairly if it is powered by new digital tools that offer improved security and online ownership, from user-owned finance to data control, without third-party manipulation.

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The Impact of Central Bank Monetary Policies

Central bank monetary policies traditionally, particularly the expansion of the money supply, have far-reaching environmental implications. Increasing the money supply typically leads to inflation, devaluing the currency and driving investment in physical assets. This trend exacerbates the overuse of finite natural resources and contributes to environmental degradation. To add, easy monetary policies often result in malinvestments – inefficient and unsustainable investments sustained by distorted financial conditions. Such policies can prolong reliance on environmentally detrimental technologies and industries. In contrast, a free market devoid of central bank interference would likely see investments that better reflect true costs and benefits, including environmental impacts. Hence, central bank actions can indirectly foster environmental issues by maintaining outdated, harmful systems longer than a market-driven approach would allow.

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Bitcoin: A Paradigm Shift in Finance

Bitcoin’s 2009 debut marked a paradigm shift in finance, introducing a decentralised digital currency that enabled secure, direct transactions without central oversight, challenging traditional banking systems and empowering individuals with financial autonomy. Bitcoin, in stark contrast to traditional central banking systems, offers a simplified yet effective monetary model. Its decentralised nature and fixed supply circumvent the common pitfalls of inflation and manipulation associated with central banks. This straightforward approach results in a more stable and predictable financial system.

Grounding Bitcoin’s secure and decentralised framework as the core of the next technological transformation unlocks unparalleled opportunities. It paves the way for innovative financial services and smart applications that are not only grounded in Bitcoin’s robust security but also benefit from its global accessibility and resistance to censorship. Critiques of Bitcoin’s energy use miss its broader impact; it’s not merely consumption but an investment in network security and an incentive for renewable energy innovation.

Bitcoin mining’s adaptability allows it to utilise renewable and untapped energy sources, converting what might be waste into valuable resources, supporting this phase’s focus on energy efficiency and sustainability. By its design, Bitcoin not only redefines financial transactions but also promotes a more efficient and innovative approach to energy use, exemplifying a straightforward yet impactful solution within the context of global energy challenges.

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Bitcoin Inscriptions: A New Digital Paradigm

The emergence of Bitcoin inscriptions adds another layer to this evolving landscape. Bitcoin inscriptions are like adding notes or images to Bitcoin transactions, turning Bitcoin into a secure digital notebook that does more than just handle money. These inscriptions can’t be changed or erased, making them a reliable way to keep records. This feature can change how we manage digital identities, protect creative works, and share data securely. For instance, artists can mark their digital art as their own, and businesses can track products in a way that can’t be tampered with. This adds to Bitcoin’s safety and openness, paving the way for a future where digital dealings are safer, clearer, and more efficient, playing a big part in the advancements of the modern digital world.

However, Bitcoin’s limitations, particularly in terms of scalability and programmability, have been evident, with its network capable of processing only about seven transactions per second. This bottleneck presented a significant obstacle for Bitcoin to truly power the new economy envisioned in this Technological Transformation. At the heart of this new era is the transformative potential of blockchain technology, epitomised by the Bitcoin Elastos Layer 2 (BeL2).

Elastos and it’s Innovation using Bitcoin

Elastos aims to create a secure new internet by building a decentralised blockchain platform. Elastos extends the functionality of blockchain technology beyond mere financial transactions, enabling the development of decentralised applications (DApps) and fostering a digital ecosystem where users have control over their data and digital assets.

The evolution of Elastos is tied directly to Bitcoin, having been secured by its miners since 2018. The birthing of the Cyber Republic DAO introduced a new decentralised governance framework using Elastos’ Bitcoin-secured currency, ELA, which powers dedicated identity and smart chains, ultimately connecting into BeL2 to deliver us to the concept of Smart Finance, Smart Entertainment, and Smart Assets.

Bitcoin Elastos Layer 2 (BeL2), is a groundbreaking innovation that combines the security and trust of Bitcoin with the flexibility and scalability of the Elastos SmartWeb. BeL2 is a special tool that connects Bitcoin with a new system to make it more useful. Just like how a smartphone can do more than just make calls, BeL2 allows Bitcoin to do more than just store money. It lets people create digital agreements and applications directly with Bitcoin.

Elastos can revolutionise how we evolve Bitcoin’s fundamental benefits to engage in more complex and secure financial transactions and agreements, content creation, distribution, access management, and monetisation in all sectors from finance to buildings, robotics, and a vast range of digital assets and intellectual property.

Stay tuned for Part 2 as we dive into these technologies and explore the overarching blockchain architecture of Elastos, and how this system of delivering trust will technologically transform the world around us today.