In a world where data is currency and information is power, the lines between our virtual and real-world selves have become increasingly blurred. The digital realm is no longer a separate entity; it’s an integral part of our daily lives. It’s where we communicate, create, and conduct business. But in this digital landscape, who truly holds the reins of control? Who has the power to shape their digital destiny? Elastos, as it celebrates its 6th anniversary, answers these questions with a resounding call to action.
Elastos empowers individuals in an era where data ownership is paramount and information is the currency of the future. With a comprehensive suite of tools and technologies, Elastos invites you to be the architect of the next generation of creative platforms, financial services, and business processes. It doesn’t just envision a world where you take control of your digital destiny; it provides the means to make that vision a reality.
At the heart of this empowerment lies Elastos’ versatile and robust consensus mechanism—a three-pronged approach that is unique, flexible, and, above all, secure. Through auxiliary proof of work (APoW), variable bonded proof of stake (BPoS), proof of integrity (PoI), and sidechains, Elastos ensures that you have the tools to shape your digital future on your terms. In the 2nd part of the “Journey of Elastos- Celebrating its 6th Anniversary series”, let’s embark on a journey to explore how this innovative consensus mechanism puts the power back in your hands, where it belongs.
Elastic Consensus – Shaping Your Digital Destiny
Elastos’ Elastic Consensus is not just a technical concept; it’s a call to action. It’s an invitation for individuals to take control of their digital destinies. In a world where data is increasingly valuable, Elastos provides a unique and flexible framework that empowers you to participate actively in shaping the digital landscape.
The first prong, proof of integrity (PoI), stands as an emblem of decentralized governance. It’s about ensuring that the decisions that shape the blockchain’s future are made collectively and transparently. The Cyber Republic DAO, which embodies POI, gives you a seat at the table. It’s a space where community voices are heard, Proposals are discussed, and decisions are made collaboratively. In a world where information is power, the Cyber Republic DAO empowers you to actively participate in the governance of the digital realm.
Elastos’ mainchain consensus is the second prong of the Elastic Consensus which is anchored by two core components: merged mining with Bitcoin for heightened security and the innovative variable BPoS system. Merged mining taps into Bitcoin’s unmatched security to safeguard the network, while BPoS introduces equity tokens and community incentives, ensuring widespread participation and empowering stakeholders in shaping the blockchain’s future.
Sidechains constitute the third prong of the Elastos Consensus, playing a pivotal role in enabling secure and efficient asset transfers between the mainchain and various sidechains within the ecosystem. This is achieved through mechanisms like SPV, multi-signature transactions, and the involvement of elected Arbiters, ensuring network decentralization and security. Sidechains ensure the seamless movement of assets and represent a crucial element of Elastos’ overall consensus mechanism.
The Cyber Republic DAO: Empowering Community Governance
One of the most remarkable achievements in Elastos’ journey has been the establishment of the Cyber Republic DAO. This monumental development represents a paradigm shift in the world of blockchain governance. It acknowledges the pivotal role played by a vibrant and engaged community in not only the success but also the long-term sustainability of a blockchain project.
The Cyber Republic DAO introduces a decentralized decision-making process in which community members, ELA token holders, and the CR Council collaboratively participate. This process encompasses various aspects, including Proposal submission, CR Council Member elections, and participatory voting. It empowers every individual within the Elastos ecosystem to have a real say in shaping the project’s direction.
Central to the Cyber Republic DAO is Elastos’ commitment to openness, transparency, and inclusivity. It has transformed the governance structure, making it more accessible and participatory. Elastos is not just a blockchain project; it’s a community-driven ecosystem that thrives on the active involvement of its stakeholders.
Mainchain Consensus
Merged Mining
Elastos achieved a significant milestone in its journey with the introduction of merged mining alongside Bitcoin. This strategic move, which took shape on August 26, 2018, followed over a year of rigorous internal development and close collaboration with mining pool partners. The result was a substantial enhancement of the Elastos mainnet’s security.
What makes merged mining particularly ingenious is its ability to harness the hashing power of the Bitcoin network without incurring additional energy costs. Elastos’ initial hashrate quickly surpassed 30% of Bitcoin’s network hashrate, underscoring its position as a prominent player in the world of public blockchains.
The integration of merged mining with Bitcoin not only bolstered Elastos’ security landscape but also contributed to its energy-efficient approach. Elastos demonstrates that security and sustainability can go hand in hand in the blockchain space.
Evolving Consensus: From DPoS to BPoS
Elastos’ evolution in consensus mechanisms from Delegated Proof of Stake (DPoS) to BPoS marked a significant turning point in its journey. BPoS introduced equity tokens and incentives for participation, heralding a future of decentralized consensus that simultaneously prioritizes security and community vibrancy.
Under BPoS, users stake ELA tokens as BPoS equity tokens, which grant them staking privileges based on the quantity and duration of their staked tokens. This innovative approach encourages broader participation and introduces equity tokens tailored for diverse community engagements. Validators play a central role in the process, earning rewards for their contributions to block consensus and arbitrator selection.
Elasots’ transition to BPoS in April 2023 was a bold move towards a more decentralized, secure, and stable blockchain ecosystem. The variable BPoS Consensus positions Elastos as a leader in cultivating an inclusive and robust blockchain landscape.
Sidechain Consensus
In the Elastos blockchain ecosystem, sidechains play a vital role within the overall consensus mechanism. They facilitate seamless asset transfers between the Elastos mainchain and various sidechains through a bidirectional anchoring mechanism.
Cross-chain transactions involve the movement of ELA between the mainchain and sidechains. When users deposit ELA from the mainchain to a sidechain, they send it to a designated frozen address on the respective sidechain. The sidechain’s SPV module monitors the mainchain transaction and creates a corresponding transaction in the sidechain to credit the user’s account with sidechain tokens.
Each sidechain has its own frozen address linked to the mainchain, facilitating asset transfers. Secure transaction procedures ensure the movement of assets between the mainchain and sidechains. Users generate random secrets and corresponding hashes for authentication during transactions. Multisignature addresses play a crucial role in transaction security.
The Elastos ecosystem employs security mechanisms like SPV (Simplified Payment Verification) and elected arbitrators to ensure the safety of cross-chain transactions. Arbitrators are elected by mainchain token holders and are responsible for authorizing token withdrawals from sidechains to the mainchain.
Cyber Republic Council members, in addition to their validator node roles, maintain Arbiter nodes. These Arbiters oversee cross-chain transactions and contribute to the consensus process.
There’s a possibility of adjusting the consensus mechanism for cross-chain transactions in the future, potentially involving a total of 36 nodes, which would include 12 CR nodes and 24 voting nodes. Such an adjustment could influence the governance and decision-making related to cross-chain transactions.
In essence, sidechains are a fundamental component of the Elastos consensus mechanism, ensuring secure and efficient asset transfers between the mainchain and sidechains while maintaining network decentralization and security. This is achieved through SPV, multi-signature transactions, and the role of elected Arbiters.
Conclusion
Elastos doesn’t just provide technology; it provides a philosophy of empowerment. It’s a call to action for individuals to actively participate in securing, governing, and influencing the digital landscape. Whether you’re a creator, an investor, or simply someone who believes in the power of decentralized technology, Elastos empowers you to be an active participant in the digital revolution.
As Elastos celebrates its 6th anniversary, it stands as a beacon of innovation in the blockchain space. The lines between the virtual and real-world selves may continue to blur, but with Elastos, you can ensure that the control over your digital destiny remains firmly in your hands. Embrace the future, shape it, and make it your own, for in the world of Elastos, your digital destiny is truly yours to define.
As Elastos commemorates its 6th anniversary, its journey continues to be characterized by remarkable achievements in governance, security, and decentralization. The rise of the Cyber Republic DAO, side chain consensus, merged mining with Bitcoin, and the transition from DPoS to BPoS exemplify Elastos’ unwavering commitment to reshaping blockchain paradigms. Stay tuned for the next installment in this series, where we will explore further the multifaceted journey of Elastos as it celebrates its 6th anniversary.
