Elastos, founded in 2017 and building on a vision from 2000, is a blockchain-powered internet version. Its recent breakthrough is the introduction of BeL2, a Layer 2 solution leveraging SmartWeb technology to revolutionize Bitcoin transactions. Elastos is using SmartWeb technology to build the Bitcoin second-layer network BeL2, which extends the efficiency and scalability of the Bitcoin network through smart contracts. This endeavor will enable Bitcoin to power a smart economy and effectively release the liquidity of hundreds of billions of dollars in staked Bitcoin assets.
With over 50% of Bitcoin's hash power protecting it through merged mining, ELA boasts extremely high security and credibility in its network, earning it the esteemed title of "BTC Queen" within the community.
## Who Are the Founders of Elastos?
Rong Chen, a former senior software engineer at Microsoft, is the founder of Elastos. He initiated the project after returning to China post his tenure at Microsoft Research. His vision was to develop a web-oriented operating system. Feng Han, a co-founder, joined forces with Rong Chen in 2017 to integrate blockchain technology into the project, thereby advancing its vision.
## What Makes Elastos Unique?
Elastos has four pillars that enable network separation as well as platform flexibility. These are blockchain, runtime, carrier and software development kit or SDK.
The blockchain separates app functionality between the main chain and side chains for each individual application.
This flagship product of the Elastos Smartweb has the entire decentralized ecosystem into a single application.
Elastos stands out with its integration of BeL2, a Layer 2 solution enhancing Bitcoin's capabilities. This integration promises improved scalability, smart contract capabilities, and enhanced security through Zero-Knowledge Proofs. BeL2 aims to address Bitcoin's limitations in transaction speed, smart contract complexity, and privacy issues, heralding a new era of blockchain functionality.
## How Many Elastos (ELA) Coins Are There in Circulation?
Elastos has a maximum supply of 28,220,000 ELA coins.
Keep in mind that Elastos is actively searching for both new and existing DApp projects throughout its Cyber Republic initiative.
## How Is the Elastos Network Secured?
Elastos mainchain, an open-source blockchain protocol, uses a unique Elastic Consensus mechanism combining three systems for robust security and transaction execution. These include Auxiliary Proof of Work (AuxPoW) for block production merge-mined with Bitcoin, Bonded Proof of Stake (BPoS) blending elements of delegated proof of stake and proof of stake for secure block finality, and Proof of Integrity, backed by Elastos' decentralized autonomous organization (DAO), for added security across both the mainchain and sidechains. This combination ensures a secure and efficient foundation for decentralized applications. For more details, you can visit the Elastos Mainchain Introduction page.
## Where Can You Buy Elastos (ELA)?
Currently, you are able to purchase ELA at the following exchanges:
Coinbase
Crypto.com
Bitget
KuCoin
Huobi Global
If this is your first time purchasing a cryptocurrency of any kind, you can start by learning more about buying Btcoin here.
How to Buy ELA on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing ELA. Some reputable platforms include LBNK, Okx, Kraken, and others.
Step 2: Register an Account
Here, we'll register an account on the OKX (registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing ELA.
Step 5: Purchase ELA
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of ELA you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy ELA.
Step 6: Store Your ELA
After purchasing, you can choose to store your ELA in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and ELA assets, be sure to use a strong password and enable two-factor authentication.
ELA Price:The price fluctuates daily, and as of March 30, 2024, the highest price for ELA was $93.96.
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