Cryptocurrency exchange KuCoin today announced that it has listed another exciting project called Elastos.
Elastos is a decentralized project aiming to operate the first internet powered by blockchain technology.
The native currency of Elastos, ELA, is now available for deposit with trading pairs ELA/BTC and ELA/ETH. Buying started at 21:30 (UTC+8) while selling/withdrawal at 22:00 (UTC+8).
Elastos (ELA) Introduction
Elastos is recognized as the first internet operating system that aspires to create a blockchain-powered decentralized Internet. Elastos also utilizes the Internet as a layer on which DAPPs and APPs are operated.
The project has three separate repositories for each segment: Elastos.OS, Elastos.RT and Elastos.NET. Elastos was first built around 18 years ago, with its first campaign in 2003 when they designed a smartphone from scratch; and the second campaign was in 2012 which included the design an OS for industrial IoT devices and mobile device. In simplistic terms, this decentralized system over the Internet applies blockchain to validate the IDS of user, application, as well as machines.
This open-source system has secured funding of over 200 million RMB from the Foxconn Group and other industry giants that saw the huge potential of this project.
See more information on the company whitepaper.
The ELA Token
Elasto’s native and transaction currency is the ELA. The smallest unit of ELA is a satoshi ELA (SELA), which just like with bitcoin and its own Satoshi, signifies one 1000000000th of an ELA.
The entire supply of ELAs that will ever be issued is 33 Million, and the total supply of ELA in circulation will raise every year by 4 %. Elastos will be merge mined with bitcoin, with a token to be generated every two minutes. Merge mining included the process by which an accord is reached on both chains concurrently. From the newly minted coins, the ELA foundation will take 30%, while the miners get the remaining 70%.
