What makes Elastos a frontrunner in Web3?
Elastos is deploying technologies that protect user identity and privacy while also facilitating maximum trust on Web3. Through our advanced dApps, users can safely and securely interact on the modern internet like never before.
Is Elastos a blockchain project?
Yes and no - Elastos has various core components (which can be explored under the “Components section” that fit within the entire ecosystem but have different purposes and functionalities to meet user needs. The Elastos Mainchain-Sidechain architecture enhances our network’s scalability in order to power these different applications, where all dApps running on Elastos have the ability to interact with several sidechains.
How is the Elastos blockchain decentralized?
50% of the Elastos blockchain is decentralized by Bitcoin and Bitcoin Cash's hashrates.
What's the native Elastos token?
ELA is the native token for Elastos that helps support the underlying network. It's also used for P2P payments, storing information on the Decentralized Chain (EID), and running smart contracts.
How does Consensus Work on the Elastos network?
Elastos utilizes a Delegated Proof of Stake (DPos) mechanism to achieve network consensus, where the $ELA native token is secured by 50% of Bitcoin’s hash rate. With this model, Elastos users vote and elect delegates to validate blocks on the network - the key actors who actually produce these blocks are called merge-miners.
This type of consensus mechanism ultimately provides increased network security that can single out damaged or malfunctioning blocks. Moreover, it’s a far more democratic way of selecting block verifiers and reaching network consensus more quickly.