What currency is Elastos(ELA)?

What is Elastos (ELA)?

Elastos (ELA) is a decentralized, open-source blockchain network designed to foster the development of a decentralized internet or Web 3.0 ecosystem. It seeks to establish a secure and tamper-proof framework that empowers individuals to have full ownership and control over their digital identities and data.

Core Features of Elastos

Elastos distinguishes itself with several notable characteristics:

• Decentralized Identity: The network enables users to create and manage their own digital identities, independent of centralized platforms or governments.

• Data Security: Elastos employs advanced encryption techniques ensuring the privacy and security of user data.

• Smart Contract Platform: The blockchain supports the development and execution of smart contracts, allowing for the creation of decentralized applications (dApps) without intermediaries.

• Interoperability: Elastos aims to bridge the gap between diverse blockchain networks, facilitating seamless transactions and data exchange.

• Virtual Machine Compatibility: The network is EVM (Ethereum Virtual Machine) compatible, which enables developers accustomed to Ethereum to easily deploy their dApps on Elastos.

ELA Token

The native cryptocurrency of the Elastos blockchain is the Elastos (ELA) token, which serves multiple purposes within the ecosystem:

• Network Fees: ELA is utilized to settle transaction fees on the blockchain.

• Staking: Token holders can participate in staking to secure the network and earn rewards.

• Governance: ELA provides voting rights to holders, allowing them to influence development decisions through on-chain governance.

Additional Resources

For further information on Elastos:

• Official Website: https://elastos.org/

• Whitepaper: https://elastos.org/whitepaper/

• GitHub: https://github.com/elastos