When was the Elastos (ELA) coin issued?

Issued on September 20th, 2017, the ELA coin is the native cryptocurrency of the Elastos ecosystem and fuels its decentralized identity, data management, and dApp capabilities.

Nov 28, 2024 at 05:24 pm

When was the Elastos (ELA) Coin Issued?

Introduction
Elastos (ELA) is a pioneering blockchain platform designed to revolutionize the internet by empowering users through decentralized identity, secure data management, and a vibrant ecosystem of decentralized applications (dApps). The ELA coin, which serves as the native cryptocurrency of the Elastos ecosystem, plays a pivotal role in facilitating transactions, securing the network, and incentivizing participation.

Issuance of ELA Coin
The ELA coin was issued on September 20th, 2017, through an initial coin offering (ICO) that raised approximately $25 million. It was initially distributed on the Ethereum blockchain as an ERC-20 token, but later migrated to its own blockchain in June 2018, known as the Elastos Smart Chain.

Key Features of Elastos (ELA) Coin

• Decentralized Identity and Cybersecurity: Elastos employs a decentralized identity system that allows users to control their own digital identities and data. This feature enhances cybersecurity and privacy by reducing the risk of identity theft and data breaches.
• Secure Data Management: Elastos provides users with secure data storage options through its decentralized data structures. This ensures the privacy, integrity, and immutability of sensitive data, protecting against unauthorized access and tampering.
• Multi-Chain Interoperability: Elastos has the ability to interoperate with multiple blockchain networks. This allows for the seamless transfer of assets and data across different blockchains, enabling cross-chain collaboration and innovation.

ELA Coin Distribution
The total supply of ELA coins is limited to 33,000,000. The distribution of these coins is as follows:

• Early contributors who participated in the ICO: 50%
• Founders and the core team: 15.6%
• Development fund: 13.5%
• Ecosystem fund: 10.9%
• Marketing and community growth: 10%

Use Cases of ELA Coin

• Transaction fees: ELA is used to pay transaction fees on the Elastos blockchain, incentivizing miners to verify and process transactions efficiently.
• Network security: Miners are rewarded with ELA for securing the Elastos network through proof-of-work consensus, ensuring its stability and security.
• Ecosystem development: ELA is used as an incentive for developers to build and deploy dApps on the Elastos platform, fostering a vibrant ecosystem of decentralized applications.
• Governance: In the future, ELA coin holders may participate in governance decisions related to the Elastos platform, shaping its development and direction.

Conclusion
The issuance of the Elastos (ELA) coin in September 2017 marked the advent of a transformative blockchain platform that prioritizes decentralized identity and secure data management. The ELA coin plays a critical role in facilitating transactions, securing the network, incentivizing participation, and supporting the growth of the Elastos ecosystem. As a pioneering blockchain project, Elastos continues to push the boundaries of blockchain technology, empowering users and unlocking new possibilities in the realms of digital identity, data privacy, and decentralized applications.