Elastos Foundation
Decentralized internet infrastructure secured by Bitcoin's hashpower.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
N/A | Early VC | ||
| Total Funding | 000k | ||
The Elastos Foundation is a non-profit organization established in 2017 to spearhead the development of the Elastos SmartWeb, a decentralized internet infrastructure. The project's origins trace back to 2000, when former Microsoft engineer Rong Chen began developing an operating system designed to address internet security issues. After returning to China from the US, Chen founded Kortide Corp. in 2000 to build the Elastos OS from scratch. His vision was to create a network operating system where applications would not connect directly to the internet, thus preventing a wide range of digital attacks.
In 2017, Rong Chen partnered with blockchain researcher Feng Han to establish the Elastos Foundation, integrating blockchain technology into the long-standing project to create a decentralized "SmartWeb." This strategic pivot attracted significant investment, including from Foxconn in 2013 for IoT applications and an ICO in 2018. The Foundation, registered in Singapore, coordinates resources and provides support for a global network of development teams working on the Elastos open-source platform.
Elastos's architecture is built on four main components: the Elastos Blockchain, Elastos Runtime, Elastos Carrier, and a Software Development Kit (SDK). The blockchain utilizes a hybrid consensus mechanism, merge-mining with Bitcoin, which secures the network with over 50% of Bitcoin's hash power, combined with a Delegated Proof-of-Stake (DPoS) system. This mainchain handles basic transactions, while individual sidechains execute smart contracts for decentralized applications (dApps). Key sidechains include the Elastos Identity (EID) chain, an EVM-compatible chain that supports W3C-compliant Decentralized Identifiers (DIDs). A significant innovation is BeL2, a Layer 2 solution that enables smart contract capabilities for the Bitcoin network.
The Elastos Runtime is an operating system environment that isolates dApps from the public internet, enhancing security. The Elastos Carrier provides a decentralized peer-to-peer network service for communication and data transfer. Together, these components aim to create an internet where users own and control their data and digital assets. The native token, ELA, is used for transaction fees, staking, governance through the Cyber Republic DAO, and accessing services within the ecosystem.
Keywords: decentralized internet, Web3 infrastructure, Bitcoin merge-mining, SmartWeb, decentralized identity, DID, layer 2, BeL2, data ownership, peer-to-peer network, decentralized applications, dApps, blockchain operating system, open-source platform, Elacity, BTCD stablecoin, digital rights management, decentralized storage, Cyber Republic, ELA token, EVM compatible sidechain, data privacy, network security, user-controlled data, blockchain governance