Edited by Kenneth K
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An online Chinese community engagement event for the 3rd anniversary of Elastos was held on August 22nd, 2020, in Huobi Chat.
Speakers included Rong Chen, Feng Han, Jingyu Niu, Shijun Song, Brian Xin, Keran Wang (Founder of Bit.Game), Shawn (Co-founder of BV Capital).
A Western Community Livechat was also hosted. It is highly recommended that you read both. You can read the summary of the event here.
Speaker: Rong Chen
The event started with Rong Chen. Rong highlighted that what Elastos has done is a Tier 2 network, while crypto projects such as Ethereum (world computer), Polkadot (web 3.0), DeFi, and IPFS are all Tier 1.
For example: hard disk storage can not be used directly. CPU can only use hard disk storage through RAM which means users cannot directly access Tier 1 facilities. Likewise, the world computer of crypto is not a computer that people can access. Web 3.0 is not a web that the people can utilize, and IPFS is not storage that people can use, either. It’s also unrealistic for each project to do Tier 2 by itself. They are separated from each other and cannot communicate with each other.
Therefore, coordination by a network OS is required.
What Elastos has built is:
a P2P smart Internet that ordinary people can use to communicate with each other;
A personal cloud computer (PC2) that ordinary people can use to protect and trade their own data; and,
an economy where legal and compliant digital currency supports decentralized finance that ordinary people could use.
Speaker: Jingyu Niu
Jingyu Niu shared development progress in the major components of Elastos as well as how the pieces integrate and support Elastos Ecosystem development. Right now, most of the major components have been developed and run smoothly, except Hive++ which is to be ready by the end of 2020. Hive++ is the main focus of the core team in the coming months.
Hive++ was designed to be a layer 2 solution which offers faster access to storage compared with IPFS and other cold storage solutions. Such a design is tailored for structural and semi-structural storage which most web applications are currently built on. With layer 2 solutions like Hive++, users can choose to store their data on their personal drives, cloud drives, and/or decentralized storage like IPFS. This could improve the user experience in DApps.
The Elastos mainchain had been running smoothly and additional functions to support CRC consensus will be added continuously.
ETH sidechain is scheduled for an important upgrade in this coming September which enables smooth porting of ETH DApps and better support for DeFi applications such as Uniswap and MakerDAO.
ID chain has been released for some time and was extensively used in various DApps. Assist and Vouch were the DApps that facilitated the adoption of DID services. Assist helps new users without ELA to register their DID for free. Vouch effectively lowers the KYC obstacles by mapping IDs verified by existing known services (e.g. Facebook, WeChat) to DID. Vouch also offers some services free of charge to onboard users.
Carrier has over 200K+ nodes and has been receiving continuous upgrades. WebRTC has been integrated into Carrier and the quality is on par to traditional services in a test environment.
elastOS desktop is currently under development, and a preview version is expected by late Oct/early Nov. The wallet inside Trinity browser will come with a new UI/UX and support various functions such as ETH sidechain, ERC20 tokens, smart contracts and SPV backend synchronization.
With the above major components ready, the core team has shifted its focus on supporting and building economy on the Elastos platform, helping projects utilize the Elastos services as a whole.
Speaker: Shijun Song
Shijun shared his experience in building businesses for the Elastos ecosystem. He summarized his experiences and shared his future plans.
He has attempted to partner with several other projects to help them tap into the blockchain market. However, it is still too early to profit from this market. The corporations that he spoke to were prominent in their industries, but they did not have sufficient knowledge in the blockchain space and his team was the one to educate them. Unfortunately, such cooperation did not yield tangible results in most of the cases. Shijun observed that big organizations usually focused on how to exploit their existing advantages but often were not ready to explore new tech and opportunities within new tech.
Shijun has concluded that there are two ways to build the ecosystem in the coming future.
The first one is to use the existing Elastos community and turn the currently available Elastos tech into commercial products. The benefits would be monetary income and/or users. Pursuing business projects that help build a prosperous ecosystem through use-case demos was less useful to engage.
The second one is to tap into the new economies stemming from the macro economy. When the internet economy arose in 2000, there was a lack of information and products. Whoever provided the greatest amount of information and products could win the battle as they subverted the traditional offline businesses.
However, in the second decade of the 21st century, there was an excess of information. It was no longer a scarcity of information and products, but a scarcity of users. With such a trend, the roles of traditional tech giants were weakened. Simpler, more flexible, and more personal economies arose.
This trend had manifested in the appearance of community online businesses, group buying, micro business, etc. In China, there were more than 10 million people working in micro business. The sales volume has reached 1 trillion RMB per year, and continues to grow rapidly.
It is obvious that blockchain can lower the cost of building trust, and such a quality is essential to build a decentralized “micro economy”, which is a much greater market than what any single blockchain offers.
Shijun and his team are currently working on a project that integrates different aspects, including individuals, cooperations, and micro business via blockchain technology. The aim is to replace the traditional middle man like Taobao.
Within this “new middle layer”, individuals can take back their own data rights; businesses can have direct sales to consumers; corporations can gain extra benefits through helping their clients monetize their data; and everyone can earn from their own contribution just like Bitcoin mining.
The DeFi hype can also be largely attributed to the mechanism of mining through trading. An ordinary margin tool would not create such an overwhelming phenomenon. Shijun and his team would like to introduce individuals and micro business to a medium-less, self-operating platform in which DeFi plays a role. A credit card could be issued to everyone on the blockchain with easy proof of their digital assets and credits.
Since April 2020, the Elephant team was separated from EF and has become an independent team. They’ve paused development of the Elephant Wallet and shifted to the development of mini apps and web services. They have developed the well-received CryptoName.
It is exciting that the team has received CR Funds to add more functions to the Elephant Wallet, including Web3 engine and cross-chain apps and services enabled by the ETH mainchain and ELAETH sidechain interactions.
Business-wise, they are cooperating with a Tier 1 tech team of the Filecoin community. Upon the successful integration of FIL coin into Elaphant Wallet, Filecoin will recommend the Wallet to FIL mining pools. There are already 100K users on Filecoin. Later, there will be more interaction between ELA and FIL ecosystems. It is very promising to attract the investors from the Filecoin community.
With the 30K USD investment from CR, the connection between the Elaphant team and the Elastos community grown even closer. The team has promised to give back 5% – 15% to CR perpetually. This was because the team believes that the potential of ELA had not yet been released and the community will keep growing. They not only want CR to get back its original investment, but they will share what they gain with the community. They believe that giving back to CR is giving back to the community.
Speaker: Feng Han
Feng summarizes that Elastos had delivered technologically and all fundamentals are set at this point, however, it has been a tough bear market these past 2 years. The core team has sufficient funds to finish building the infrastructure of the new Internet and the ratings on Coincodecap, FACS and TokenInsight, were all promising. Elastos has a global community, with a successful CRC running smoothly. The token burn was a demonstration of community consensus through a difficult choice.
He shares that he and the team has been eyeing DeFi lately. While there have already been attempts to integrate DeFi into Elastos ecosystem, they believe that DeFi is still not being utilized to its fullest. Ideally, DeFi should take data in the real world into account.
There is an enormous amount of data on the web, and verified data can be used for generating wealth. The key is to guarantee that users and data are real, and their information put on-chain. After discussing with Keran Wong, Hao Cheng, Song Bao, Brian Xin, Shijun Song et al, they have an idea of a “Personal Oracle”. Without the technical details disclosed, “Personal Oracle” can be realized by using DID, smart contract, and decentralized storage.
“Personal Oracle” would map off-chain data to the blockchain. With a proper incentive mechanism, the information generated in one App could be shared and utilized across multiple DApps via DID. This could be a much bigger economy compared to the 200 million market cap generated by the current realm of DeFi. A white paper on “Personal Oracle” is being drafted.
Speaker: Brian Xin
Brian shared about his previous work and experience since joining the Elastos ecosystem. He believes the development of the ecosystem should follow the market trends. He had participated in building the ecosystem since May, 2018 because at that time, Elastos focused on building infrastructure. Therefore, he established Elastos DMA as a middle layer to introduce a developer friendly interface to facilitate ecosystem development. Although it was an initiative 2 years ago, the concepts are still valid and interested parties can go to elastosdma.org for more information.
The NFT marketplace has become a more trendy topic in blockchain space. DMA team tapped into that area more than a year ago. In the first half of 2019, DMA team released Uptick which was a decentralized ticket selling platform. They spoke to some popular ticket selling platforms such as Ticketmaster and Damai back then. DMA team also pioneered integrating ETH sidechain into their DApps. Such DApps were functional and required a suitable time to go to the market and promote. In the second half of 2019, a Data Privatization Movement was announced. Feng Han and Brian pushed forward that movement. They visited Hong Kong several times and met the management of Asia Television in order to introduce data privatization into the entertainment industry.
Later, along with the outbreak of the Covid-19, Brian and his team created GreenPass to help record personal medical data without sacrificing privacy. He realized GreenPass would not be widely adopted in China so he prioritized international markets where data privacy was a rising concern. In his journey to advocate the use of GreenPass, he realized that it was not effective to ask individuals to install and use the DApp. Instead, it should be a business quest. He turned to seek cooperation with Aviation industry and even the Olympic Games. He published a thesis on IEEE and Elastos tech was introduced to the wider academic field.
All Brian has done so far is capture the opportunities that arose in the market and utilized existing available Elastos tech, e.g. DID for GreenPass. It was essential to follow the market and adapt to it. He suggests two directions to promote the use of Elastos: building DApps within elastOS browser, and the second is to build native DApps. This next year will be exciting with the market sentiment, and the “Personal Oracle” would be a great development on Elastos. He believes that a project with only a whitepaper will no longer have a chance to succeed in blockchain, and it’s time to build concrete bridges that lead to success.
Speaker: Keran Wang
Keran Wang, Founder of Bit.Game and author of the ELASwap suggestion (see here), shares his work, experience, and future plans. Attempts at building DApps and DeFi on Elastos have been continuous and some have yielded tangible results. For example, in 2018, ELAFish and ELALand were introduced as staking games to explore a niche market of a tokenized economy. There were about 50,000 ELA staked in the ELAFish game. Though the marketing of such DApps was not pervasive enough, the experience gained would help for the next steps ahead.
Bit.Game can be summarized in 3 phases. The first phase was in 2018 which focused on DApps. The second phase was from 2019 to 2020 which focused on DeFi. That was when the ELASwap suggestion came out. He believed that the DeFi trend would last a bit longer, but would finally die out if there was no new adoption. Starting 2020, he and his team have been working on the promotion of NFTs. In May, 2020, they launched a simulation game called “Tiantianyouyu”, which has more than 5 million users and 3.5 million user registered with AliCloud real identity. The users form a solid customer base for future DApps on Elastos.
Keran is planning to establish a new NFT issuance protocol on major platforms including Ethereum. Similar to ERC1155, but when an NFT is created, a native token (ETH for ERC1155) would be minted. This ensures that the NFT asset is backed by the value of the native token. This also gives rise to the integration of DeFi as the price of NFT is set with the native token. Keran and his team have already begun their work in this area.
Shawn, the co-founder of BV Capital, explains the rationale of their strategic investment in ELA. The fundamental technology was solid and the team had dedicated their efforts in building the platform for over 3 years. The solid foundation just needed to be fueled by proper marketing and PR to reflect on ELA’s price. Recently, an increasing amount of news has given support to the coin price, such as coin burn, integration with ChainLink, partnership with Filecoin, cooperation with Jubi Eco Fund, and etc.
Regarding the DeFi trend, Shawn highlights working projects like ELASwap being pointed in the right direction. The volume of transactions has increased in recent months thanks to the expansion to the SEA and Korean market, where statistics showed about 40% of the transactions came from Koeran exchanges. Given the signs that a bull market is just around the corner, he expressed great confidence in ELA’s performance in the coming future.