By Jeremy G.
Edited by Kenneth K
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The Elastos Three-Year Anniversary was celebrated in epic fashion over livestream. More than a half of a dozen Elastos builders and thought leaders, including Elastos co-founder Rong Chen, gathered to celebrate the momentous occasion.
There was a Western and Eastern livestream. We highly recommend reading both. To read the Eastern livestream recap, click here.
Several projects built into the Elastos infrastructure shared their progress. DeFi and DID was a major piece of discussions, along with social media platforms such as Hyper Messenger and Feeds dApp. Hive++, as one of the key puzzle pieces necessary to complete the Elastos product, was also heavily discussed.
Elastos Orchard, the European trio on the CRC, led the discussions.
Q: What are some progress milestones thus far?
Kiran Pachhai of Tuum Technologies shared Tuum Technologies achievements:
- Elastos Academy, a testbed for utilizing the Elastos suite of tools, was one of the first dApps Tuum Technologies has developed. The team gamified the Academy and integrated a lobby chat using Elastos Carrier to onboard developers to Elastos.
- Tuum Tech has recently deployed the Assist dApp which currently allows any user to post their respective DID up to 5 times a day. This allows users to create DIDs without any funds to begin with.
- Another dApp deployed by Tuum is Vouch. Vouch already allows users to validate emails, but will soon include other forms of validation. Read more about it here.
- Tuum Tech has been working closely with the Trinity browser development team in China, finding bugs and putting out fixes.
- The team has also been helping the Feeds team, the social media dApp being created on Elastos, with their development efforts. Users will own their own data on their own respective nodes without any 3rd party interference. Imagine Twitter, without the Twitter company.
Clarence Liu, Elastos VP of Development, answered questions next. Decentralized Finance, or “DeFi”, came up in discussion a lot:
- As recently announced, Elastos integrated Chainlink Oracles onto their ETH side chains. The overall end goal is to develop a stablecoin DeFi protocol on the ETH side chain, powered by Chainlink Oracles to give price feeds on a continual basis. The idea is to create a money market on ETH side chain, allowing users to deposit ELA and get ELA DAI in return for a certain ratio of collateralized assets. Chainlink oracles are running on the ELA Test net in its 2nd week of development with a “long term vision of building a sustainable oracle ecosystem”, as stated by Chainlink Oracle partner Vulcan Link.
- A few months ago, Elastos joined the REN Alliance in order to further their status in the DeFi ecosystem. REN protocol specializes in creating ERC-20 tokens of non-Ethereum projects, which allows opportunities for yield farming on DeFi platforms.
- Through extensive conversations with the Maker Dao team, Elastos will look to migrate Dai into the ETH side chain via a token bridge. Dai will not be minted in exchange for collateral, but rather, transferred. The Maker Dao team “seems excited” to get this money market started on the Elastos ETH side chain.
- Clarence ended with the important fact that Elastos ETH side chain boasts higher hashpower than the Ethereum blockchain itself, with an estimated cost of $450,000 to ETH’s $400,000 per hour for a 51% attack. This robustness and security are great selling points for enterprises. That said, Clarence emphasized the need for a Business Development team with extensive connections in order to secure Enterprise partnerships.
Jingyu Niu, the lead Blockchain developer for Elastos, joined the panel discussion next. He showed great humility in his gratefulness to work on the Elastos project. Jingyu believes the centralized state of the internet is not right, and he believes in Elastos’ vision of the Smart Web:
- Jingyu was excited to speak about the big upgrade to the Elastos Ethereum sidechain at the end of September, which will be important for DeFi integration.
- Jingyu also discussed Trinity, elastOS, and Hive++ layer 2 solutions, making it easy to use Elastos as a storage solution. He explained how all components need continuous polishing. Full Hive++ functionality could be expected towards the end of this year.
- He also hinted at some interesting features in DID that will be coming out, and answered questions on future ‘CryptoName’ integration into the social dApp Feeds.
Peter Strauss of Hyper Messenger and Hyper Connect was next up:
- First, Strauss spoke about IoT (Internet of Things) and Hyper Connect. Mobile and remote devices are now equipped to utilize Hyper Connect, which is powered by the Elastos Carrier. No device is ever connected to outside networks. Hyper Connect can already be used in certain loT environments.
- Strauss and the Hyper team are also helping develop elastOS on desktop. It will become Proof of Concept soon with Carrier and DID integration to come. Peter explained that all elastOS mobile dApps can be routed to the desktop version without changes. The expected release for elastOS on desktop is in November.
Last, but certainly not least, was Elastos Co-Founder Rong Chen. Rong demonstrated his passion and eloquently painted his grand vision for Elastos, the new Smart Web:
- While there is hype around projects such as Ethereum, Polkadot, and Cosmos, people fail to understand that these are still layer 1 blockchain solutions with scaling limitations. Elastos is a true layer 2 solution that will be able to achieve internet speeds, and not mere hundreds or thousands of transactions that other platforms are still trying to achieve. [Elastos is a three tiered consensus mechanism with Aux PoW, dPoS, and CRC. Where most other models with sharding are still susceptible to a 51% attack, this is not possible on Elastos which also can never fork]. Read more about this in the Eastern Community Anniversary Event.
- Rong is confident he can get traditional VC funds to participate in the project if the Smart Web is fully delivered. He believes the Elastos TPS, close to the World Wide Web, will be very attractive.
- Imagine a private Smart Web layer, for example, with DPOS nodes owned by banks for clearance purposes. They could send encrypted messages with digital signatures which represent money transactions and by doing so, eliminate most money laundering issues.
- There could be a sidechain on-demand feature, someday, similar to AWS where a sidechain could be deployed, used, and then dropped when done, all as an easy plug and play solution.
- He looks forward to future dApp incubation, however his main focus is real economy initiatives. Elastos is built for helping the underprivileged and facilitating access to real fiat. Rong believes that DID and the decentralized storage of Hive++/Vault, along with the security of more than half the Bitcoin’s hashpower, will help many people generate wealth. There are crypto dApps and real world dApps; Elastos is a real world infrastructure leveraging crypto.
Q: What are initiatives and business opportunities for the Elastos platform in the future?
Clarence Liu points to the crucial need for audits. In order to bolster Elastos’ reputation within the crypto space, there needs to be 3rd party security audits on the ETH Side Chain in order to test the robustness and security of the network. Clarence also brought up the technical possibility of a private blockchain being built on the ETH Side Chain. The Nightfall module is already available on Elastos which allows devs to reliably build zero knowledge dApps off chain.
Kiran Pachhai reviewed the potential business use cases of Hive++. He believes Hive++ is the final missing piece that completes the Elastos product. With IPSF being slow and inefficient, Hive++ provides a bridge between a centralized and decentralized world. Hive++ stores data in a personal vault, but allows IPSF public storage. Authentication mechanisms are tied through DID and Hive++. Limitless business solutions can use Hive++’s cutting edge technology which actually allows users to control, monetize, and protect their own data.
There’s a ledger lite wallet for desktop already, but ElastOS desktop wallet will have an initial version in a few weeks.
All across the spectrum, Elastos is penetrating different use cases between DeFi, DID, decentralized storage, social media platforms, and much more. The tech is being developed and Rong Chen’s vision is coming to fruition.
Onwards and upwards to the new Smart Web, Elastos.