On March 1st, Kevin Zhang was the guest on “Elastos Talk” to present his thoughts on CR. The sharing of this week is performed in questions and answers. Here is the transcript of what Kevin shared.
Would you please briefly introduce the future business model of Elastos?
As a public chain, Elastos is much like a database or an infrastructure. Its business model depends mostly on the DApps running on it. As a public chain, we can run a variety of games, business applications, communication tools, etc. Once Elastos becomes a platform that supports DApps, ELA will be used to pay the service provider, and then ELA will have a circulation value.
What is the daily work of the CR preparatory committee? What progress has been made?
I am honored to be a member of the CR preparatory Committee. Since last August, we have been preparing for the CR election which is going to happen in August this year, including the establishment of the entire CR charter and the current daily work.
Our daily work includes the weekly meetings among the three committee members and the general secretary Rebecca. In the weekly meetings, we select the highest-rated suggestions that we think are valuable from the CR website. Then we will have an in-depth discussion and vote on this suggestion. If the suggestion gets two or more votes, it is approved. After a transition period of 72 hours, the proposal will be implemented.
Let’s take an example of a proposal that we have passed. I proposed a project named React Native Funding. It is actually a technology platform for community developers and it was suggested by the community last year. There are many application developers using this platform and they might also develop applications for Elastos. Now they need funds to continue development of this platform. Because Elastos will not provide any funds for the community in the future, the suggestion regarding this project was submitted to the CR.
This suggestion ranks the highest amongst all suggestions in the community, so I made the proposal. I explained to the other two members why we need this project. I convinced them and they signed it. Then the suggestion became a formal proposal. If there is no objection, this project will become officially established.
For the next step, the team leader must propose a budget. If the budget is approved, they will build a team to develop it.
How will CR promote community and ecological development after CR officially goes alive?
What I mentioned above is an example how CR promotes community and ecological development. The decentralized organization, the CR, will have all the power. This is very different from traditional companies or organizations where the power is controlled by the top-level people. Members of the CR Council will be democratically elected with DPoS Consensus in August this year. The elected members perform their duties as stated and will listen to the opinions of the community regarding what the community agrees on or opposes.
The power of the CR is given to Council members elected by the community, but they can also be impeached. If a member does not do his/her duty, then they can be impeached (through a mobile app). Then, other members who represent the best interests of community will be elected. This is the basics of how the CR works.
Simply speaking, CR Council is like the US congress. Its mission is to determine a direction that represents the community’s interests and that the community agrees on. CR Council must make several decisions, such as whether to participate in various ecological constructions, whether to support a project, whether to cooperate or stop cooperation on a project, and so on. After the EF (Elastos Foundation) tokens are used up for development, the EF will gloriously withdraw from the stage and community development is carried out by the CR council which will be the highest, and only, authority in the future.
What strength does Elastos have over other blockchain projects?
The technology of Elastos main chain is a relatively mature technology that combines PoW and DPoS to provide a platform more easily adopted for most developers. But I want to say more than just the main chain, because Elastos is not just a blockchain project. In fact, Elastos can be considered a platform for the Smart Web and the public chain should be regarded as a database that cannot be tampered with. The traditional Internet has some components, such as communication protocols, security, and execution nodes. Comparatively, Elastos is a relatively-complete Smart Web infrastructure including a public blockchain, peer-to-peer communication network Carrier, Runtime, and a variety of operating environments, development kits, and Elastos Hive, DMA, etc. All these components form the ecosystem, together.
It is not appropriate to create the dapps directly on the blockchain. Elastos makes the most of decentralized trust which is the strength of the blockchain, but massive amounts of calculations cannot be performed effectively on the blockchain itself. Instead of trying to make all kinds of applications run on-chain, Elastos is committed to building a safe, trustworthy, and decentralized computing environment. On the first layer, we provide a decentralized trust that is fundamentally credible and unchangeable. So how then do we run the calculations?
Our infrastructure has a second layer [sidechains] including P2P networks and computing nodes.
The various apps on the second layer are actually responsible for calculations. The dapps can be run perfectly by combining the computing power from the second layer with the trust and decentralization of the first layer. Therefore, I firmly believe that a large number of apps should not be run on the main chain. This is not realistic and will not meet expectations.
Are proposals voted by the CR Council or community members?
We adopted a DPoS consensus model, but proposals are voted on by council members who are elected by the community. All information is managed with code to avoid human tampering or dictatorship. Information such as voting and impeachment for Council members are coded and written onto the blockchain. If a person is elected, his private key gains access to CR funds. If he/she does not perform his/her duties and obligations, the community can impeach him/her. As long as the number of impeachment votes exceeds a set standard, then the Council Member’s signature will automatically lose the right to spend CR funds.
What special projects does Elastos have compared to other blockchain projects?
Actually, projects will be built on our ecosystem partners [sidechains]. Elastos will not have a lot of applications directly on its infrastructure. We are building the infrastructure such as DID chain, identity verification, DMA decentralized market, basic services, communication networks, etc. We will support developers to build various commercial apps on our infrastructure.
As a public blockchain, we need to make these infrastructures very user-friendly. Software developers can have several choices such as Ethereum, NEO, or Elastos. If our infrastructure is convenient for developers, then we will attract more developers to use Elastos infrastructure.
Please keep your eye on the CR website. People post new suggestions on CR every day. Read the comments of the members on these suggestions. In this way you can understand whether opinions are consistent with your own thoughts. Every token holder is an important member of the community, and your voice can affect the development of the entire community. If your voice is adopted by the CR Council, it will affect the development of Elastos which I believe relies on the joint efforts of everyone.
What are the CR and Elastos Foundation responsible for, respectively?
The CR and Foundation are two completely separate entities. The foundation’s mission is to make the Elastos product, and CR’s work is to organize the community. We have so many members in our community and we must have a democratic mechanism to determine the direction of where Elastos is going. Many important decisions are from the CR. The CR’s decision is from the CR Council members who are elected by the members of the CR.