Saturday, November 28, 2020

Ledger, Chainlink, Money Markets, Oh My!

By Jeremy G.

Elastos announced a plethora of updates this past week:

  • The highly anticipated Ledger integration is finally publicly available.
  • Chainlink Operator Vulcan Link shared an update on Elastos Ethereum Side Chain Oracles.
  • Money markets and token bridges are on the roadmap for Elastos stable coin protocols.
  • Elamask, the Elastos version of Metamask, will be introduced in the near future.

Ledger officially announced hardware wallet integration with ELA. Elastos community members can now secure ELA on their ledger hardware wallet. However, due to Ledger protocol limitations, only up to 20 supernodes can be voted on. Special thanks to Elastos community members MButcho and Coranos for the development of the Elastos Ledger Lite Wallet. A complete walkthrough on how to install and use the ledger can be found here.

Chainlink Node Operator, Vulcan Link, updated the community on the development of oracles on the Elastos Ethereum Side Chain. Vulcan Link successfully deployed an ELA/USD price oracle feed on the Elastos ETH Side Chain test net. They’ve also created an easy onboarding guide for other Chain Link Node Operators. Three Chainlink Operators are now deployed and are running the ELA/USD price oracle. 

Vulcan Link has many plans to build on Elastos. Below are the following plans Vulcan Link has, including a grant from Chainlink to fund a LINK token bridge and the launch of mainnet Elastos/Chainlink Oracles. 

Elastos core team and ETH Task Force will be working hand-in-hand to accomplish visions such as price oracles on mainnet, token bridges, and Elastos money markets. Both teams hope the ETH Side Chain will be fully transitioned to Elastos DPoS. 

 

Clarence Liu also made a video about the Elastos Ethereum Side Chain and roadmap. He spoke about easy onboarding and Elastos’ unique consensus mechanism that secures against 51% attack with the protection of the Bitcoin network. Ethereum Side Chain will have all Elastos services integrated in the future, such as Hive++ and Carrier.

 

Elamask is a web 3.0 browser extension similar to metamask for use in the Elastos ecosystem. Having a separate dApp extension will create a much smoother interface for users. Elamask accepts cross chain transfers to easily acquire ETHELA.   The team is looking to improve block time proposals which will improve the performance of the ETH side chain. By the end of the year, the Elastos stablecoin money market and ETH-> ELA token bridge is set to be completed.

Security Audits will be a priority in early 2021 for the team in order to build trust in moving money into the Elastos ecosystem. This serves as a big marketing campaign for Elastos in general. Yield Farming is another area of interest Elastos is looking to tackle in the future in order to compete with other ecosystems. 

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Jeremy
CR Press Senior Writer. Believer in the new Smart Web. In pursuit of true decentralization.