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by Jeremy G
Elastos thought leaders, Clarence Liu, Kiran Pachhai and Donald Bullers joined the Lunar CRUSH roundtable on Wednesday, February 17th.
The team at Lunar CRUSH did a terrific breakdown of Elastos’ social engagement metrics. This week, Elastos is up a modest 73% in Social Dominance amongst all crypto projects. Elastos mentions are averaging 73 per hour which is up 14%. Bullish social sentiment is up 40% as well. The overall social activity of the Smart Web is up 41% this week including 1400 mentions from popular social media outlets.
The Top 10 Elastos social media influencers are Elastos.info, Rong Chen, Elastos Sash, Crypto Live, Elastos Troll, Elastos Orchard, Elastos Insights, Donald Bullers, Houston Supernode and Crypto Et Al. Elastos spikes in social engagement, depth of mentions, comments and retweets, have all increased.
Each Elastos member gave a brief description of their experience and history with the project:
Clarence Liu was a Software Engineer in Silicon Valley before joining Elastos as the VP of Development. He’s focused his time and energy into CR Regions, the Decentralized arm of Cyber Republic. Other tasks on his agenda is Operations, Compliance, and Business Development leads. A project he’s advising, Opulus, is a music platform he’s looking to bridge into the Elastos ecosystem. Use cases include verification of musicians and copyrights through Elastos DID.
Kiran Pachhai (KP) started out as a community member when Elastos first launched. After the team saw Kiran’s technical know-how and expertise in the field, he soon locked in a position with the Elastos Foundation. He currently works with Tuum Tech as the Technical Lead and spends a lot of time with Elastos Hive, the decentralized storage solution for the Smart Web. Kiran looks forward to building dApps that incorporate Elastos’ unique storage and DID capabilities.
Based in North Carolina, Donald Bullers has been working hard trying to build products and tech with Tuum Tech. He works closely with Kiran, Clarence, and other teams members across the world in Asia, Europe, and the States. Donald helps in the branding, outreach, and growth department. Ultimately his goal is to onboard many developers onto Elastos and build Web3 dApps that are user friendly to the consumer.
Business monetization was a big topic on the panel. The standard in Big tech is offering “free services” in exchange for user data, making users the product. Kiran explained that lots of interesting dApps can be built on Elastos by gathering user data. Typically, advertisers and companies only want a few pieces of data for their particular needs. KP mentioned the example of a company looking at a certain demographic and asking users for their permission to access that data. Users would then be compensated for their data.
Donald took the discussion one step further, offering a data subscription model to garner more users and add simplicity. In late 2020, Elastos was selected by the WEF to attend their prestigious forum. Donald mentioned that himself and Rong Chen are a part of a Data Privacy Task Force for the WEF and are looking into ways to give control of data back to the user.
They are currently drafting guidance for governments to build a data marketplace with a possibility of taxation on data. Lots of interesting regulations and freedoms are in the works for people’s data all across the world.
Clarence stated that data should be worth a fraction of what you spend as a consumer. The sharing and monetization of data should be fair and better distributed in order to benefit all people. Donald states that data is not only more valuable than oil, but it may even be more valuable than currency itself. If data is stripped away from businesses and corporations, they are blind to creating a direction in their overall business strategy.
Elastos has been commonly referred to and compared to an Aircraft Carrier. KP shed some light on this comparison:
There are two main components in the Elastos architecture that truly takes away the centralized intermediary: Carrier and Hive. When someone sends a message on Carrier the traffic gets routed via end-to-end encrypted channels, user-to-user, without any intermediary. On the other hand, when a message gets sent on Facebook, it’s directed to its centralized server that gets rerouted to the user. Facebook can take and do anything with the users data. Hive offers a solution to this by being a decentralized data storage. True privacy and ownership of data is unmatched for Elastos compared to any other project.
Not only is this ‘Aircraft Carrier’ private and decentralized, but is one of the most expensive blockchains to hack into and take over. Clarence suggested it would theoretically take $350k an hour to overwhelm Elastos, rivalling the price tag on Ethereum’s network. Elastos is secured by more than half of Bitcoin’s hash power through merge mining.
Even if someone hacked into the Elastos mainchain with the $350k in one hour, you would still need to take over two thirds of the DPoS supernodes in order to fully take over the network.
Between merge mining with the Bitcoin and the decentralized 36 DpOS nodes, Elastos remains one of the most secure, decentralized smart contract blockchains in the world.
What’s in store for Elastos this year?
Donald Bullers sees 2021 as the year of Web 3 and decentralized solutions. With the fallout of Robinhood and services like Parlor getting dropped, decentralized and private solutions are being sought out by the consumer. Here are some examples.
Elastos’ decentralized Twitter, “Feeds”, will become a great alternative for the user once it fully matures.
Hyper is the open source Messaging app in which Elastos hopes to bring users over from Telegram to Hyper.
Profile is the decentralized LinkedIn, which will go into Alpha next week.
Web SDK’s have been built for prospective developers to build on top of elastOS.
Get ready for a lot of new features to come out for elastOS, and welcome to the Smart Web.