World News – US – Bittrex Global Adds Elastos Project Native ELA Token


First USBittrex-based cryptocurrency exchange to list Project Elastos’ native ELA token This move marks another step on the way to the project’s goal of creating the next-generation Internet

One of the largest and most reputable cryptocurrency exchanges in the world, Bittrex, has listed the ELA token from the Elastos project It will initially add the ELA-BTC and ELA-USDT trading pairs Trading will be available at the Bittrex Global platform from October 21

Commenting on the list, Tom Albright, CEO of Bittrex Global, said: « We are very excited to launch Elastos ELA token on Bittrex Global Elastos’ engagement in open source projects and developer support of the crypto ecosystem perfectly embodies the ethics and promise of blockchain technology We look forward to working closely with Elastos and their engaged community as they build new projects in the months and years to come. »

At the heart of the Elastos platform is a multi-chain architecture with the Elastos chain securing multiple sidechains running decentralized applications (dApps) The main chain relies on a hybrid consensus mechanism involving merge extraction with the Bitcoin blockchain and delegated proof of stake (dPoS) Merger mining will allow Elastos to rely on the enormous computational resources of the Bitcoin blockchain without placing an additional burden on them

In order to improve throughput, the Elastos chain will only handle ELA transfers, with all distributed computing pushed to sidechains The token is also used for paying gas charges on the main chain, and can be frozen above and moved to the side chains

The other important innovation of Elastos is the decision to do without Ethereum-style virtual machines Instead, the Elastos dApp code will be executed in the Elastos Runtime environment running inside mobile phones

Launched in 2000 by operating systems expert Rong Chen, Elastos has always aimed to solve problems with today’s over-centralized Internet infrastructure. As Chen recently stated in a Cointelegraph editorial, « The next generation internet will allow individuals to own their data, exchange their wealth and control their digital footprint – all without being subject to the whims of politicians. and the tech giants, who have historically armed the web for their own profit « 

To this end, the Elastos platform contains two other crucial elements in addition to the multi-chain architecture: a peer-to-peer data exchange network and a leading decentralized identity (DID) solution. The first is designed to avoid what Rong Chen considers to be one of the main weaknesses of the current Internet: the fact that all applications can directly access the TCP / IP communication protocol Instead, the data will have to pass through Elastos Carrier, a specially designed peer-to-peer communications network

Elastos’ DID layer will allow users and digital assets such as creations subject to intellectual property protection to have unique representations on the global web This could, for example, dramatically improve the ability of creators to benefit from their work, as other tools powered by Elastos will allow creators to control the number of copies of a given digital product that may exist The limited number of copies is a crucial step towards creating a value-creating rarity

© 2020 CryptoDaily All rights reserved This article is provided for informational purposes only It is not offered or intended for use as legal, tax, investment, financial or other advice

Bitcoin Cryptocurrency Exchange, Bittrex, Blockchaincom

World News – US – Bittrex Global Adds Elastos Project’s ELA Native Token



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