Established in 2017 based on a concept originating in 2000, Elastos functions as a blockchain-driven iteration of the internet. A key recent development is BeL2, a Layer 2 framework that utilizes SmartWeb technology to transform Bitcoin transactions. By employing SmartWeb to construct this second-layer network for Bitcoin, Elastos aims to enhance the scalability and efficiency of the Bitcoin network via smart contracts. The team states this initiative will allow Bitcoin to support a smart economy and unlock the liquidity of hundreds of billions of dollars in staked Bitcoin assets.

More than 50% of Bitcoin’s hash power secures the Elastos network through merged mining. This provides ELA with significant security and credibility, leading the community to refer to it as the "BTC Queen."

Elastos was established by Rong Chen, who previously worked as a senior software engineer at Microsoft. After leaving Microsoft Research and returning to China, he launched the initiative with the goal of creating an operating system designed for the web. In 2017, co-founder Feng Han partnered with Chen to incorporate blockchain technology into the platform, furthering its original objectives.

Elastos relies on four core components to achieve network separation and platform adaptability: the blockchain, runtime, carrier, and software development kit (SDK). Its blockchain architecture divides application functions between a main chain and individual side chains dedicated to specific apps. As the primary offering of the Elastos Smartweb, this system consolidates the whole decentralized ecosystem into one application.

The project also distinguishes itself by integrating BeL2, a Layer 2 solution designed to boost Bitcoin’s features. This integration is expected to deliver better scalability, smart contract functionality, and stronger security via Zero-Knowledge Proofs. BeL2 plans to tackle Bitcoin’s current constraints regarding transaction speed, smart contract complexity, and privacy, potentially marking a new phase in blockchain utility.

The total cap for Elastos (ELA) is set at 28,220,000 coins. Meanwhile, the Cyber Republic initiative continues to actively seek out both new and existing DApp projects.

The Elastos mainchain operates as an open-source blockchain protocol that relies on a distinct Elastic Consensus mechanism. This approach merges three separate systems to deliver strong security and transaction processing capabilities:

• Auxiliary Proof of Work (AuxPoW), which handles block production through merge-mining with Bitcoin.
• Bonded Proof of Stake (BPoS), which mixes features from delegated proof of stake and standard proof of stake to guarantee secure block finality.
• Proof of Integrity, which is supported by the Elastos decentralized autonomous organization (DAO) and provides extra protection for both the mainchain and sidechains.

Together, these components create a safe and efficient base for decentralized applications. Additional information is available on the Elastos Mainchain Introduction page.

At present, ELA is available for purchase on these platforms:

• Crypto.com
• Bitget