In this article we focus on Elastos Coin (ELA), the Smart Web blockchain that is aiming at revolutionizing the whole internet game for the better. We look at some of the problems facing the internet users at the moment and the impact these problems have on the overall productivity on applications launched on the internet. We follow up focusing on the business model Elastos employs in solving these problems. Finally we look at how ELA token has performed in the last month as the whole cryptocurrency market faced a downturn.
Problems Elastos is aiming to solve
The world has changed greatly since the internet age came into place. The instant transfer of data and information is one of the major positives witnessed in recent times especially on social media platforms across the board. However, this has also caused an imbalance in data distribution and collection whereby large data companies gain huge profits from data trading with other corporations while the actual data provider (user) doesn’t benefit in equal measure. Why is this a problem? As a user of the internet you should be able to sell your data and profit from it, a role that has been taken up by large data companies, who get the profits you would otherwise be getting. This is however set to change as Elastos blockchain works towards providing a Smart Web to run decentralized applications that protects the users from malware or any data theft on the platform.
“Built utilizing the blockchain, Elastos provides the first completely safe environment on the web where decentralized applications are detached from the internet while also permitting full scalability to millions of users. Elastos enables the generation of wealth through ownership and exchange of your data and digital assets.”- Official Elastos website
Elastos Business model
The Elastos business model is structured in the following six main points;
- Provide large blockchain applications with a secure running environment.
- Longevity of digital content through numerous uses.
- Big data and digital content will be able to identify ownership on the blockchain.
- Wealth generation through the exchange of tokens traded legally on the blockchain.
- Usage of ELA tokens to register IDs for purchase of items such as dApps, digital products, and cloud storage.
- Scarcity creation through limiting the fixed amount of digital assets.
Elastos ELA price analysis
The whole cryptocurrency market has been on a downturn for the better part of June as Bitcoin dropped below the $7000 mark, close to a 20% loss since start of May. Most of the coins have followed suit in equal measure. However, ELA one of the coins heavily influenced by BTC price has shown strong upward momentum in the last 24 hours as it raised by 5.15% against the dollar to trade at $29.56. This represents a 35% loss in the last 30 days. The coin is currently placed 69th on Coinmarketcap rankings with a total of $155,104,788 USD in market capitalization. This also saw the coin’s daily volume traded top $7.16 million USD worth of Elastos (ELA) traded.