How Elastos is Building The New Internet on Bitcoin

Introduction to Elastos

Elastos is a blockchain project aiming to build a new internet, integrating blockchain technology with the internet to create a smarter, more secure network. Founded by Rong Chen, who has a background in operating systems and was part of the Internet Explorer team at Microsoft, Elastos leverages the security of Bitcoin through merge mining, allowing for faster and more secure transactions.

Problem Elastos Solves

The current internet has many issues, including data security and ownership. Elastos aims to solve these problems by creating a decentralized platform where users own their data and have control over it. This is particularly important for digital goods and intellectual property, where ownership and provenance are crucial.

Technology Behind Elastos

Elastos uses a two-tier system, with one tier being the blockchain layer for security and consensus, and the other tier being the internet layer for scalability and usability. It merges mining with Bitcoin, allowing Bitcoin miners to also mine Elastos tokens, enhancing security. This approach is designed to overcome the limitations of blockchain in terms of storage and speed, particularly for large files like videos and documents.

Bell 2

Bell 2 is a layer 2 solution for Bitcoin that enables decentralized finance (DeFi) applications on the Bitcoin network. It utilizes zero-knowledge proofs to ensure that transactions are secure and private, allowing for the creation of smart contracts and decentralized applications (dApps) on Bitcoin. This technology is crucial for facilitating complex financial transactions and ensuring trust without the need for intermediaries.

Future Plans

In the future, Elastos plans to launch several key projects:

Bell 2 Public Data: Expected on December 30th, this will introduce public data for Bell 2, allowing for testing and further development.
Digital Goods: Elastos will introduce a feature to mint limited copies of digital goods, such as videos, books, and other multimedia content, facilitating a new level of digital economy.
Hardware Support: The development of hardware nodes, such as digital frames and home NAS, will support the new internet infrastructure, enabling decentralized storage and distribution of digital goods.

Quantum Resistance

While the quantum resistance of Elastos and Bitcoin is a topic of discussion, Rong Chen believes that the survival of Bitcoin and similar technologies is not solely dependent on their resistance to quantum computing hacking. Instead, it's about achieving consensus and becoming an integral part of the global financial system.

Conclusion

Elastos and its technologies, including Bell 2, are part of a broader effort to create a new, decentralized internet that prioritizes user data ownership and security. By leveraging blockchain and integrating it with the existing internet infrastructure, Elastos aims to facilitate a peer-to-peer economy where individuals have more control over their digital assets and identities. The future of the internet and blockchain technology is rapidly evolving, with projects like Elastos paving the way for a more decentralized and secure digital world.