Elastos, the seventy-sixth crypt by market capitalization, is about to have several thousands of new miners, although they may not realize it. In today's announcement, the 18-year-old project revealed a mining partnership with Bitmain that will bring the ELA protocol into the two largest Bitcoin mining basins.
How mining extraction increases efficiency
Combined extraction allows two coins to be extracted simultaneously, provided they share the same hashing algorithms. For example, a combined mining system can search concurrently blocks valid for both Litecoin and Dogecoin, both with Scrypt, at a lower cost than the separate extraction of the two coins. Bitcoin was previously mined together with Namecoin, although the decline in the value of the latter has made mining combined less lucrative.
Because Elastos uses the same SHA-256 algorithm as Bitcoin and Bitcoin Cash, any Bitcoin ASIC can simultaneously extract ELA tokens and strengthen the Elastos network. Working with Bitmain, which controls AntPool and BTC.com-Elastos, you will have access to over 32% of the power of Bitcoin hashes.
Although Bitmain is one of the major suppliers of mining hardware, the company has sparked much controversy due to its oversized influence in Bitcoin and Bitcoin Cash networks. Its inexpensive ASICs have been blamed for ruining the game for GPU miners.
"ELA is one of the first coins to be extracted with Bitmain" said the founder Elastos Rong Chen. "The results of our first year are indicative of the potential of Elostos to make waves far beyond the blockchain space: we are on track to change the entire Internet industry, its users, and the digital ecosystem and create an IOT network of industrial strength
Elastos Objectives for 100 dApps
The team led by the Chinese behind the project describes Elastos as a project of "operating system powered by blockchain technology" with the goal of creating a simple operating system that can run on IOT devices.
In addition to the partnership of Bitmain, Elastos celebrated its anniversary by revealing the cybernetic republic, an incentive community of leaders and developers to grow the token ecosystem.
"We are starting an online country that will allow entrepreneurs and developers to build the new internet democratically and we are giving almost half of our coins to finance it " said Fay Li, Elastos Chief Marketing Officer. "Our first initiative for Cyber Republic is to finance the construction of 100 decentralized applications on Elastos."
The "online country" will be used to launch two Elastos initiatives, the company said in a press release. One of these, "Empower 35", will hire 35 "community managers" to develop talents in the Cyber Republic.
A second initiative, entitled "CR 100", will show the capabilities of Elastos by financing decentralized applications in a hundred different areas. Each selected group will be financed with a maximum of $ 500,000 USD, to develop dApps in areas such as "financial technology, social services / service platforms, digital resources, e-commerce of products, data and computer security", the company said . "Participants will be rewarded in ELA for their contributions to the Elastos ecosystem."
It might seem like a great theatrical work, but – with almost two decades of development and support from several important Chinese bodies – Elastos has no problem playing a long game.
The author is invested in Bitcoin.