Elastos – Chinese Government Drives The Most Expensive Token Sale To Date

Elastos – Chinese Government Drives The Most Expensive Token Sale To Date

At 800 ELA tokens to 1BTC, Elastos probably goes down as the most expensive ICO to date. At current BTC/USD rates, one single ELA token will cost you $20. 

Elastos had already sold over six million ELA tokens in its pre-ICO stage in 2017. As a token sale it is, then, an unprecedented success. The token’s price structure itself gives a measure of the ambition – and confidence – of the Elastos project team. 

Decentralised Applications Platform

Conceived as an open-source operating system with a distributed architecture, the Elastos platform is aiming to provide a generalised infrastructure for the future IOT – ‘internet of things’ – economy. 

Among the services it intends to offer are the ability to tie digital IDs to digital content, offering up a new model of consumption for online purchases of movies, books, music and games.

The idea is that original creators of content benefit from a peer-to-peer marketplace with seed investors receiving smart contract-managed payouts allocated on-the-fly as a function of real-time consumption.

Elastos will also act as a platform for P2P Dapps – a kind of distributed AppStore or GooglePlay Store – that, by definition, operates with no centralised control, whilst interacting with traditional OS platforms such as Android or iOS.

Government Backing

To achieve all this, Elastos plans to implement a main chain and sidechain blockchain design structure. The main chain is only responsible for basic transactions and transfer payments, while the sidechain executes smart contracts to support various applications and services.

Originally conceived by senior Microsoft engineer Chen Rong in 2000, Elastos will use the ELA token as its base currency. 

Enjoying official backing from the Chinese Central Government and Tsinghua University, a private sale in China last summer raised 4,000 BTC for the project.

The crowd-sale is now on-going, accepting only BTC or NEO as payment. A market cap of 33 Million ELA tokens will eventually be in circulation.