Elastos (ELA) Summary: Ardent community with regular updates and partnerships are a nice combination to have

Elastos experienced some price movement that was expected for the current market situation. Peaking on August 1st with the value of $15.21/196596 satoshi, the currency bottomed out on the 14th with the price of $5.80/96427 satoshi. The price recovered towards the 18th when we saw Elastos reach $11.01/167768 satoshi. From here onwards ELA slowly dropped off towards the start of September as the price started falling stronger on the 5th in a move that went all the way of $7.00/111570 satoshi. From here onwards Elastos mostly hovered around $7.00/110 thousand satoshi.

The cryptocurrency can be currently purchased for $7.01 USD (5.63% drop in the last 24 hours)/106427 satoshi (4.26% drop in the last 24 hours). The daily trade volume is nothing to write home about, with 275 BTC exchanged in the time frame. With a market cap of $54,452,311, Elastos is ranked as the 96th most valuable cryptocurrency on the market.

The project had a couple of updates for their community in the last couple of weeks. They recently held a one year anniversary event which focused on the historic journey of the team, significant milestone achievements updates and several key announcements. Rong Chen’s (project’s CEO) Speech, Elastos Smartweb Alpha, merged mining, Cyber Republic, CR100, Empower35, finance & audit, Feng Han’s (co-founder) speech, near-term focus and some constructive pessimism were discussed during the event. The team concluded:

“While the event was generally a success and a huge boost in morale for the community, we do believe there were certain shortcomings, fixing which would have been beneficial not only for the community, both online and those who attended, but also for the project itself in the eyes of mainstream institutions.”

You can read a summary of the event on this link.

Elastos released a weekly update for September 21st. Several technical updates like a continued push towards the development of the consensus model of AuxPoW+DPoS for the blockchain, Java version of the SDK, developed multi-signing function for mobile wallet, SPV synchronization speed optimization, the sidechain smart contract test, the main chain test of the token chain and Elastos Carrier development were just some of the major updates that were noted. You can read the complete update here.

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The project updated a post titled “the tokenomics of ELA” which explains the way Elastos tokens enhance the native blockchain and the sidechains existing on top of it. The post basically explains how Elastos will operate as a smart contract platform which will allow dApps to run on top of it; the project however will not try to run all of them through the native blockchain but rather through the sidechain technology which lets every dApp have its own blockchain. The post goes deeper into the utilities of ELA and explains the inflationary model of the currency.

Rong Chen recently spoke to CryptoLingo YouTube channel about Elastos’ recent partnership with ioeX. Chen and Aryan Hung, Ceo of ioeX, sat down and discussed the relationship between them as two business partners and why this partnership will help both projects in the future. ioeX will operate as Elastos’ sidechain. With the interconnection of existing servers and smart devices, ioeX is able to create a decentralized peer-to-peer network that increases the efficiency of software updates. This is the second sidechain in a short time frame that was announced for this project as Viewchain team recently decided to join the Elastos family as well.

Interestingly enough, SEC recently put out a press release about charges being raised against an individual named Rong Chen. Elastos Foundation immediately cleared up the confusion indicating that the charges weren’t raised against the projects CEO but rather against an individual with the same name.

Amos Thomas, owner of a YouTube channel Chill Zone International, recently released a detailed breakdown of the Elastos TV boxes. This three-part video series can be watched here. Overall the boxes seem to be picking up the traction, as Elastos suggests that over 100 thousand units were sold in the Chinese market already.

A Reddit user gloriousgranito adds that more devices are expected to go by the end of the year:

“There are expected to be over 1 million TV boxes sold, 1 million IOEX smart speakers sold, all of which contain elastos carrier nodes, which when individuals connect to from their personal smart devices, allows the creation of a Decentralized p2p network.”

Meanwhile, Feng Han was invited to share a keynote speech on “Blockchain Value Investment” at the World Financial Technology Blockchain Summit held in Kuala Lumpur on September 9th, where over 1,500 people were in attendance. Elastos team members attended the Token Fest Blockchain Conference in Boston on 13th-14th. He also recently shared this update with the community, noting that he reached an “oral agreement” with co-founders of Bitmain, Huobi, Newton to create a fund that will aim to support dApp development for the project. This wasn’t the first time Elastos cooperated with Bitmain, as ELA can currently be merge-mined with Bitcoin through BTC.com, Bitmain’s mining pool.

Even with these positive updates, the project isn’t exactly spotless. Their lack of major exchange exposure is probably the biggest issue they are facing right now, with the low trading volumes clearly indicating why. This also directly leads to a lack of awareness/interest about the project in the western markets. The TV boxes are apparently being shipped on Asian markets only as of now, so this is another limiting factor when it comes to increasing exposure. Some people are worried about the lack of transparency which comes with Elastos wallet code not being open source and a lack of Ledger integration for the project’s token. We will see how Elastos, a project that undoubtedly has potential, plans on dealing with these issues in the future.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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