There are no doubts that the blockchain is the future. Its creation has allowed for the revolution of more than one industry, and it promises to do even more as people grow to understand it even more. However, many members of the crypto community think that—even though its financial applications are completely optimised—taking smart contracts into other places can be troublesome, but this is a problem that Elastos is looking to solve.
Blockchains like the ones used by Bitcoin and Ethereum are great for financial book-keeping. However, Elastos is looking to create an overall “Internet of Wealth”, by monetising digital assets like music, movies, and videogames.
What Is Elastos?
Simply put, Elastos creates an online ecosystem that identifies each piece of digital asset and encodes it as an individual entity or product.
As such, each piece of music, video, movie, videogame, and e-book will exist on the internet just like their real life counterparts exist in the physical world.
Each digital asset will form a unit from a limited number, with the total amount being set by its original producer. Once someone purchases—let’s say—a song, the asset will be identified. Doing so will make it traceable and scarce.
The end result will be that the owner will have a “tangible” object that no one can “copy” unless properly acquired using the Elastos coin, the blockchain’s token.
- Creating True Wealth On The Internet.
One of the ways to move the internet into the future is by using the blockchain to enable true value to circulate.
Each piece of digital content will be identified as a specific and individual asset. That means that online content will become scarce and, therefore, valuable. Each person who buys content will be able to resell it.
- Eliminating Piracy.
Each creator will produce content in quantities.
For example, if a producer creates a movie, he can choose to create 100 copies of it. Said copies can only be obtained through him, as it can’t be duplicated.
Therefore, the only way content may circulate is through trading, and creators can set a smart contract to include a commission every time their products are resold.
- Decentralising Online Economy.
Every user will have direct access to their content, without the need to do so through streaming software or companies.
No intermediary will be necessary to access online media.
- Optimisation Of The Blockchain.
Sidechains will enable the Elastos blockchain to be faster and more efficient. Most people believe this is the future for blockchain platforms in general, and Elastos knows this.
- Relies On Popularity.
Blockchain and crypto platforms rely completely on how widely accepted they are. Investors are risking completely losing their money if Elastos doesn’t become popular.
- Prone to Inflation.
Their whitepaper specifies that they will offset “natural inflation” through the emission of more coins periodically.
However, this is the opposite to the solution of inflation; inflating the amount of money circulating will only devaluate each unit, and it will create even more inflation.