The internet as we use it today has become quite essential and most advantageous aspect of our day to day life. However, with the advantages that it packs in, there are a few issues as well. The centralized model on which the Internet works can be a cause of a few issues. Thankfully, there is a ray of hope that looks to change all that. Yes, we are talking about Elastos. Or more precisely, Elastos Smart Web. What it is and how does it change the way we have been using the Internet? Let us find out in a concise manner here.
The use of internet in the current form involves having the rights to use the properties on the internet, but we do not own the content. For instance, you may purchase a music track of your choice. But, you will only have the right to use it for the personal purposes. You may not be able to sell it.
This is what Elastos is planning to change. It wants to create a digital place where you would own the rights to the digital property that you have purchased. The digital assets would be tradable with Elastos. In fact, with this vision, Elastos is set to create a new World Wide Web that respects the property rights.
How Does Elastos Work?
Elastos creates a platform for the Decentralised apps or DApps so that they can run in a P2P environment. As opposed to the current internet which is a web of information, Elastos will create a web of Apps.
The complete ecosystem runs on Blockchain technology. That is precisely what would add transparency and security to the sphere of Internet usage. However, Blockchain technology has its own limitations when used for transmitting data. Anyone who is aware of Blockchain technology knows that it can record transactions, but cannot store data. Elastos has designed a flexible structure of Blockchain with the main chain and side chain structure. The main chain will handle transactions and payments, while the side chain will cater to the smart contracts so that it can support various applications and services.
What Are The Advantages of Store?
Well, the internet is prone to malware and data privacy concerns. The Elastos model can contain these elements to a greater extent.
Here we go with some of the advantages that Elastos Smart Web can bring us –
- Safety – There is no direct access to the internet. This will be the best option for hacking and malware. Elastos will offer pure end to end solutions.
- Wealth Creation – Elastos offers you the best option to create wealth through digital assets. Transfer of contracts and converting digital information into assets are made easy through Blockchain technology.
- A Perfect P2P Integration – It makes use of a UDP based NAT transparency technology and thus each of the nodes can be used to its full capacity. This will increase the efficiency of the system as a whole.
In fact, the concept put ahead by Elastos is indeed quite complete from the point of a viable ecosystem. A well planned smart economy, we would definitely consider it an innovative thinking and quite out of the box at that.
The plan has a realistic vision and we would consider it a worthy option for investment. The concept does have a potential of taking the digital asset management to a new height.