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Elastos is a blockchain project that originated from a concept in 2000 and was formally established in 2017. It aims to create a decentralized version of the internet. A key development is BeL2, a Layer 2 solution built on SmartWeb technology, designed to improve Bitcoin's efficiency and scalability through smart contracts. This allows Bitcoin to support a smart economy and unlock liquidity from staked Bitcoin assets. The network benefits from merged mining with Bitcoin, which involves over half of Bitcoin's hash power, providing strong security and earning it the nickname 'BTC Queen' among its community.

The founder of Elastos is Rong Chen, who previously worked as a senior software engineer at Microsoft. After his time at Microsoft Research, he returned to China and started the project with the goal of creating a web-oriented operating system. Feng Han, a co-founder, partnered with Rong Chen in 2017 to incorporate blockchain technology into the project, helping to advance its original vision.

Elastos distinguishes itself through four core components: blockchain, runtime, carrier, and a software development kit (SDK). These elements enable network separation and platform flexibility. The blockchain architecture divides application functions between a main chain and side chains for each app, integrating the entire decentralized ecosystem into a single application. Additionally, Elastos incorporates BeL2, a Layer 2 solution that enhances Bitcoin's capabilities, offering improved scalability, smart contract functionality, and security via Zero-Knowledge Proofs. This integration aims to overcome Bitcoin's limitations in transaction speed, smart contract complexity, and privacy, marking a significant advancement in blockchain technology.

Elastos has a maximum supply of 28,220,000 ELA coins. It's important to note that the project is actively seeking new and existing DApp projects through its Cyber Republic initiative, which may influence the distribution and circulation of ELA tokens.

The Elastos mainchain employs a unique Elastic Consensus mechanism that combines three systems for security and transaction processing. These include Auxiliary Proof of Work (AuxPoW), which allows block production through merged mining with Bitcoin; Bonded Proof of Stake (BPoS), which blends delegated proof of stake and proof of stake for secure block finality; and Proof of Integrity, supported by Elastos' decentralized autonomous organization (DAO), adding extra security to both the mainchain and sidechains. This multi-layered approach ensures a robust and efficient foundation for decentralized applications.

ELA can be purchased on several cryptocurrency exchanges, including Coinbase, Crypto.com, Bitget, KuCoin, and Huobi Global. For those new to cryptocurrency, it's advisable to first learn how to buy Bitcoin before proceeding with ELA purchases.