As posted on Elastos.org

1. Smart Economy versus Internet of Strife

Starting with the initial appearance of the Turing Machine, the computational power of humanity has been growing at an exponential pace, and has infiltrated the economy on a large scale and within every sector. A smart and fully automated economy would have therefore been a perfectly logical backdrop for the society of the future, which is to say, an economy where the entirety of production and exchange would be executed of its own volition, and where humanity would be concerned solely with creativity and with the consumption of the fruits of labor. This would indeed have been a wondrous thing to behold. However, upon that fateful day when Moore’s Law will have arrived at its end-point, where internet coverage will have eclipsed the larger part of the earth’s population, where artificial intelligence within certain domains will have surpassed the minds of humans, all of this to say, our present day, and our present hour, we look around and discover that the hoped-for automation still hasn’t manifested.

The reason is that we have encountered a developmental bottleneck, though this also constitutes a giant window of opportunity. Why hasn’t the smart economy arrived, indeed? Hindsight shows in particular that it is because the internet is unsafe, being the harbor of viruses, trojans, theft of information, alteration of information, assaults performed by hackers, and DDoS. As a result of these things, the sanctity of information which is uploaded onto the internet cannot be assured, and what is further, the social capital of the internet has been depleted. A computer plugged into the internet which must automatically handle information concerning money is considered to be a highly dangerous affair, and as a result, the total automation of transactions has been impossible.

2. Elastos Has Solved the Bottleneck

The internet has a technological bottleneck resulting from the fact that the date-of-birth of the operating system was earlier than the internet’s. As such, the operating system is geared toward the reality of a unitary machine, with the internet functioning as an add-on, being one of several of the operating system’s usages. As a result, the operating system is predisposed to give the greenlight to all actions which touch upon the internet, which means that its users, and their data, have been rendered completely exposed in the face of a variety of internet security risks. The solution is obvious, namely, to develop a new, internet-based operating system, within which the internet will serve as a foundational component, as indispensable and intimate as the RAM. Applications thereby would not possess the arrogant power of internet visitation, but rather, must, according to the operating system’s rules, file a request for visitation, that is, for making any connection. It would be up to the operating system to satisfy this connecting operation. Under such circumstances, the larger part of internet security loopholes would naturally vanish.

Once our internet-era operating system has solved the problem of internet safety and data fidelity, dawn will arrive, and the smart economy will figure upon the horizon. Elastos is an operating system which was founded upon this precise train of thought. Elastos, which is being created by a team under the direction of Chen Rong, has, to date, accepted 30 million USD as an investment from Foxconn, and has been in development for 4 years, and has produced more than 4 million lines of code.

3. Value of the Blockchain

The web itself is a decentralized identity. A completely automated economic system cannot rely on any one node, and so, it must also be decentralized, and that state-of-decentralism must bring to pass the five requirements below, at the very least:

– Decentralized ID

– Decentralized Discovery of Addresses

– Decentralized Storage

– Decentralized Execution (or Calculation)

– Decentralized Transfer of Value, Compatible with Legal Tender

It is obvious that the blockchain is the only solution. As such, we may understand that, from the date of birth of the computer until today, which has already been 72 years, the smart economy has been waiting for the appearance all this time of the technology of the blockchain. An BlockChain powered Internet will be the magic passcode which opens the door of the smart economy.

4. Elastos Needs the Blockchain

It should be obvious that, with respect to the 7 billion people of the earth and their needs for automation, and the five requirements posted above, a unitary blockchain from the point of view of functionality would by no means quality, so that a design involving multiple layers of blockchains would be necessary. The lowest level blockchain, the primary blockchain, will be responsible for the creation of the system’s security policy. Seeing that one of the most important considerations would be the attraction of the largest amount of computational power to the system, it is necessary that the primary blockchain’s virtual currency must have the largest market capitalization among the several chains. As such, the central feature of the primary chain will be the distribution and transmission of this critical virtual currency, as well as providing validation assistance to sidechains. By using decentralized

IDs and decentralized address discovery, there can be a boundary between the creation of sidechains and the process of registration, which might be completed by sidechains according to different sets of configurations, based on, for example, different countries of origin. Various blockchain applications, such as the procurement platform of the Ceying Network, may choose to independently offer a blockchain. We will thereby expend the greatest effort in reducing the burden of opening up new sidechains, so that the process will be as simple as installing a new copy of Windows. As for optimization, it is important that sidechains should not occupy the resources of the primary chain, neither the CPU, nor hard disk, nor RAM. As a result, the system will enjoy unlimited expandability.

Seeing that all of the sidechains, along with the primary chain, share among themselves all of the processing power, sidechains may jointly enjoy advantages in safety while at the same time minimizing their wastage of physical energy, which will solve the problem encountered by Bitcoin, Ethereum, and Zcash, whose executions involve the large wastage of energy through the process of mining and the adjustment of the room temperature of mining machines. Since smart contracts place a burden upon the resources of the CPU, the primary chain will not be appropriate for smart contracts, but will only oversee the payment, persistence, and transmission of its virtual currency. On the other hand, sidechains will be able to support smart contracts and even pursue variant implementations of smart contract technology in independence of each other.

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