Singapore – The Singapore-based non-profit organization Elastos Foundation confirmed its membership in Global Innovators Community on November 19. According to the World Economic Forum, Elastos’ framework helps create applications that can promote user privacy and ownership rights by making data more secure, scarce, and identifiable. With Elastos, more blockchain developers can enhance every software’s security.
At the time of writing, Elastos native token ELA is trading at around $1.2 with a $24.4 million market cap. According to the project’s whitepaper, Elastos is currently working on a new Internet type that ties to blockchain technology. With its decentralized system, more people can own digital assets and generate earnings from virtual currencies.
Elastos paves the way for wealth creation and intends to build a new World Wide Web that respects virtual currencies’ rights. Some rumors claim that the Elastos Foundation will also join projects, such as “Shaping the Future of Technology Governance: Data Policy” and “Shaping the Future of Technology Governance: Blockchain and Digital Assets.” However, the Singapore-based company became a part of the WEF’s Global Innovators Community.
According to the World Economic Forum, Elastos can help boost efficiencies and strengthen trust across stakeholders despite the COVID-9 pandemic that demonstrates the vulnerabilities of the supply chains.
Nowadays, several technology companies utilize next-generation blockchain projects. Elastos describes its system as the “blockchain-powered internet” or “the internet of the future.” Like Ethereum, the Elastos Foundation fully runs through blockchain, and its runtime can progress on servers, desktop computers, and servers.
Furthermore, Elastos is a big help in the virtual world since it supports sidechains that further offload processing and perform data management and computation more efficiently. The Elastos vision is indeed ambitious. If it succeeds, the foundation must implement careful and significant engineering to overcome possible challenges while simultaneously nurturing a token economy and a developer community.