[Comparative Interview] Founder of Elastos: Building an Intelligent Network to Revolutionize the Future of the Internet

At the Bitcoin 2024 conference in Nashville, Tennessee, Bitui had the privilege of being interviewedElastosChen Rong, founder and senior expert in the field of operating systems. Explored in depthWeb3, intelligent network functions, and Elastos' innovations and latest releases.

Elastos was founded in 2018. The company aims to revolutionize the Internet by combining operating systems and blockchain architectures. The L1 blockchain is designed for secure and transactional purposes, and is complemented by sidechains and L2 to run decentralized applications and enhance scalability. ELA, the native token of Elastos, can be used to pay transaction fees and staking, and enhance security through joint mining with Bitcoin.

The idea behind Elastos dates back to 2000, when Chen Rong wanted to create an “Internet operating system.” Although the design and functionality slowly changed from 2000 until now, his original vision remains the same: to provide a decentralized operating system for the internet. Chen Rong said that the problem with Web3 is its lack of inclusiveness: “Web 1.0 is for everyone to read, Web 2.0 is for reading and writing, but Web 3.0 only involves cryptocurrency fanatics... Reading, writing, and owning should serve everyone.” Therefore, he called his version of the internet the Smart Web (SmartWeb).

One of the main goals of intelligent networks is to create better digital rights management (DRM) for non-physical assets. Chen Rong explained, “Assuming I own a copyright, can I rent it out? Can I buy a limited-edition virtual movie? How do you guarantee that there are only 500 copies?” He pointed out that the existing online movie distribution system is too concentrated and relies on a few large companies such as Netflix and Amazon. In order to solve this problem, the Elacity project built on Elastos came into being. Currently, the project is online and provides streaming and purchasing services.

The recently released BeL2 solution aims to enhance interoperability and become a “native BTC DeFi decentralized clearing network service.” Chen Rong gave an example of an intelligent online e-commerce store. The funds will only be handed over to the merchant after receiving the delivery receipt. Bel2 uses zero-knowledge proofs to allow people to use BTC to settle on DeFi without leaving the Bitcoin mainnet.

Although ELA tokens have dropped 97% from their all-time high in 2018, Chen Rong's team is still doing their best to improve the product's fit with the market. From attending the Bitcoin 2024 conference to switching to Bitcoin L2, Elastos has remained relevant in the ever-expanding Bitcoin ecosystem and is seeking to establish itself as an internet operating system that can stand the test of time. Whether Elastos and BeL2 can achieve these goals is still unknown, but their ambition and drive must be confirmed.

Author: BitPushNewsLincoln Murr

Compiled by BitPushNews Scott Liu

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