Elastos plans beta rollouts early next year

 

ELASTOS PLANS BETA ROLLOUTS EARLY NEXT YEAR

TIM LEEMASTER

 

Elastos, the Beijing-based blockchain company, plans to roll out beta versions of a smartphone browser and sidechain operability in January or February of next year, according to Clarence Liu, vice president of development.

Softbank-backed ioeX, is one of the companies that has a sidechain under development, said Kiran Pachhai, development manager at Elastos. ioeX, an internet of things company, makes smart speakers.

Sidechains create less congestion on a blockchain, which have attracted criticism for the inability to process data as quickly as some older systems, making for more efficient use. The main blockchain in the Elastos system will be reserved for payments and some storage.

ViewChain, the blockchain storage company, also has apps under development that will operate on the Elastos system, Pachhai said.

Elastos may open an app store as early as the middle of 2019, according to Liu.

The company’s blockchain went live in December last year and it raised USD 94m in an initial coin offering soon after with the ELA token.

Elastos, which was founded by former Microsoft executive Rong Chen, has 50 plus employees in China and seven in the US, where it is aggressively expanding headcount. By the end of the year it plans to add three more staff, including one front-end engineer, one back-end engineer and an administrative hire.

“Our core development has been done in China,” Pachhai said. “We’re trying to get wider international development going as well . . . we need global entrepreneurs, global engineers to more freely engage with all the other communities.”

The company kicked off the Cyber Republic initiative earlier this year, and donated roughly half of its 33m tokens to the program, aimed at developing applications globally across the company’s blockchain.  

An oversight council for Cyber Republic, in keeping with the democratic founding principles of blockchain technology, will be voted into place in June and a constitution is expected to be drafted by August, Liu said.

In China, the company also has 450,000 television set top boxes in place as of last week that offer data storage capacity, and plans to offer them overseas as well, Liu added.

 

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