Merged mining allows Bitcoin (BTC) and the ELA coin, Elastos’ token, to be mined simultaneously and more efficiently. BTC will serve as the parent chain while ELA will work as the auxiliary chain. The partnership enables miners from BTC.com and AntPool to joint mine BTC and ELA using the Auxpow consensus.
Elastos said the partnership was “monumental” for miners and future users of its smart web platform as it guaranteed the security of the Bitcoin network by sharing its hashpower. The move also serves as a step towards mainstream integration of Elastos’ Internet operating system.
“ELA is one of the first coins to be merged mined with Bitmain,” said Rong Chen, founder and chairman of Elastos.
“The accomplishments in our first year alone are indicative of Elastos’ potential to make waves far beyond the blockchain space — we are on track to change the whole Internet industry, its users, digital ecosystem and to create an industrial strength Internet-of-Things (IoT) network. This is the Internet of the future, where people will own their data, and connect directly and securely.”
Chinese startup Elastos has been developing the first completely safe environment on the web, powered by blockchain technology, where decentralized applications are detached from the Internet while also permitting full scalability to millions of users. The startup is backed and supported by Foxconn, the Chinese Central Government, the Tsinghua University, Bitmain, and NEO.
“At Bitmain, we strive to be at the forefront of recognizing new, innovative technologies in the blockchain space as well as the cutting edge teams leading the way to mainstream adoption — Elastos is one of those projects,” said Jihan Wu, co-founder of Bitmain.
“There are very few projects we have opened our community up to, and there are currently only three merged mining with Bitmain. I have an immense amount of faith in the potential impact of Elastos, which is not limited to the blockchain space alone.”
In addition to the commencement of merged mining with Bitmain, Elastos has also unveiled its incentivized community portal, Cyber Republic, through which it has launched several initiatives, including CR100, which will initially focus on funding the development of 100 decentralized applications on Elastos.
The startup also announced the rollout of a full end-to-end test environment of the Elastos Smart Web Alpha, called Elastos Trinity. Trinity aims to implement a cross-platform application, compatible with Android, iOS, Window, and Mac, that will serve as the gateway from the existing Internet to the Elastos Internet infrastructure.
Over the coming year, Elastos said it will focus on fueling growth. In 2018 alone, the company has expanded into partnerships with several industry giants such as Zapya, and the TD-SCDMA Industrial Alliance.