Merged mining partnership between Bitmain and Elastos
|Christian Hargrave in Cryptocurrency Tuesday, August 28, 2018|
Merged mining partnership between Elastos and Bitmain has been announced to maintain the security of the Bitcoin network and allows ELA coin to be mined simultaneously.
Elastos (ELA) announced a merged mining partnership with Bitmain Technologies. The merged mining partnership means that for miners and future users of the smart web platform, it guarantees the security of the Bitcoin network by sharing its hashpower. Merged mining allows Bitcoin (BTC) and the ELA coin to be mined simultaneously and more efficiently, and conserves energy through shared computing power.
Rong Chen, Founder and Chairman of Elastos said: “ELA is one of the first coins to be merged mined with Bitmain. This partnership serves as an affirmation of the strength of the Elastos community and technology. 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 IOT network. This is the internet of the future, where people will own their data, and connect directly and securely.”
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.
In addition to the commencement of merged mining with Bitmain, Elastos capped off their two-day anniversary celebration in Thailand - the nation quickly becoming recognized as a trailblazer in blockchain technology adoption - with announcements pertaining to their incentivized community portal, Cyber Republic, and 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, and will serve as the gateway from the existing internet to the Elastos internet infrastructure.
Through Cyber Republic, Elastos is launching two initiatives - Empower 35 and CR100. The Empower 35 initiative will hire 35 community managers this year to lead their own initiatives to recruit and develop talent pipelines within Cyber Republic. CR100 was created to showcase Elastos’ capabilities across 100 distinct decentralized application projects, all with different utilities, that can be built around the Elastos infrastructure. Compatible applications include, but are not limited to, financial technology, social/service providing platforms, digital assets, product e-commerce, data, and cybersecurity. Participants will be compensated in ELA for their contributions to the Elastos ecosystem. Through these complementary initiatives, the Elastos team will continue to foster a community of diverse and democratic entrepreneurs, leaders, developers, organizers, and designers, working to build Elastos’ framework and broaden its reach.
Fay Li, Chief Marketing Officer of Elastos, said of this: “We are starting an online country that will enable entrepreneurs and developers to democratically build the new internet, and we are giving almost half of our coins to fund it. Our first initiative for Cyber Republic is to fund the construction of 100 decentralized applications on Elastos. We are the first blockchain project to do this.”
“Elastos is the first new internet infrastructure to be completed since the original launch of the world wide web thirty five years ago. We take great pride in providing a more secure internet landscape, that puts users in control of peer to peer interactions without an intermediary. These initiatives commemorate our one year anniversary, but will propel our project for many years to come,” concluded Li.
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