What is ELA?

ELA is the base currency of Elastos Main Chain (blockchain). ELA is used for processing peer-to-peer payments, storing info on the Decentralized Chain (EID), and executing smart contracts. It is also used for the exchange of digital goods throughout the entire ecosystem.

Although ELA is merge-mined with Bitcoin, ELA is not dependent on the Bitcoin blockchain – nor on any other for that matter – and functions independently on the Elastos Mainchain.

Since ELA also functions like ETH on the Elastos Smart Chain (ESC) and can freely traverse between the two chains at a 1:1 ratio, the ELA token can be considered a hybrid between BTC and ETH, and all use cases of Bitcoin and Ethereum can be considered a subset of Elastos’ use cases. Any dApps built on Elastos can implement their systems so as to process transactions using ELA.

“ELA on Ethereum” is an Ethereum-based version of the native token of the Elastos ecosystem, present on Coinbase Exchange.

All traders exchanging ELA on Coinbase’s platform must deposit and withdraw “ELA on Ethereum”, which is ELA that has been transferred to the Ethereum blockchain. To conduct a transfer from Elastos’ Smart Contract Chain (ESC), users can access secure bridging applications provided by Glide Finance or ShadowTokens. Community PR team, Elastos Info, provides a comprehensive explanation of this process in its recent blog post.

To pay respect to the cryptocurrency torchbearer Satoshi Nakamoto, Elastos uses Satoshi ELA (Sela) as the minimum currency unit for ELA. 1 ELA can be divided into 100,000,000 Sela.

The total max supply to ever be mined stands at 28,219,999 ELA, which will be mined in the year 2105.

Important recap

We distinguish between:

• Main Chain ELA used on Elastos Main chain

• Elastos Smart Chain ELA used on Elastos Smart Chain (ESC)

• ELA on Ethereum (erc20)

Before interacting with CreDA dApp, make sure you bridge your ELA accordingly. For operations with CreDA dApp you will need ELA on Elastos Smart Chain (ESC).