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Elastos is an open-source, blockchain-based Internet operating system developed with the aim of creating a new Internet. This platform for decentralised applications (dapps) will allow users to access content directly, without going through a media player or another platform intermediary.
Elastos tokens (ELA) are the base currency of the Elastos Web. To find out how to buy, sell and store ELA tokens, read on.
This is our quick guide to just one way to buy ELA. Compare some other options in the table below.
If you want to buy Elastos tokens, you can do so in three simple steps:
Step 1. Register for an account with an exchange that lists ELA
The first thing you need to do is to compare the exchanges that list ELA in any currency pairs. Consider the features and fees of each platform to decide on the one that’s right for your needs, and you can then register for an account by entering your email address and creating a password.
Depending on the exchange you choose, you may need to provide further personal information (such as your name and full contact details) and proof of ID before you can start trading. This step may be required in order to fulfil Know Your Customer and anti-money laundering requirements (KYC/AML).
Don’t forget to also enable 2-factor authentication if this is supported by your chosen exchange.
Step 2. Deposit funds into your account
At the time of writing (10 May 2018), there’s no way to purchase ELA directly using fiat currency such as Australian or US dollars. Instead, ELA is only available in crypto-to-crypto exchange pairs, so you’ll need to first acquire one of these other digital currencies – either bitcoin (BTC), Ether (ETH) or Tether (USDT) – and then exchange it for ELA.
If you buy one of these other cryptocurrencies on the same exchange, the funds you need will already be in your exchange wallet. However, if your coins or tokens are stored separately in a private wallet, log into your exchange account to scan its QR code or copy the wallet address, and then use these details to transfer the funds over from your private wallet.
Step 3. Buy ELA
Now it’s time to click through to the exchange section on your chosen platform and search for the pair you want to trade, for example ELA/BTC, before looking for the “Buy ELA” field. You can then enter the amount of ELA you want to buy or the amount of BTC you want to spend.
Take a moment to review the full details of the transaction, including any fees that apply and the total cost, before finalising your purchase.
If you want to sell your ELA tokens, the process for doing so is fairly similar to that outlined above. Of course, once you’re on the exchange page you will need to look for the “Sell ELA” box and then enter the details of your transaction. Remember too that you may not be able to directly exchange ELA for the currency you want.
While you can store your ELA tokens on an exchange if you wish, doing so will expose you to the risks of hacking and theft. For greater security, we recommend that you transfer your tokens into a wallet that lets you control your own private keys.
Elastos has released an official wallet available online.
Learn more about cryptocurrency wallets in our introductory guide.
The project’s whitepaper outlines the main goal that Elastos aims to achieve: “Elastos aims to create a new kind of Internet, powered by blockchain technology. On this new Internet, people will be able to own digital assets and generate wealth from them”.
By using blockchain to issue IDs for digital content, Elastos plans to make it possible to know who owns which digital assets. It will also act as a platform for dapps, which people will be able to access from their smartphones without any need to change their operating system.
The project is designed to overcome two problems encountered by the Ethereum Virtual Machine when running dapps:
The design of the Elastos Smart Web is the brainchild of founder Rong Chen, a former senior software engineer at Microsoft, and features four pillars:
Cryptocurrencies are highly volatile and can experience substantial price fluctuations in just a short space of time. They’re also quite complicated assets and there are many factors that can have an impact on their value, so it’s essential to assess all these issues thoroughly before buying.
If you’re thinking of buying any ELA tokens, make sure to take the following into account:
By analysing these and more factors, you’ll be well placed to decide whether or not you should buy any ELA tokens.
Image: Shutterstock
At the time of writing, the author holds IOTA and XLM.
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