This is a detailed guide to buy Elastos which goes by the symbol ELA. Apart from learning how to buy ELA, you will also learn where to buy ELA. The guide will also explain where to store ELA and how to set up Elastos Wallet.
What is Elastos? How does it work? Team behind Elastos and more
Internet has become a necessity of our everyday life now. In fact, a major part of our everyday life is being controlled through the internet and by the internet.
We use the internet to access social media platforms which have all our data. Some of us have their businesses on the internet. We use the internet to control our smart devices and much more.
While using the internet, we have completely forgotten how flawed it is. We are blindly trusting the internet with our private data, with our private activities and letting it control our devices which can leave a great impact on our lives.
The internet we have at the moment is loop-hole rich. The applications, websites, servers, smart devices, and anything else that relies on the internet can be hacked and manipulated.
Let’s suppose, you are moving from one place to another in an automated vehicle that is being driven through the internet. Someone hacks this smart vehicle and manipulates it to fall off a cliff. What are you going to do then? Absolutely nothing. All you can do is to watch this vehicle fall off.
This is where Elastos wants to play its role. Elastos is forming an operating system for the blockchain. The Elastos system uses the internet as its base-layer infrastructure. It wants to establish the trust among the users. Elastos wants to be blindly trusted by the users without feeling insecure, unlike the internet of today.
Elastos eliminates the use of a middleman. Whatever you are doing on the Elastos internet, it involves you and the operating party directly. The system is so much intact that it cannot be hacked, it cannot be affected by malware and it cannot be manipulated. Afterall, that is what blockchain is all about.
Another problem that Elastos wants to solve is the buying and selling of items on the internet. For example, you are going to buy a book using the Elastos, the moment you buy the book, it will create scarcity on the network. Because of this deficiency, you will be able to sell the book once you have read it. This means the buyers can now sell anything they buy on the same internet.
Elastos provide a great infrastructure for dApps as well. The dApps can be made much more secure now with the power of this emerging internet. Elastos has already got its Android prototype out.
Another great feature of the Elastos platform is to allow other blockchain platforms to interact with its OS. Elastos will create sub-blockchains of other blockchains. These sub-blockchains will create an interface through which other blockchains will be able to access the Elastos operating system.
In its very early days, Elastos has already formed partnerships with platforms like Neo and Stellar. Foxconn has also backed Elastos. Apart from these names, it has got a number of powerful names as its partners.
Elastos uses the ELA tokens on its platform. The ELA tokens can be used to perform various operations on the Elastos platform.
The team behind Elastos
|Rong Chen||Project Founder and Planner
Chairman of Elastos Foundation
Director of Tsinghua University iCenter
|Feng Han||Co-founder; Board Member
Visiting Scholar & Research Associate at Columbia University
Advisor at Huawei Central Institute
|Yipeng Su||Board Member
Founder of Zeuux (A Community for Free Software Usage)
Founder and CEO of NEO
|Jihan Wu||Union Chief Adviser
CEO at Bitmain
How to buy ELA (Elastos)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Huobi.pro
- Open Huobi.pro and sign up.
- After signing up, click on Balances > Deposit & Withdrawal.
- A list of coins will appear now, click on the Deposit button appearing next to BTC.
- Copy the BTC deposit address and move on to the next step to send Bitcoin to Huobi exchange.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Huobi Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Huobi wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Huobi Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Huobi wallet in a few minutes.
Step#3: Trade Bitcoin for ELA (BTC → ELA)
- Now that we have got the Bitcoin in Huobi wallet, it’s time to trade it for ELA.
- Open Huobi and log in.
- Now click on Balances > Deposit & Withdrawal.
- In the search bar, type ELA.
- ELA coin will appear now, click on the exchange button in front of ELA and then select ELA/BTC. If you have transferred Ethereum, then you will select ELA/ETH.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of ELA you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get ELA in your Elastos wallet at Huobi.
Step#4: Store ELA in Elastos Wallet
Luckily, Elastos has a working wallet. The Elastos wallet is a web wallet. You can store your Elastos coins in the Elastos wallet without any kind of fear. Here’s how to store your ELA coins in Elastos wallet.
- First of all, open the Elastos wallet and sign up. It only requires your email.
- After signing up, read all the details on screen and go ahead to get your seed phrase. Save your seed phrase somewhere you will not lose it from.
- Once you have set up your seed phrase, set a spending password carefully.
- After enabling the spending password, agree to Elastos terms and conditions and access the wallet.
- Now in the wallet, click on Recieve button.
- Elastos will now give you an address for your wallet. Copy this address.
- Get back to the Huobi Exchange, click on Balances > Deposit & Withdrawal > ELA > Withdraw.
- Paste your Elastos wallet address here and specify the amount of ELA you want to transfer.
- Once the transaction has been processed, you will get the coins in Elastos wallet in a few minutes. It can take up to 10 minutes.
- Don’t forget to backup your Elastos wallet. To do so, open the Elastos wallet and click on Me > Personal Wallet > More Options > Export wallet.
More information on Elastos:
- Elastos Price Tracker – CryptoPit Coin Price Tracker
- Elastos Official Website – Elastos.org
- Reddit Community – r/elastos/
- Elastos Wallet – wallet.elastos.org
- White Paper – White Paper Link
- Github – Github Repository
- Exchanges – Huobi
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.