The World Economic Forum has included Elastos, a blockchain-based Internet developer, in a list of Global Innovators Community.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news
The Singapore-based Elastos Foundation is a non-profit organization focused on open-source web services for a decentralized, blockchain-powered internet. Elastos' framework allows blockchain developers to create applications that protect user privacy and ownership rights by making data secure, identifiable and scarce.
At press time, Elastos native token ELA is trading at $1,42 (-4,38%) with a market cap of $24,4 million.
According to the project's whitepaper, Elastos is working on a new type of the Internet tied to the blockchain technology. With the decentralized structure, people will be able to own digital assets and generate wealth from them.
"Elastos wants to make digital assets scarce, identifiable and tradable. Property rights pave the way for wealth creation, and Elastos intends to build a new World Wide Web that respects those rights," states the whitepaper.
It is assumed that initially the Elastos Foundation will join two WEF initiatives called "Shaping the Future of Technology Governance: Blockchain and Digital Assets," and "Shaping the Future of Technology Governance: Data Policy."
However, Elastos is not the only blockchain-related project listed in the WEF's Global Innovators Community. The organization's list also has Hedera Hashgraph, a platform that provides a new form of distributed consensus, on it.
In April 2020, the World Economic Forum said that the COVID-19 pandemic had already demonstrated the vulnerabilities of current supply chains and the world sees the opportunity for blockchain "to boost efficiencies and strengthen trust across a range of stakeholders."
In 2019, the WEF estimated that over 40 central banks around the world are experimenting with or considering the possibility of developing their own central bank digital currency (CBDC).
The organization's report revealed that CBDCs will increase the efficiency and speed of transactions.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.