What is a SELA?
It is a satoshi ELA, the smallest unit of ELA.
1 SELA = 0.00000001 ELA
How much ELA does the foundation hold?
The core of the foundation holds more or less 3 million ELA, which is 10% of the total supply. These funds serve to fund the operations of the foundation such as the creation of the Carrier network, the construction of the blockchain and the smart web and to pay the engineers.
How is the foundation financed?
By the ELA they hold but also by the Bitcoin they raised during the private and the crowdsale. Bitmain/Jihan Wu and NEO/Da Hongei are Angel Investors.
What is going to happen to the foundation once their funds are used up?
In maybe five years, the core of the foundation will become a part of the Cyber Republic and continue working as everyone’s equal. They will then be funded by the funds of the Cyber Republic.
Since how long does the foundation exist?
Rong Chen, the founder, had been already working on the vision since 2000. Before the Elastos project was founded in summer 2017, Rong had a company called Kortide that worked on some of the core technology behind Elastos.
Rong Chen was a senior engineer at Microsoft before founding Elastos/Kortide and he proposed this solution to Microsoft back in 1999. They were not interested. That‘s why he left Microsoft and started his own company.
Is there a lockup program?
There was initially a lockup program in February 2018 wgere you could choose to lock up a minimum of 300 ELA for 1, 2 or 3 years. However, as of Octomber 2018, the lockup program was ended prematurely and all the locked ELA were returned back to the users in favor of being fully compliant for expansion into Western markets. If Elastos is to succeeed as an international project, compliance with Western laws is paramount. When the lockup program was launched, it was not clear that these types of programs could be seen as out of sync with compliance. In order to remain fully compliant with the Western laws and regulations, the lockup program was ended prematurely.
Can I participate in this lockup program or a program to come?
No. There will be no other lockup program at any point in time in the future.
Why will there not be another lockup program?
For compliant reasons (among others because of the SEC rules and regulations).
Where do the transaction fees of each ELA transaction go?
The fees go to the miners.