Following the release of Elastos financial report, Rong Chen visited Elastos telegram group to have an unofficial Q&A with the community members. We are happy to welcome him on our channel
- Q (KenNinja) : Not much detail to the audit, but Rong also made it clear that EF doesn’t have to report to the community. They are deciding what needs to be revealed and some things they consider private. CR will be 100% transparent. Just to keep in mind. That being said, I’m surprised by the totals as well and wish we’d gotten more explanation.
A : Thanks for pointing out that EF is not CR. We are not going to expose full financial details, nor BTC addresses, partially due to legal matters. However, I do invite Elastos community to select one or two people with CPA license to come to come to Beijing at foundation’s cost, sign a NDA, sit down with the auditing firm and Elastos accountants to find out whether Elastos foundation is true to its words.
Here are some simple math: 1400 BTC in six months, in terms of average BTC price of each month, comes to 4.5 to 5 million USD. Reading through weekly reports and the EOY report, Elastos Smartweb takes at least 100 engineers including outsourcing plus supporting staff to build, whether it’s really very efficient team or not, you may ask Jimmy or anyone with IT management that you trust. 5,000,000 divided by 100 employees, divided by 6 months, comes to 8333 dollars per month salary, plus office rent, travels, BD, PR, legal, social security benefits, everything. Is it too high? I hope people could see the simple logic behind before they fud. ELA expenditure is for bonuses, incentives for partners, etc.
How many crypto projects are as clean and as transparent? I dare to challenge you all!
- Q (veerender nallamala) : quick question will top network run on ontology but use Elastos DIDs right?
A : You have to understand what is a Carrier. AT&T is a carrier which issues phone numbers. Satellite network, 4G mobile network, fiber optic network, are examples of physical networks. Elastos Carrier is a decentralized carrier, meaning carrier without AT&T, and relies on decentralized networks such as Top network. Satellite network companies sell their products to many carriers, right? So does Top network. Get it?
- Q (Don Lyons) : I know you’re humble man Rong and that’s why I bought into your vision
A : Elastos technically speaking is very sophisticated, but logically very straightforward, at least I think so. Financially, it’s extremely simple math. Some may not believe it’s that simple, and thought there are must be something hiding. What could I say? If you really care, like Jeremy who came to Beijing to visit our partners, we are open to all questions (please forward them to Gandhi). I really don’t appreciate the fake stories being entertained over and over again. Elastos is NOT a company, and the Web (or Internet) has no biz model. Why it’s so hard to understand? Apple, Microsoft, Google have biz models, the internet is for the world. The old web has no base tokens, the Elastos Smartweb does.
- Q (TheTunaInTheBrine) : We get it. Elastos is not a company. What many are asking for is a better. understanding/financial breakdown of what you call “ecosystem collaboration” in your report. The BTC expenditures for ecosystem collaboration were essentially comparable to all other operational expenses in BTC, which is why so many are wondering about it. It’s really not difficult to be transparent. That’s what’s so frustrating here.
A : We could use dollar for accounting or we could use RMB for accounting. Since we raised BTC, we used month average of BTC for accounting. Why do you think using BTC is not transparent? Aren’t we all in the new crypto world?
“Eco partners” means eco partners in the EOY report. Elastos foundation may promote its platform using ELAs to help jumpstart its adoption.
- Q (Scott): Do you worry that Elastos May have trouble with legislation because it’s uncontrollable/anti spy?
A : End to end encryption, keys are from the blockchain, encryption algorithm could be complying with docking hardware locales. Elastos is building a BRIGHT WEB, instead of a dark web.
- Q (Scott) : Could ELa use lightening network and could lightening network for btc run on Elastos are two awesome concepts.
A : A blockchain is a computer. A blockchain with lightning network is like multi processing computer, eg Linux vs DOS. A web is a network of computers. Elastos is a Smartweb of computers, that’s why Elastos could run many sidechains of smart contracts. Anyone could invent a new computer connected to the internet, right? So any new blockchain technology could in theory be working with Elastos. Blockchain and Elastos can’t compare.
An iPhone has a fingerprint reader, a fingerprint reader is NOT an iPhone. Please, if you invest in Elastos, please remember this line. We welcome all kinds of new fingerprint readers!
- Q (Scott) : I invested with another French blockchain called Neurochain. They do supply chains and fintech. They said they would work with Elastos in the future.
A : One computer could run some business. Nothing wrong with that. A computer is still NOT an Internet. People always confused with one computer, which consists of many off the shelf computers, say a cloud computer, with a network of computers. One computer is controlled by one entity, running identical softwares. A network of computers are decentralized, controlled by different entities running completely different softwares.
No one has an oracle ball of the Elastos Smartweb, just like Tim Burners-Lee didn’t predict Google when he invented the www web. It would be mistaken to expect me to guide the Elastos’ future. All we, as Elastos foundation, could do is to build the first incarnation of the Elastos Smartweb as promised for the 6000 some BTC tokens raised. Then the real journey will take us wherever it may go!
- Q (ELA ela) : Elastos spent nearly $50 million in 2018, But now elastos market cap only $33 million. Does Elatos have enough money to keep going?
A : Not true. As I said that simple math doesn’t add up. We just did half year report. Why do people want to make up the number 50 million? If it’s a honest mistake, you do your math again. Elastos has financial report last August and today. If you deliberately makes it up $50 million, as I have seen in this group over and over again, I just can’t comprehend that a person could be so shameless to talk like that.
- Q (Scott) : Are you impressed with any other blockchain projects. Are there any ones that stand out for you at the moment?
A : Different blockchains for different occasions, much like different computers for different occasions. You can’t compare BTC like lossless blockchains with those high TPS ones, because in time, the faster you get the more garbage you collect, unless you drop data. The blockchain communities can’t get their facts straight.
- Q (Erwin Cnops) : Why Trinity is taking all this time before the release? You didn’t say you’ve been working on elastos for more than 19 years?
A : Trying to shoot moving target is very difficult. 19 years has changed things a lot. The first Trinity we built back in 2013-2016 was based on Firefox, completely out of date by now.
Thank you for your time
Onward! Upward! Elastos!