[Singapore, April 1, 2022] Elastos, the world’s leading provider of open-source solutions and developer of the first decentralized infrastructure for the Modern Internet (Web3), is pleased to announce that its longstanding ecosystem DAO, Cyber Republic (CR), has been officially incorporated into a legal entity in the state of Delaware. The innovative filing was completed by AmLaw 100 law firm K&L Gates. As a fully established LLC, Cyber Republic Operations recognizes the Elastos’ Cyber Republic Consensus (CRC) as a legal entity, enabling the DAO to perform business operations critical to Elastos’ grassroots growth through the power of democratic decision making.
Cyber Republic’s conception was announced by Elastos Foundation (EF) co-founder Rong Chen on August 27, 2018. The EF subsequently transferred 50% of the total supply of ELA—16,500,000 tokens—that had been previously reserved for ecosystem development to the DAO, substantially decentralizing Elastos and empowering the DAO to lead its growth and evolution. The legal incorporation of the CR expands its ability to realize this power by conducting business operations such as opening fiat bank accounts and entering legally binding contracts with partners and service providers.
“Elastos’ ecosystem DAO is one of the most sophisticated, nuanced active, and well-funded community organizations operating on truly decentralized system architecture, and it is a shining example of a successful experiment in community-building, governance, and venture capital all at once,” said Fakhul Miah Co-founder Elation Studios, the Cyber Republic Council Member organization that leads marketing and communications for Elastos. “The incorporation of Cyber Republic Operations LLC enhances the capabilities of our DAO, giving it the latitude and legal standing to meet the diverse needs of Elastos as it matures and pursues goals, like the listing of ELA on a Tier 1 exchange.”
Following Elastos’ hybrid-consensus of Auxiliary Proof-of-Work (AuxPoW) and Delegated Proof-of-Stake (DPoS), Cyber Republic was designed to serve as a third-tier consensus mechanism. CRC is composed of individuals and organizations in the Elastos community. CRC involves a series of on-chain voting procedures by which ELA holders in the Elastos community elect 12 representatives to serve on the Cyber Republic Council, and the ensuing processes in which council members nominate various ecosystem proposals and vote on whether to officially put them into action. The DAO is built directly into the Elastos ecosystem, allowing all ELA token owners input on the strategic direction and operations of the project.
The CR Council has operated as the Elastos ecosystem DAO since June 2019 and has been responsible for constructing and directing growth and adoption strategies, community expansion initiatives, and the broader development direction of the Elastos ecosystem. Recently, the council approved Elastos’ Partnership with Omnicom Agency TLGG to develop, launch, and manage marketing campaigns to increase awareness and adoption of the Elastos Ecosystem’s palette of Web3 Solutions.
With the establishment of Cyber Republic Operations LLC, the DAO is expected to take on a greater role in pursuing Tier-1 exchange listings, hiring additional marketing partners, making staffing decisions, and engaging accountancy, insurance, and legal services.
Founded in 2017, Elastos is a decentralized community building the blockchain industry’s most comprehensive and interoperable open source Web3 platform. Using a hybrid consensus that combines the secure hashpower of Bitcoin and the democratic ideals of Delegated-Proof-of-Stake, the SmartWeb ecosystem of Elastos comprises a suite of software for an entirely decentralized internet. Elastos employs not only blockchain technology, but a peer-to-peer network for communication, decentralized data storage services, a decentralized ID (DID) system for all digital assets, the Elastos Smart Chain (ESC)—an EVM-compatible layer 2 chain, and the ability to create smart contracts and unlimited sidechains. Elastos is not only the foundation for securing truly decentralized applications that can scale; it is the foundation for true data ownership.
Elastos Essentials, the flagship product of the Elastos SmartWeb, brings the entire decentralized ecosystem into a single App, currently available for Android and iOS.
To learn more, visit the Elastos Info Website, Twitter, or Discord. If you are a developer, visit Elastos Developer or Github.
About Cyber Republic
The Cyber Republic Consensus is the third Elastos consensus mechanism after PoW and DPoS. The purpose of CRC is to provide a consensus-based community governance mechanism that will drive Elastos’ technological and ecosystem development, dispute resolution, and management of community assets, and establish incentives to foster community participation in the governance of and contribution to the Elastos community.
The CR Council can be viewed as the CR community’s top-level governance model, but it is not intended to become a closed off, tightly knit, or compulsory organizational structure for the community; openness, dispersion, and spontaneity are essential characteristics of the community. Rather, its purpose is to guide the process of grassroots growth through the power of democratic decision making, and to provide assistance when necessary.
Additionally, the CR Council is the basic infrastructure for developing the Elastos dApp ecosystem, as it provides a general community governance mechanism for truly decentralized applications.