The businessman says that he views a future where the internet will no longer be an information marketplace but a place where value is key.
Chen talked about the differences of ‘value internet’ versus the ‘information internet,’ where Chen says “You have to own the code. You have to share code peer-to-peer. So that’s where the operating system, the virtual system, comes in.”
He contends that sending data through the web can open your data to piracy, and the only thing one can do is to encrypt their data and scramble it into binary executables.
Chen continues, saying that:
“So when you circulate binary executables among the internet, what’s going to happen? You will immediately think there’s going to be a virus. So, to find a virus, you need virtual machines. And more so, you need virtual machines because virtual machines have loaders. When the loader loads your artwork, it checks against the blockchain to see – are you still owning it? Did you sell it to someone else?”
Chen says his firm’s goal is to eliminate architecture with a single point of failure. He says a smart web won’t allow packets sent by applications. This makes it hard to launch man-in-the-middle attacks and DDoS attacks. This, he claims, builds trust and enables an environment to conduct peer-to-peer transactions.
Finally, Chen revealed that Elastos is essentially a smart web browser without HTTP designed for peer-to-peer networks. This includes smart homes, video, audio, messaging and other applications.
The Elastos founder concluded with the announcement that his firm is planning an alpha version in August of what he called a revolutionary new web portrayed on TV’s “Silicon Valley.”