The Elements Project is a protocol level technology which can be used to extend the functionalities of bitcoin blockchain. It is an open source community driven project which intends to create new extensions to the Bitcoin and build more bitcoin-based applications.
Elements project uses sidechain technology to easily integrate the new application to bitcoin blockchain. Side chains are the separate blockchains having all the components of a normal blockchain including the smart-contract. It exists along with the main blockchain with a back and forth transaction compatibility.
Some of the deployed Elements.
The community has developed and deployed many Elements already and some of them are on the way of deployment. The well-known side chains of bitcoin including Alpha, Gem are the product of elements project. Some other promising elements are listed here,
1. Asset Issuance
Physical assets are mostly being converted to digital assets nowadays. Since asset has high value than any other documents it needs more protection and security. Asset Issuance helps to issue assets asset including deposits vouchers, shares, currencies, deposits, coupons bonds, etc. with better security.
2. Confidential Transactions
It is a highly sought extension of the bitcoin blockchain. Confidential Transactions hide the amount of bitcoin transferred between two parties from a third party.
3. Segregated Witness
Using Segregated Witness we can reduce the space that used by every transaction in the block. The application separates the properties of a transaction that reflects on the ledger from the data that needed for the validation. This reduces the memory required for a block to store a transaction detail.
4. Relative Lock Time
It allows setting a timeout for the transactions. You can set a particular time period to complete the transaction if it is not completed within the time the transaction will be canceled. It can augment the transaction security of bitcoin blockchain.
5. Schnorr Signature Validation
This extension provides a new way for making signatures for validation and providing new methodologies for multi-signatures
6. New Opcodes
It introduces new opcodes to bitcoin includes DETERMINISTICRANDOM and CHECKSIGFORMSTACK. Furthermore, it re-enabled several scripts in sidechain that are previously available in Bitcoin blockchain.
7. Signature Covers Value
The value can be used for validating the transaction fast. Since the signature on a transaction will be invalidated if the inputs have been spent. This will help you to validate the transaction very easily.
8. Deterministic Pegs
This extension offers a cross-chain facility which simplifies the token transfer between two blockchains.
9. Signed Blocks
The Signed Block is a useful extension to bitcoin. This will allow the user to sign the blocks cryptographically. It is helpful to verify the creator of a block in future.
Other than these listed Elements there are many other extensions available under elements project. More elements are being created by community participant. The project has helped the mostly used blockchain network to work with more customized features and augmented its application domains.