Elastic Coin is at center stage of a distributed and decentralized infrastructure system that is poised to take over various realms of the internet. The system, which is tagged as the Elastic Project, is an extensive open source and independent project with the ambitions to build a complexly distributed supercomputer. In exchange for the funds to continue with the development of this project, they are giving away chunks of the currency that is set to be the transactional media of the prospective platform, the XEL.
How it Works?
Technically speaking, the Elastic Coin is built on-top and integrated into a cryptocurrency model. For this reason, it provides a market-based mechanism for users to sell or buy valuable computational resources. Buyers, especially those who want computational resources, are required to model their model using the Elastic Coin’s cryptocurrency development kit, then broadcast it, accompanying a given amount of ELC coins, to the platform’s network. The users – who in this case are the miners – are then motivated to solve these computational problems and offer solutions in exchange for a given amount/portion of ELC coins. A section of this pay depends on the relative amount of work that the so-called minor has put to come up with their results, and the positive contributions that he has made to the network.
Now, using ELC as the motivating factor and driving force, the Elastic Coin offers their prospective users, and potential buyers access to an enormous parallel computational and arithmetic cluster that is made of GPUs, CPUs, FPGAs and an assortment of other devices as supplied by the miners. So far, there are about 5 million XEL ( Elastic Coins ) in circulation which is backed by a secure Multi-sig wallet that is controlled mainly by the founder. You can use BTC only to purchase, sell or trade in ELC.
Thanks to the inception of the ELastic Coin, users rely on Elastic PL ( the platforms exclusive programming language that is similar to the conventional C language but with limited functionality ). For this reason, it is guaranteed or assured to some extent that the Elastic Code has the potential to be executed on a diverse number of machines without necessarily causing any harm/errors. For instance, you could write your program in the basic Elastic PL language and be almost sure that if it were to be executed well, there would be no errors, no endless loops, no exploits and of course, no serious data leakage.
Elastic Coin Exchanges
Elastic Coin Wallet
The Elastic Coin ( ELX and XEL ) is supported by a specialized Elastic Coin Lite wallet that was the pioneering cryptocurrency decentralization platform. It is expected that other wallets to integrate it with time as the public adopts it.
That being said, it is important to note that as much as the Elastic Coin is considered a flexible new way of designing tasks, it does not necessarily perform better than others especially if all other factors are held constant. The performance is, however, expected to get better with time, particularly as the flexibility of the mother platform – Elastic PL – improves. And this is because the system is designed and built from the ground to the higher echelons in a way that it allows the user a set of configurable tasks. In other words, this is essentially the only platform that offers the potential to provide a limitless diversity of jobs that have the capacity to become more complex with time. To provide additional safeguarding, the Super Nodes are kept in check with the minor nodes, and then a final layer of security is effected by the Guard Nodes to ensure that the main Super Nodes are working as they ought to without any hiccups.
It only fails because the current system is not almost entirely trusted. The absence of a central authority verifying system ( such as the one in BOINC-based cryptocurrency coins ) means that the inner workings rely on an external service that is controlled by one or two single entities that have the capacity to go rogue and fail/cripple the entire coin.
[currencyprice currency1=”xel” currency2=”usd,eur,btc”]
[currencygraph currency1=”xel” currency2=”usd”]