Introduction
The Elastic Project (XEL) lite wallet is due to be released (subject to testing) on June 17, 2017.
This is one of the most anticipated crypto projects for me.
It has a product that is almost ready for full release and is not just an idea asking for money.
There is a countdown timer for the launch here.
So What is Elastic?
Elastic is a community project to build a decentralised computing platform.
The way it works is like this:
The Elastic network uses its own cryptocurrency, XEL.
The total number of XEL coins will be 100 million (1/8 of Golem tokens) and the supply is fixed.
Problems are modeled on Elastic using the Elastic Programming Language (EPL) which is based on C.
Those who want a computing problem solved offer a certain amount of XEL coins for solving it on the network.
"Miners" then solve the problems using their computational resources and are rewarded a portion of the XEL from the job based on their contribution to the solution.
It is (in some respects) similar to projects like Golem but this actually came before it. One could also consider it to be an evolution of the Gridcoin idea.
As I am not a programmer I will apologise in advance if I have mis-spoken on any of this._
This is how I understand the technical side of it but I would recommend reading the new Bitcointalk thread here to get more detailed information.
There is also an official Elastic forum here and website here.
What Really Impresses Me About Elastic
For me, as a non programmer what has really impressed me about Elastic is the community spirit.
The whole project used a donation model to raise funds. For health reasons the original developer was forced to leave which left the bitcoin donations locked in a multisignature wallet.
The current development team believed so strongly in the basic idea that they took over and worked tirelessly on it without any form of direct payment in return.
That effort is about to come to fruition and illustrates that a good idea with community support can prevail and succeed in unfortunate circumstances.
With all the scams and "get rich quick" schemes we see in the cryptocurrency world this is very refreshing.
What Makes Elastic Different
So community spirit is great you say but what makes this different?
Elastic is more than just an idea or vapourware as I stated earlier.
So many projects launch with just a white paper and have no actual product to show.
Unlike Golem the Elastic computing software (main-net) is actually complete - the only reason it has not yet been released is because the developers are fastidious about testing its security and making sure it works.
The whole purpose in releasing the lite wallet is to bring more attention to the platform, along with more resources to help complete the testing phase.
Conclusion
It remains to be seen if Elastic will be a huge success or not.
On the basis of what I have seen so far (and my admittedly limited knowledge) it certainly should be.
The litewallet should help to bring in new interest and new sets of eyes to help check and refine the mainnet code.
The more people looking at something the better the chances are of ironing out any problems.
If you are looking at investing on XEL at some point make sure to do your own research (read the bitcointalk thread, ask questions there etc).
Do not just take my word for it. This is not investment advice, this is my personal opinion and could be wrong.
Thank you for reading
Thanks for the heads-up and the information on this new crypto-project.
The choice of words when you say it renders the computer cluster obsolete is very interesting as the idea behind the project seems to be decentralizing the idea itself. Yet, the concept seems to have infinite potential as more and more individuals would partake to the platform.
Now that I am aware of this, I really look forward to seeing the development of this as time goes buy.
Namaste :)
This post received a 25% upvote from @randowhale thanks to @thecryptofiend! For more information, click here!
Thanks mate - I would as always suggest reading up on it yourself in case I am misunderstanding something but that is how I understand it.
Thanks for the extra randowhale upvote at 25%! Much joy, Namaste :)
Thank you @thecryptofiend :) XEL looks so promising. Supercomputers are not that far away anymore! haha
:)
thank you for the info and the randowhale gift !
you really have a huge heart!
am blessed to have bumped into you here!
:)
Hi! Have you heard about @krwhale? It is similiar with @randowhale. For your information please click on.
Sounds like a great idea with a team that really cares about their product. I like the fact that XEL has a lot of utility like Golem but is much more scarce. This could make XEL very valuable in the future, seems like a great investment. I'm definitely going to do some more research into this coin. Thanks for posting!
Thank you please check it out and let me know what you think. I am not a coder so like to get other people's opinions on these things.
Thanks for sharing, and giving us something to look forward to! I genuinely hope elastic is a success, as it sounds really good.
You're welcome!
Any idea how much would it cost for a single XEL? Interested to invest. Thanks!
That is a good question. I have no idea - we will only find out when it hits exchanges.
I will surely check your post every time, thank you! I already followed you. Hope you'll do the same. Thanks!
Thank you.
Excelent work dear friend @thecryptofiend very interesting and very present there are many people on the platform like me who understand little of the world of cryptomonedas and always biene very well listen to the opinions and experiences of people who know the subject. thank you very much
have a beautiful day.
Thank you mate:)
This post received a 3% upvote from @randowhale thanks to @thecryptofiend! For more information, click here!
Thank you:)
Congratulations @thecryptofiend!
Your post was mentioned in my hit parade in the following category:
Thanks for showing this project to us. I directly started my research and found this video on youtube showing parts of the working software. Heads up, it is getting very technical now...
Thank you:)
nice information. thanks for sharing
You're welcome:)
The technology back on this new currency is better than Golem or is just a clone? Because at the first reading is similar to Golem system to earning tokens
It is most certainly not a clone. If you are interested I suggest you go and read up on it.
good article
Thank you:)
Thanks for the info on the Elastic Project. I shall look further into it.
You're welcome!
Sounds like an interesting project. I like your comparison to Golem, which is a coin I hold. I am going to have to check this out.
I also have Golem but I think this is going to get a full release much more quickly since it is almost complete and just needs testing.
We will find out very soon :)
Holding Golems and for sure will get some XELs also.
Yes I think it is best to hedge bets:)
Hey buddy is this your first post ??
No I have been here since last year.
Ment to vote on yours but i did mine 🙃
wow, very interesting times coming! keep us up to date, followed you ;)
Thanks will do:)
This is very interesting. I'm looking forward seeing how things will be for elastic!
Me too!
just checked for XEL on coinmarketcap.com - nothing there - is it on mkt yet?
No not yet. Wait until the 17th when the litewallet is released.
ok - will do - thanks
I am really looking forward to this. Been waiting for quite some time.
Me too I just wish I had donated more. I'm hoping some people dump on the exchanges at a low price so I can scoop some more up. I think there is a lot of demand for these sorts of services given the success of Golem.
Good to know - thanks.
Informative, straightforward post as always. Keep up good posts! Will look up this coin. Maybe you know if they are planning a crowd fund?
Thank you. Technically there is no crowd fund - there was a donation phase last year, and I think a lot of community members will donate coins to the development team to help with funding it.
It never ceases to amaze me all the capabilities of blockchain technology. Thanks for informing us of this breakthrough.
You're welcome.
Steemup!
Nice to be informed.
Good job @thecryptofiend!
The project is interesting, needs to be checked.
Thank you.
Great news! I didn't know!
Set alarm to my calendar!
Thank you! Steem on!
You're welcome:)
Mmmm now I'm thinking about SONM tomorrow... What do you think about?
Not sure still need to read up on it! Is it tomorrow?
Yes it's begun some hours ago
Crowd closed in 2 days! Yesterday went on market, and I did kinda 6x
I did look into and I made a post on it a few days ago. Don't think it's a scam but the behaviour of the team left a lot to be desired so I skipped investing.
Well I try just to gamble a bit
So you mentioned Gridcoin, what is different about Elastic, what is its USP (Unique Selling Proposition)?
Followed you.
From what I understand Gridcoin is a cryptocurrency that is tacked on to the existing BOINC network and I have heard people say that it is not as decentralised or as elegant as other solutions.
I would suggest asking in the forum to get a more in depth answer though.
OK, no probs, you were clear you didnt know it all and I appreciate that.
Gridcoin is on BOINC you are quite right, Im not sure about the decentralisation issue though, there is no 'centre' to BOINC except some open source software. Anyone can publish work on the BOINC platform, at any time.
Yes and I have used BOINC too. Nothing wrong with some competition though :)
For sure competition is fine :)
WOW... I just upvoted this post (which is excellent as always) and it doubled!
Thanks mate!
I always upvote your posts... I go by quality and yours are always good. Usually, it will go up by about $0.14... yours went from $202 to $466! That was wild!!!
Thanks:)
Thank you for the RS!
NP:)
So when are we going to end world startvation?
I don't know. How far have you got so far, why put it on me- I didn't cause it!
Well I've been designing a solution for years now and I do as much activism as I can. I have created a political party. Hopefully I will get in a position where I can start putting into practice.
I am putting this kn you cuz you seem to be getting money under the assumption that you want your work to be useful to humanity
Anyone who makes money of by plowing clouds os causing it.
Bitcoin is prolly putting people out of jobs money food water health security etc.
You've been eating long enough gove to tbe needy
Well then I'll gove to tbe needy Seeing that I've been one all my life!
Ooh, I hadn't heard about Elastic but now I'm definitely intrigued. This and EOS seem especially promising so I'm heading over to Bitcointalk to find out more. Exciting times for crypto!
Definitely:)
Thanks for sharing the new crypto infromation. I m looking for your upcoming post with full support. Thanks once again from the team craazy coin
good job, nice post
Thanks!
This year made me step-in into supercomputing platforms because of its superb idea! And it was triggered when I heard about GNT. But first, I was so curious about Gridcoin for its the first coin to promise the same supercomputing idea but I was doubtful about it. Then there it goes GNT, I invested on it and I believe it is really better than Gridcoin. Now, another promising supercomputing platform, XEL which is decentralized. I don't know whether I will be happy for another good coin or not.
Another interesting one - I joined the IOTA launch today - also an interesting concept - will check that one out too.
Cool did you get IOTA on BItfinex?
I had them before the exchange launch - the transfer to Bitfinex was a traffic challenge as you might imagine :-)
very interesting to me thanks
You're welcome!
I just re-read this..
"For health reasons the original developer was forced to leave which left the bitcoin donations locked in a multisignature wallet."
What? Funds was moved away lol, if you don't believe me, check address
https://blockchain.info/address/3Q2aKEGFTKDw3hghsBifXp39CZVMtZukxn
At least EK and other people didn't drop the project, but let's name things as they are. Lanister (probably) just scammed ~700 BTC.
Also here is full list of XEL Donors, https://github.com/OrdinaryDude/elastic-core/blob/master/genesis_block_generator/is_this_correct.txt
Check who they send money and you will find that is that address I posted: 3Q2aKEGFTKDw3hghsBifXp39CZVMtZukxn
and it have now only 3,5 Bitcoins...
Well those funds are lost either way even if he did scam and fake an illness as an excuse - he no longer has anything to do with the project and if he reappears at any point he is not going to get anything further from it.
I have full faith in EK and the other devs who have worked for free and created the project without any of the funds.
cool, lets work together
If you want to help I'm sure you can get involved - use the Bitcointalk link or alternatively the forum.
https://bitcointalk.org/index.php?topic=1957064.540
Congratulations for the article, guy! I was encouraged to write about this project too! :)
It's indeed very good, the competition just begs to get money, XEL is different because there is a product, there is a genuine application!
Thanks - I hope it does well. Honesty and having a good product is not always enough!
Interesting, thanks. Going to read up on it.
Cool thanks:)
I've been using their lite wallet and I really wish more currencies would develop their own wallets; that are simple to use like this one is. I love the ease of it; and decided to look around on here to see who else is talking about it. Transferring money to the wallet was a breeze (bought some XEL on an exchange); what I want to know is how does this compare with #siacoin - i noticed they also allow us to upload files to their 'cloud' --- are they aiming to compete?
thanks in advance for sharing your insights
I don't think that has any function yet. I think that may relate to the computing functions of elastic in the future when the actually computing part of it finishes testing. It isn't really anything like Sia (if I remember correct they are creating cloud storage) as Elastic is creating a decentralised computing platform for research and the like.
that is very interesting; do you think XEL is a good buy for the long term hold? (I may grab some more soon)
I think so.
Here is a faucet for free ELASTIC paying every 60 minutes https://goo.gl/C2iy2A
Cool! Might be better to use a non-shortened link otherwise people might be afraid to click.
Man, can you donate me 0.5 steem dollar?
As I wanted to invest in steem currency because I know it will definitely will rise in value.However, my dad was not allowing me to do that. Can you let to prove to my father that i am right? Thank you.
Hello @wallsnow
I will flag you if you do not stop this spam.
You will have to say I am sorry or ask why not if you do not want to be downvoted.
Spamming comments is frowned upon by the community.
Continued comment spamming may result in action from the cheetah bot.
This kind of begging is considered spam. You could earn more money by contributing something useful.
https://steemit.com/bitcoin/@animatormatthew/iota-a-new-world-currency-promo-video-amazing
That has nothing to do with this post.
Solid article. Interesting to see I'm not the only one that is thinking about this. Be prepared for a fluctuating crypto market. We do need to look better at the insights of every coin. What team is behind it, is there any management. How strong is the product, is there any product at all? Personally I always use: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. For example: https://www.coincheckup.com/coins/Elastic#analysis To check Elastic Report.