What Is Elastic Coin (XEL)?

Introduction

The Elastic Coin is the core of a distributed and decentralized infrastructure system.

The system behind it is called Elastic Project.

This is an extensive and independent open source project with the aim of creating a complex distributed supercomputer.

How does the Elastic platform work and how do you earn with it?

The Elastic Platform provides a market-based mechanism for users to sell or buy computing resources.

Elastic has developed its own exclusive programming language for its platform. It is called Elastic PL and is very similar to the C language, but with limited functionality.

The advantage of this is that it ensures that the programs created with it can be run safely on a variety of devices without causing damage or errors.

Trading on the Elastic platform works as follows.

A buyer who wants to use the computing resources must first use the Cryptocurrency Development Kit to create his project or request.

It then sends them to the network, together with a corresponding amount of elastic coins.

The users, who in this case are similar to Miners, are now trying to solve the buyer’s problem and offer solutions in exchange for a certain amount of coins.

The percentage depends on the relative amount of work the miner has done.

The Elastic Project offers the user access to an enormous parallel computing and arithmetic cluster consisting of GPUs, CPUs, FPGAs and many other things provided by the Miners.

Who is behind the project?

Who exactly is behind the project is not known. Since this is an open source project, only the developers’ nicknames are known.

The Elastic Project was initiated in the beginning of 2016 by a person with the nickname Lannister.

However, Lannister had to resign for health reasons. The consequence of his resignation was that all funds collected so far were frozen.

It looked very bad for the Elastic Project at that time and it was unclear whether it could be continued at all.

Then a person with the nickname “Evil Knievel” joined the project and helped develop Elastic together with one of the other members of the team, called “Coralreefer”.

The two of them spent almost a year working on development in addition to their actual jobs.

Elastic Coin in figures – December 2017

Elastic has a market capital equivalent to 37 million US$ with a daily trading volume of 22 million US$.

There are currently 86,740,810 Elastic Coins of a total of 100,000,000 in circulation. Elastic Coins can currently only be purchased and sold in exchange for Bitcoin.

What are the company’s future prospects?

The Elastic Project is a flexible new way of designing tasks that at first glance does not seem to be necessarily better than other models.

But the potential to improve over time is there, as the flexibility of the parent platform is constantly being improved and expanded.

This is only possible because the system has been designed and built in such a way that the user is able to carry out a number of configurations when designing the order.

In essence, it is currently the only platform that offers the opportunity to create a limitless variety of tasks that can become increasingly complex over time.

You can’t buy it directly for fiat on any exchange. You can choose the best crypto exchange (in US and worldwide) for your region and buy BTC there, then trade it for XEL on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.

Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase has acceptable fees and is secure bitcoin service.

If Coinbase doesn’t support your country, use Cex.io – read about Cex.io here – it is another safe place to buy bitcoins. Coinmama is also legit exchange for buying Bitcoinsclick here to visit Coinmama.

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If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is safe and legit), instantly and directly to BTC.

Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our article on how to use Ledger Nano S wallet and what cryptocurrencies it supports or check out other best hardware crypto wallets here. You can also create a paper wallet – learn here more about cryptocurrency wallets.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.

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