Decentralised Computing Project Elastic (XEL) to Release Litewallet on June 17, 2017

2 months ago
74 in elastic

Elastic Website Logo


Introduction


The Elastic Project (XEL) lite wallet is due to be released (subject to testing) on June 17, 2017.

ThinkstockPhotos-601003768.jpg

One of the most anticipated projects for me.

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.

ThinkstockPhotos-533710646.jpg

Miners exchange computing resources for XEL tokens.

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.

ThinkstockPhotos-494918964.jpg

Not vapourware.

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?

ThinkstockPhotos-664313582.jpg

The community spirit really made this project what it is.

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.

ThinkstockPhotos-678289292.jpg

Will Elastic make server clusters like this obsolete?

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


ThinkstockPhotos-103418857.jpg




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Sort Order:  trending
67
  ·  2 months ago

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 :)

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62
  ·  2 months ago

This post received a 25% upvote from @randowhale thanks to @thecryptofiend! For more information, click here!

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74
  ·  2 months ago

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.

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67
  ·  2 months ago

Thanks for the extra randowhale upvote at 25%! Much joy, Namaste :)

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29
  ·  2 months ago

Thank you @thecryptofiend :) XEL looks so promising. Supercomputers are not that far away anymore! haha

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74
  ·  2 months ago

:)

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70
  ·  2 months ago

thank you for the info and the randowhale gift !
you really have a huge heart!
am blessed to have bumped into you here!

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74
  ·  2 months ago

:)

44
  ·  2 months ago

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!

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74
  ·  2 months ago

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.

54
  ·  2 months ago

Thanks for sharing, and giving us something to look forward to! I genuinely hope elastic is a success, as it sounds really good.

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74
  ·  2 months ago

You're welcome!

58
  ·  2 months ago

Any idea how much would it cost for a single XEL? Interested to invest. Thanks!

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74
  ·  2 months ago

That is a good question. I have no idea - we will only find out when it hits exchanges.

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58
  ·  2 months ago

I will surely check your post every time, thank you! I already followed you. Hope you'll do the same. Thanks!

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74
  ·  2 months ago

Thank you.

72
  ·  2 months ago

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.

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74
  ·  2 months ago

Thank you mate:)

62
  ·  2 months ago

This post received a 3% upvote from @randowhale thanks to @thecryptofiend! For more information, click here!

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74
  ·  2 months ago

Thank you:)

67
  ·  2 months ago

Congratulations @thecryptofiend!
Your post was mentioned in my hit parade in the following category:

  • Upvotes - Ranked 8 with 616 upvotes
51
  ·  2 months ago

nice information. thanks for sharing

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74
  ·  2 months ago

You're welcome:)

44
  ·  2 months ago

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...

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74
  ·  2 months ago

Thank you:)

56
  ·  2 months ago

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

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74
  ·  2 months ago

It is most certainly not a clone. If you are interested I suggest you go and read up on it.

52
  ·  2 months ago

good article

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74
  ·  2 months ago

Thank you:)

41
  ·  2 months ago

Thanks for the info on the Elastic Project. I shall look further into it.

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74
  ·  2 months ago

You're welcome!

46
  ·  2 months ago

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.

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74
  ·  2 months ago

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.

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25
  ·  2 months ago

We will find out very soon :)
Holding Golems and for sure will get some XELs also.

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74
  ·  2 months ago

Yes I think it is best to hedge bets:)

44
  ·  2 months ago

Hey buddy is this your first post ??

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74
  ·  2 months ago

No I have been here since last year.

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44
  ·  2 months ago

Ment to vote on yours but i did mine 🙃

48
  ·  2 months ago

wow, very interesting times coming! keep us up to date, followed you ;)

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74
  ·  2 months ago

Thanks will do:)

41
  ·  2 months ago

just checked for XEL on coinmarketcap.com - nothing there - is it on mkt yet?

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74
  ·  2 months ago

No not yet. Wait until the 17th when the litewallet is released.

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41
  ·  2 months ago

ok - will do - thanks

68
  ·  2 months ago

This is very interesting. I'm looking forward seeing how things will be for elastic!

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74
  ·  2 months ago

Me too!

25
  ·  2 months ago

Good to know - thanks.

51
  ·  2 months ago

It never ceases to amaze me all the capabilities of blockchain technology. Thanks for informing us of this breakthrough.

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74
  ·  2 months ago

You're welcome.

69
  ·  2 months ago

I am really looking forward to this. Been waiting for quite some time.

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74
  ·  2 months ago

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.

45
  ·  2 months ago

Steemup!
Nice to be informed.
Good job @thecryptofiend!

The project is interesting, needs to be checked.

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74
  ·  2 months ago

Thank you.

48
  ·  2 months ago

Great news! I didn't know!
Set alarm to my calendar!
Thank you! Steem on!

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74
  ·  2 months ago

You're welcome:)

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48
  ·  2 months ago

Mmmm now I'm thinking about SONM tomorrow... What do you think about?

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74
  ·  2 months ago

Not sure still need to read up on it! Is it tomorrow?

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48
  ·  2 months ago

Yes it's begun some hours ago

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48
  ·  2 months ago

Crowd closed in 2 days! Yesterday went on market, and I did kinda 6x

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74
  ·  2 months ago

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.

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48
  ·  2 months ago

Well I try just to gamble a bit

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74
  ·  2 months ago

I think it will be OK.

68
  ·  2 months ago

WOW... I just upvoted this post (which is excellent as always) and it doubled!

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74
  ·  2 months ago

Thanks mate!

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68
  ·  2 months ago

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!!!

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74
  ·  2 months ago

Thanks:)

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68
  ·  2 months ago

Thank you for the RS!

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74
  ·  2 months ago

NP:)

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30
  ·  2 months ago

So when are we going to end world startvation?

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68
  ·  2 months ago

I don't know. How far have you got so far, why put it on me- I didn't cause it!

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30
  ·  2 months ago

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

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30
  ·  2 months ago

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

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68
  ·  2 months ago

Well then I'll gove to tbe needy Seeing that I've been one all my life!

54
  ·  2 months ago

So you mentioned Gridcoin, what is different about Elastic, what is its USP (Unique Selling Proposition)?

Followed you.

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74
  ·  2 months ago

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.

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54
  ·  2 months ago

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.

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74
  ·  2 months ago

Yes and I have used BOINC too. Nothing wrong with some competition though :)

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54
  ·  2 months ago

For sure competition is fine :)

57
  ·  2 months ago

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!

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74
  ·  2 months ago

Definitely:)

42
  ·  2 months ago

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

25
  ·  2 months ago

good job, nice post

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74
  ·  2 months ago

Thanks!

58
  ·  2 months ago

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.

51
  ·  2 months ago

Informative, straightforward post as always. Keep up good posts! Will look up this coin. Maybe you know if they are planning a crowd fund?

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74
  ·  2 months ago

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.

69
  ·  2 months ago

Another interesting one - I joined the IOTA launch today - also an interesting concept - will check that one out too.

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74
  ·  2 months ago

Cool did you get IOTA on BItfinex?

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69
  ·  2 months ago

I had them before the exchange launch - the transfer to Bitfinex was a traffic challenge as you might imagine :-)

34
  ·  2 months ago

very interesting to me thanks

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74
  ·  2 months ago

You're welcome!

25
  ·  2 months ago

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...

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74
  ·  2 months ago

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.

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.

45
  ·  2 months ago

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!

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74
  ·  2 months ago

Thanks - I hope it does well. Honesty and having a good product is not always enough!

43
  ·  2 months ago

cool, lets work together

Roadmap.JPG

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74
  ·  2 months ago

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

70
  ·  2 months ago

Interesting, thanks. Going to read up on it.

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74
  ·  2 months ago

Cool thanks:)

44
  ·  last month

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

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74
  ·  last month

what I want to know is how does this compare with #siacoin - i noticed they also allow us to upload files to their 'cloud'

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.

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44
  ·  last month

that is very interesting; do you think XEL is a good buy for the long term hold? (I may grab some more soon)

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74
  ·  last month

I think so.

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74
  ·  2 months ago

That has nothing to do with this post.

46
  ·  2 months ago

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.

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63
  ·  2 months ago

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.

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73
  ·  2 months ago

Spamming comments is frowned upon by the community.

Continued comment spamming may result in action from the cheetah bot.

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74
  ·  2 months ago

This kind of begging is considered spam. You could earn more money by contributing something useful.

24
  ·  20 days ago

Here is a faucet for free ELASTIC paying every 60 minutes https://goo.gl/C2iy2A

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74
  ·  20 days ago

Cool! Might be better to use a non-shortened link otherwise people might be afraid to click.