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Author Topic: [ANN][XEL] Elastic Project - The Decentralized Supercomputer  (Read 448525 times)
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Evil-Knievel
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April 07, 2016, 11:56:58 PM
 #361

How could ELC be used for mining other coins?

1. if would be harder to set up and use than a mining pool...
2. other coins will have 1min block time, so by the time ELC txs with answers/payments confirm (1min +) it will be to late.
3. what prevents workers/sellers from stealing the coins they mine for you
4. circular reasoning: why would anyone pay good ELC to mine some other junk crypto?

Just some thoughts how this might work. I do not want to say something "binding" as the final design is still to be defined.
But mining other coins could work like any other mining application:

1. Create block template, meaning creating a new block with everything set except the nonce and the timestamp. This block template contains the coinbase transaction that would pay you.
2. Create a custom algorithm that says "take this block template" and "shuffle timestamp as well as the nonce" until the hash of the block meets a value X. Value X is also hardcoded and contains the current required difficulty.
3. You submit that task to the Elastic network and all "Elastic Workers" start working on your block. They both periodically send "proof-of-works" that prove that they are working and so that they get paid regularily, but they will also submit the solution if your predefined condition (hash of the block meets a value X) is met.
4. You do not need to wait for a confirmation, they send you the nonce + timestamp via the blockchain and you get your result with 0-confirmations.
5. You take the nonce+timestamp, then you construct the block that you have created a template for in step 1, and push it to the other coin's network.
6. Nobody can take your coins or anything, because they all have worked on the block template containing the coinbase transaction that will pay you (and nobody else)

 Wink

All this would have to be automated somehow and yes, this is harder to setup, but I think that once Elastic is working many people will develop "apps" or "scripts" for it.
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dumple
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April 08, 2016, 05:30:39 AM
 #362

Seems there's already another older coin with the ticker ELC. It's Elacoin.

See:
https://bitcointalk.org/index.php?topic=766417.80

Evil-Knievel
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April 08, 2016, 06:14:05 AM
 #363

Seems there's already another older coin with the ticker ELC. It's Elacoin.

See:
https://bitcointalk.org/index.php?topic=766417.80

Yes, we have to rethink it then. Thanks for looking that up!
Evil-Knievel
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April 08, 2016, 06:16:29 AM
 #364

Any suggestions for a different "ticker"?
cryptoheadd
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April 08, 2016, 06:17:46 AM
 #365

ELAS?
ELP?
dumple
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April 08, 2016, 06:21:42 AM
 #366

ELSC

Can double as ELaStiC, and also ELastic Super Computer

Evil-Knievel
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April 08, 2016, 06:59:11 AM
 #367

Good ideas :-) We could collect come more and then make a public poll?
xibeijan
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April 08, 2016, 07:01:13 AM
 #368

They both periodically send "proof-of-works" that prove that they are working

This step could mean a significant overhead while performing the POW using ELC because they have to do additional proof of works beyond the one you are interested in.  On the other side of it, the ELC network could be huge.

Notable projects: Bitcoin, Ethereum, Semux, Wagerr, Elastic, TenX, Ardor, Quantum, Dero, Sia Storage
Evil-Knievel
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April 08, 2016, 07:08:01 AM
 #369

They both periodically send "proof-of-works" that prove that they are working

This step could mean a significant overhead while performing the POW using ELC because they have to do additional proof of works beyond the one you are interested in.  On the other side of it, the ELC network could be huge.

I agree, this comes at a overhead. The reason why we have to do this here is that we have to measure how much everyone has contributed.
People can submit work where they are interested in many many output, but they as well may submit a work which is impossible to be solved (like factor a 256bit number). In both cases we want even and constant payout for other people's contributed computation power, and so they must periodically give some kind of verifiable feedback.

But in order to reduce the overhead, we can make this feedback relatively rare. We would have to think about what (security)implications the timespan between two proof-of-works has.
Vaccinus
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April 08, 2016, 07:28:56 AM
 #370

there will be a pow mining phase? what will be the algo if the answer is yes?

iSimantri
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April 08, 2016, 07:53:59 AM
 #371

XEL  Smiley

Pig Farm Investment
Detail here : https://bitcointalk.org/index.php?topic=1441952.0
Low profit and long term project.
YNWA2806
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April 08, 2016, 08:03:56 AM
 #372


Evil-Knievel you should put some of the tokens aside for better PR, allocate some for translation to get big markets, make a FB account for statements and allocate some ELC for likes, etc.......
YNWA2806
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April 08, 2016, 08:04:51 AM
 #373

This project is not being heard
BigBoom3599
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April 08, 2016, 08:30:45 AM
 #374

Greed, you've made your point. there's no need to repost it every other day. just leave this thread.
wosch76
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April 08, 2016, 08:32:51 AM
 #375

ELSC

Can double as ELaStiC, and also ELastic Super Computer
I vote for ELastic Super Computer Smiley

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  Semux uses .100% original codebase.
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xxxgoodgirls
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April 08, 2016, 11:33:32 AM
 #376

I'd go for ELA(stic) or ELN(astic etwork).

In summary, the Intel Management Engine and its applications are a backdoor with total access to and control over the rest of the PC. The ME is a threat to freedom, security, and privacy, and the libreboot project strongly recommends avoiding it entirely. Since recent versions of it can’t be removed, this means avoiding all recent generations of Intel hardware. details https://libreboot.org/faq.html#intelme --- https://tehnoetic.com/laptops --- https://store.vikings.net/x200-ryf-certfied
cryptoheadd
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April 08, 2016, 11:34:21 AM
 #377

XEC sounds good.
or XEL.
JanDzban
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April 08, 2016, 11:42:29 AM
 #378

ELSC

Can double as ELaStiC, and also ELastic Super Computer
I vote for ELastic Super Computer Smiley

I like this, but imo better looks 3 letters- ESC


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DECENT
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[D]ecentralized application
[E]liminated third parties
[C]ontent distribution



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BigBoom3599
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April 08, 2016, 11:52:32 AM
 #379

Maybe we should have a poll to vote for the ticker, so far i've seen: ELSC, ESC, ELA, XEC, XEL, ELC, ELAS and ELP
nihilnegativum
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April 08, 2016, 12:22:19 PM
 #380

I like esc, but it will get lost in search because of all the escrow topics, so xel is better.
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