[ANN][XEL] Elastic Project - The Decentralized Supercomputer

[Roozy]

What is the supply?

Is it a pre mine?

Why does 1 address have over 99.9% of the available coins?

What's the block reward?

Bump

[13Darko]

What is the supply?

Is it a pre mine?

Why does 1 address have over 99.9% of the available coins?

What's the block reward?

Bump

100m coins.

It's pure PoS, so yes, all 100m coins are "premined".

Because the distribution of coins hasn't begun yet.

1. Block reward, same as in NXT (as Elastic was built upon NXT opensource code), depends on how much transactions this block contains. The more transactions it has the more fees from these transactions you get (fees are probably fixed at 1 XEL just like in NXT, though it can be manually changed by those who send transactions if they wish). Also the bigger your balance is the more blocks you forge (it's called forging, not mining).

2. But you can mine coins as well. And it's not same mining as in many other altcoins, but more precisely term would be "solving tasks" submitted to the network (this is a decentralized computer, remember?). So let's say a client submits his task he wants to be solved to the network, he puts a reward for it. And all nodes-participants (or supernodes only?) begin to solve small parts of this task. Some may have bigger parts to be solved then the others. When they finish their work, they submit results back to the client and receive some part of their reward depending on the contribution.

P.S. part 1 and 2 is just my opinion about how the system works and it may be completely misleading

[Selsonblue]

1. Block reward, same as in NXT (as Elastic was built upon NXT opensource code), depends on how much transactions this block contains. The more transactions it has the more fees from these transactions you get (fees are probably fixed at 1 XEL just like in NXT, though it can be manually changed by those who send transactions if they wish). Also the bigger your balance is the more blocks you forge (it's called forging, not mining).

2. But you can mine coins as well. And it's not same mining as in many other altcoins, but more precisely term would be "solving tasks" submitted to the network (this is a decentralized computer, remember?). So let's say a client submits his task he wants to be solved to the network, he puts a reward for it. And all nodes-participants (or supernodes only?) begin to solve small parts of this task. Some may have bigger parts to be solved then the others. When they finish their work, they submit results back to the client and receive some part of their reward depending on the contribution.

P.S. part 1 and 2 is just my opinion about how the system works and it may be completely misleading

This sounds correct. I am not entirely sure about the foraging part in 1). But yeah otherwise you earn XEL by solving tasks submitted on the network as computation jobs. You will be able to utilize your CPU and/or GPU on the network also.

[ttookk]

I gotta admit, I always have a smirk of superiority on my face when people ask questions that imply that they think of XEL as a "regular" cryptocurrency.

Sorry for being so inactive at the moment. I don't feel like I can contribute much at the moment, neither ideas nor time.

One question regarding the hardcoded guardnodes: I still don't understand how these are determined. I get the hardcoded part, but how does one (or rather an institution, I guess?) become a guardnode in the first place?

Now, this would actually be an interesting idea, wouldn't it: if guardnodes and maybe even supernodes would be managed by universities and similar institutions, this might create a) a certain positive reputation of the project and b) incentivize those institutions to actually use the Elastic network. In any case, I'd love to get those involved. is anyone up for lobbying? I don't have contacts in that regard.

[Selsonblue]

I gotta admit, I always have a smirk of superiority on my face when people ask questions that imply that they think of XEL as a "regular" cryptocurrency.

Sorry for being so inactive at the moment. I don't feel like I can contribute much at the moment, neither ideas nor time.

One question regarding the hardcoded guardnodes: I still don't understand how these are determined. I get the hardcoded part, but how does one (or rather an institution, I guess?) become a guardnode in the first place?

Now, this would actually be an interesting idea, wouldn't it: if guardnodes and maybe even supernodes would be managed by universities and similar institutions, this might create a) a certain positive reputation of the project and b) incentivize those institutions to actually use the Elastic network. In any case, I'd love to get those involved. is anyone up for lobbying? I don't have contacts in that regard.

I discussed the elastic project with 3 Phds this week to start gathering use cases. All of them agree, there are applications across nearly all research fields.

I think the biggest strength for the project is seen when you spin it as an on-demand technology, and target the more under funded universities that dont have large super computers on site and typically use cloud computing. Elastic becomes the clear winner if the miners can handle the specific jobs, if there is amble supply of processing power around the clock, and if there is no gap in technological understanding...(blockchain is a daunting word to some)...The application needs to have a very user friendly front-end, basically so the user can access their account, input the job, egress with data, and feel safe in the fact that multiple people would be handling their data for processing the jobs. (i tried to explain security through obscurity, piecing up the data so no one could recreate the whole data set as a security strength - but ran into more questions..) such as, I was not certain how to address the question of data security in transit and at rest on individual processing nodes. I think that is a 2 part answer, the in-transit part from EK; and the at rest part from coralreefer.

I agree with ttookk on the marketing of the product, i think thats the path of least resistance. But I also feel like the real potential for XEL might require a more formal organization around the project, and some legal security around the code base. My one contact is a VC in the neuroscience field and kept harping on securing the intellectual property some how to prevent competition. Obviously, these are topics the developers need to address. I have heard EK wants to take a step back once the mainnet is live - which is easy to understand after putting forth so much effort. But I would really hate to see someone snag the XEL code and try to  package it as their own application. I mean clearly the "concept" is valuable, so IP theft is definitely not out of the question.


PR Update: We currently have translators lined up for French German Spanish Greek Russian Mandarin English when we have content ready to go. If there are any missing from this list, please inform.

[Selsonblue]

https://bitcointalk.org/index.php?topic=1763166.0

Case and point. So many other projects trying to do something like this. And guarantee that ICO gets $1 million+ if the dude maintains the ANN long enough.

[ttookk]

I discussed the elastic project with 3 Phds this week to start gathering use cases. All of them agree, there are applications across nearly all research fields.

(…) (i tried to explain security through obscurity, piecing up the data so no one could recreate the whole data set as a security strength - but ran into more questions..) such as, I was not certain how to address the question of data security in transit and at rest on individual processing nodes. I think that is a 2 part answer, the in-transit part from EK; and the at rest part from coralreefer.

(…)

This is why homomorphic encryption woulde be nice to have. As has been said before, it doesn't have to be there from the start, but in the long run, you need an encryption that prevents leakage of confidential data.

Regarding a formal organization: Elastic is just a protocol. Everybody can set up an organization that revolves around Elastic. So, everybod who has the time, energy and brainpower can pull this off. I'd love to see this coming out of the academic sector.

[schnötzel]

This is why homomorphic encryption woulde be nice to have. As has been said before, it doesn't have to be there from the start, but in the long run, you need an encryption that prevents leakage of confidential data.

Regarding a formal organization: Elastic is just a protocol. Everybody can set up an organization that revolves around Elastic. So, everybod who has the time, energy and brainpower can pull this off. I'd love to see this coming out of the academic sector.

Would be nice to see something like this in the future. Amazing times ahead, guys.

[MellowYellow14]

The decentralized super computer is the killer idea for blockchain. I will continue to support this project.

[schnötzel]

The decentralized super computer is the killer idea for blockchain. I will continue to support this project.

Absolutely. Elastic is one of the best projects here!

[Jayjay04]

Great project !
Great signature !

[provenceday]

waiting for the release of the mainnet, then the world will be changed.

thank you EK

[Bgjjj2016]

waiting for the release of the mainnet, then the world will be changed.

thank you EK

EK, we are all excited and ready. Please give us an update . Many thanks !

[aaronjobs]

waiting for the release of the mainnet, then the world will be changed.

thank you EK

EK, we are all excited and ready. Please give us an update . Many thanks !

so there is only one developer for XEL project?

[Bgjjj2016]

waiting for the release of the mainnet, then the world will be changed.

thank you EK

EK, we are all excited and ready. Please give us an update . Many thanks !

so there is only one developer for XEL project?

EK is the main guy, but we have several other awesome developers as well.

[whiskers75]

I gotta admit, I always have a smirk of superiority on my face when people ask questions that imply that they think of XEL as a "regular" cryptocurrency.

Sorry for being so inactive at the moment. I don't feel like I can contribute much at the moment, neither ideas nor time.

One question regarding the hardcoded guardnodes: I still don't understand how these are determined. I get the hardcoded part, but how does one (or rather an institution, I guess?) become a guardnode in the first place?

Now, this would actually be an interesting idea, wouldn't it: if guardnodes and maybe even supernodes would be managed by universities and similar institutions, this might create a) a certain positive reputation of the project and b) incentivize those institutions to actually use the Elastic network. In any case, I'd love to get those involved. is anyone up for lobbying? I don't have contacts in that regard.

This would be a great idea.

[BTCspace]

any development updates?

what's the price of one XEL now?

thank you

[klintay]

what languages do you still need translations for? I can do Italian and Japanese.

[Bgjjj2016]

what languages do you still need translations for? I can do Italian and Japanese.

Please join our Slack PR group. I'm sure we could use your expertise. You will find the link to Elastic slack on my signature. Thank you for helping out.

[Bgjjj2016]

any development updates?

what's the price of one XEL now?

thank you

Waiting on the updates. As for price, there're people that want to sell anywhere from 5300 Satoshi to 0.1 BTC per XEL.
Good luck !