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Author Topic: [ANN][XEL] Elastic Project - The Decentralized Supercomputer  (Read 449642 times)
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Andeze17
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April 06, 2016, 08:37:54 AM
 #321

An interesting coin concept for sure!
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wosch76
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April 06, 2016, 09:56:09 AM
 #322

I wish someone can make this Greed guy just go away and never come back. His incompetence and his constant fudding is becoming exhausting.
and I don't like his avatar Sad
the ignore button could be of help if no one quotes him Smiley

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.SEMUX
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  Semux uses .100% original codebase.
  Superfast with .30 seconds instant finality.
  Tested .5000 tx per block. on open network
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coralreefer
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April 06, 2016, 11:40:58 AM
 #323

But again, a question to the community: do you like detailed "staking" information or does it confuse you too much?

I like the detailed staking screen.  And the fact it's on a separate tab a user only needs to look at it if they are interested.
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April 06, 2016, 02:03:04 PM
 #324

What is total max supply of ELC?

Is it POS or POW of what?  What does reward structure look like?

Notable projects 2019: Semux, Dero, Wagerr, BEAM
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April 06, 2016, 02:22:41 PM
Last edit: April 06, 2016, 02:33:14 PM by Evil-Knievel
 #325

What is total max supply of ELC?

Is it POS or POW of what?  What does reward structure look like?

There have been many discussions in this thread about how to do it correctly.

For now we have settled on
- ensuring the blockchain security using a reliable proof-of-stake scheme (here, only the fees are earned and no new coins are emitted)
- doing the proof-of-work thing (that means people perform work and get rewarded with coins that the buyer of the processing power had to spent when he broadcasted his work package) independent from the blockchain security, but with the cryptographic security that blockchains offer.
- to prevent "blockchain bloating" (which in inevitable when everyone can submit more-or-less large work packages) we go with a scalable mini-blockchain approach where old stuff can be purged safely.

The reason to go this "dual approach" was a special attack termed the "faster algorithm attack" (FAA) where malicious "buyers" could create an algorithm/work package which is very hard to solve but for which they know quicker, more efficient way to solve it. If the blockchain security would be tied to solving the buyer's work, the attacker could solve his own work using the faster method and so faster than anyone else resulting in him mining the majority of the blocks. This would then allow him to pull off a 51% attack easily and revert transactions / double spend coins / etc.

So to sum up:
The proof-of-stake miners ensure the blockchain security, but they only earn a little namely the tx fees.
The "real income" of the "miners" (or should we better call them "workers"?) is produced using the "proof-of-work scheme" in which users get rewarded for contributing processing power.
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April 06, 2016, 02:26:25 PM
 #326

Thanks for the update.
I'd love to hep you out with anything related to graphics.

Plus, I don't really care about the reward Wink

I have a great idea :-) I think what would be awesome is a graphic explaining the proof-of-stake and proof-of-work combination in a way that everyone understands it.
It is completely different than in other pos/pow hybrid coins. I think we should explain this new approach visually  Wink
ottobene
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April 06, 2016, 02:52:00 PM
 #327

Interesting project, invest some btc Wink
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April 06, 2016, 02:59:26 PM
 #328

What is total max supply of ELC?

Is it POS or POW of what?  What does reward structure look like?

There have been many discussions in this thread about how to do it correctly.

For now we have settled on
- ensuring the blockchain security using a reliable proof-of-stake scheme (here, only the fees are earned and no new coins are emitted)
- doing the proof-of-work thing (that means people perform work and get rewarded with coins that the buyer of the processing power had to spent when he broadcasted his work package) independent from the blockchain security, but with the cryptographic security that blockchains offer.
- to prevent "blockchain bloating" (which in inevitable when everyone can submit more-or-less large work packages) we go with a scalable mini-blockchain approach where old stuff can be purged safely.

The reason to go this "dual approach" was a special attack termed the "faster algorithm attack" (FAA) where malicious "buyers" could create an algorithm/work package which is very hard to solve but for which they know quicker, more efficient way to solve it. If the blockchain security would be tied to solving the buyer's work, the attacker could solve his own work using the faster method and so faster than anyone else resulting in him mining the majority of the blocks. This would then allow him to pull off a 51% attack easily and revert transactions / double spend coins / etc.

So to sum up:
The proof-of-stake miners ensure the blockchain security, but they only earn a little namely the tx fees.
The "real income" of the "miners" (or should we better call them "workers"?) is produced using the "proof-of-work scheme" in which users get rewarded for contributing processing power.

Thanks for your answer.  Your solution sounds good to me and the whitepaper is well written.  You have a killer idea.

But you didn't answer my first question.

What is the total max supply of ELC?

Notable projects 2019: Semux, Dero, Wagerr, BEAM
Evil-Knievel
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April 06, 2016, 03:02:44 PM
 #329

But you didn't answer my first question.

What is the total max supply of ELC?

Sorry, missed that! Maximum supply is 5 million ELC.
TheDR
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April 06, 2016, 03:10:01 PM
 #330

When I sell my Lisk and Augur rep I am going to buy a few percent of remaining coin. I will then offer some bounties for some github contributions. Currently I am pondering which method of verifying computation to pursue. Soon I will be developing on code valley I will see what I can do for this there. 
xibeijan
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April 06, 2016, 03:15:14 PM
 #331

But you didn't answer my first question.

What is the total max supply of ELC?

Sorry, missed that! Maximum supply is 5 million ELC.

Thanks.

How possible?  Can't people can send as much BTC as they like in the presale and each 1 BTC creates 8K-4K ELC?  Or is there a hard cap of how much BTC is accepted?

Notable projects 2019: Semux, Dero, Wagerr, BEAM
BigBoom3599
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April 06, 2016, 03:19:36 PM
 #332

But you didn't answer my first question.

What is the total max supply of ELC?

Sorry, missed that! Maximum supply is 5 million ELC.

Thanks.

How possible?  Can't people can send as much BTC as they like in the presale and each 1 BTC creates 8K-4K ELC?  Or is there a hard cap of how much BTC is accepted?
The ELC will be divided to everyone who contributed, the more BTC you donated the more ELC you get. There is no ELC-BTC conversion rate yet.
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April 06, 2016, 03:21:13 PM
 #333

No once the ELC runs out no more btc should be sent
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April 06, 2016, 03:26:33 PM
 #334

What is block time?

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TheDR
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April 06, 2016, 03:31:23 PM
 #335

Every 10 min a new block on bitcoin chain is created.
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April 06, 2016, 03:56:47 PM
 #336

Every 10 min a new block on bitcoin chain is created.

What is the blocktime of ELC?  not BTC.

How does ELC protect against bad dudes running malicious code on people machines?

Notable projects 2019: Semux, Dero, Wagerr, BEAM
BigBoom3599
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April 06, 2016, 03:59:51 PM
 #337

Every 10 min a new block on bitcoin chain is created.

What is the blocktime of ELC?  not BTC.

How does ELC protect against bad dudes running malicious code on people machines?
I don't know about the blocktime but, it was mentioned before that the "miner" will be sandboxed in a way that the task can't directly interact with the host machine.
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April 06, 2016, 04:01:04 PM
 #338

Oh I thought you were asking about the crowdfund block time thing sorry. I do not know this it may still be up in the air.
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April 06, 2016, 04:06:54 PM
 #339

I have sent some btc at http://www.elastic.pro/crowdsale#
When and where i receive ELC? I not understand clearly
BigBoom3599
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April 06, 2016, 04:08:38 PM
 #340

I have sent some btc at http://www.elastic.pro/crowdsale#
When and where i receive ELC? I not understand clearly

You will your receive ELC when the ICO is over, which is block 425920 on bitcoin blockchain.
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