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

[Andeze17]

An interesting coin concept for sure!

[1714148484]

1714148484

[1714148484]

1714148484

[1714148484]

1714148484

[1714148484]

1714148484

[wosch76]

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
the ignore button could be of help if no one quotes him

[coralreefer]

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.

[xibeijan]

What is total max supply of ELC?

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

[Evil-Knievel]

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.

[Evil-Knievel]

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

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  

[ottobene]

Interesting project, invest some btc

[xibeijan]

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?

[Evil-Knievel]

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]

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]

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?

[BigBoom3599]

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.

[TheDR]

No once the ELC runs out no more btc should be sent

[xibeijan]

What is block time?

[TheDR]

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

[xibeijan]

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?

[BigBoom3599]

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.

[TheDR]

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.

[ottobene]

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

[BigBoom3599]

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.