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

[ImI]

goto: http://www.elastic.pro/donations

and their goto "donate now"

edit: only send from private wallet, not exchange

[1713584786]

1713584786

[1713584786]

1713584786

[MrWhiteBites]

Using the Private keys to Bitcoin seems like the most unsafe thing a person can do.

What am i missing here, why has it been made this way, it is a little confusing. Or just seems that way.

Why is it unsafe? Seriously, I don't see the problem.

As to why they did it, I suppose its for convenience and transparency. We can already see what addresses get what amount of coin in the genesis block. We can all recognize our own address yet the info is still private because only we know which transactions refer to us.

No need to sign up on a web site, declare XEL addresses when wallets are available, etc etc. Tbh, the system seems excellent.

Great. Now, can someone explain this process to me, like a total noob.  Never bought coins this way before.

1- Where do i send the bitcoin from?  Does it have to be a desktop wallet? Or can i use a mobile wallet, like Mycelium.
2- When i send the Bitcoin payment  (this is the part i do not understand)
- Where do the coins go to?
3- How do i access the coins in the future, to send to an exchange for trading.

Many thanks.

[Selsonblue]

Awesome update video. Thanks for your hard work EK!

[Lannister]

Great. Now, can someone explain this process to me, like a total noob.  Never bought coins this way before.

1- Where do i send the bitcoin from?  Does it have to be a desktop wallet? Or can i use a mobile wallet, like Mycelium.
2- When i send the Bitcoin payment  (this is the part i do not understand)
- Where do the coins go to?
3- How do i access the coins in the future, to send to an exchange for trading.

Many thanks.

A small correction to your posting: you do not buy coins here, you donate. And as a result of your donation you will have no legal obligation to us and I will have no legal obligations to you. What you basically do is to altruistically support the development of a cleverly inventive, ingenious system with uncertain outcome. Furthermore, because you asked about exchanges and trading: when you donate you MUST signify that you DO NOT see your donation as a speculative investment in any form. Please keep that in mind.

[twistelaar]

@devs. Are there also some bounties?

[Lannister]

@devs. Are there also some bounties?

There is no official list of bounties, but you can suggest one or two things that you think may be helpful. I believe the biggest to-do is finishing the website at http://www.elastic-project.org. Maybe some of you like to take care of the website and enrich it with some high quality content? In the past I tried to bless the community with numerous lucrative bounties and gifts for writing articles for the knowledge base. Many writers volunteered but for some reason they did not deliver.

[MrWhiteBites]

Great. Now, can someone explain this process to me, like a total noob.  Never bought coins this way before.

1- Where do i send the bitcoin from?  Does it have to be a desktop wallet? Or can i use a mobile wallet, like Mycelium.
2- When i send the Bitcoin payment  (this is the part i do not understand)
- Where do the coins go to?
3- How do i access the coins in the future, to send to an exchange for trading.

Many thanks.

A small correction to your posting: you do not buy coins here, you donate. And as a result of your donation you will have no legal obligation to us and I will have no legal obligations to you. What you basically do is to altruistically support the development of a cleverly inventive, ingenious system with uncertain outcome. Furthermore, because you asked about exchanges and trading: when you donate you MUST signify that you DO NOT see your donation as a speculative investment in any form. Please keep that in mind.

Ok so it wont be traded on exchanges?

And all this stressing over how its a donation, is really that, people are just giving the team money to build The Decentralized Supercomputer.

So its not an ICO really is more of a crowd funding, where the participants get nothing in return,  other than tokens that can only be used as "fuel" in the supercomputer and not traded for bitcoin?

If so, then fine, but i like to invest to see a return on my investment, not
 a donation.

[xxxgoodgirls]

Ok so it wont be traded on exchanges?

And all this stressing over how its a donation, is really that, people are just giving the team money to build The Decentralized Supercomputer.

So its not an ICO really is more of a crowd funding, where the participants get nothing in return,  other than tokens that can only be used as "fuel" in the supercomputer and not traded for bitcoin?

If so, then fine, but i like to invest to see a return on my investment, not
 a donation.

XEL will be purchasable on exchange(s), people who want to rent some computational power need to buy XEL.

[MrWhiteBites]

Ok so it wont be traded on exchanges?

And all this stressing over how its a donation, is really that, people are just giving the team money to build The Decentralized Supercomputer.

So its not an ICO really is more of a crowd funding, where the participants get nothing in return,  other than tokens that can only be used as "fuel" in the supercomputer and not traded for bitcoin?

If so, then fine, but i like to invest to see a return on my investment, not
 a donation.

XEL will be purchasable on exchange(s), people who want to rent some computational power need to buy XEL.

Great Answer, that makes up my mind... i'm out... no way can XEL compeat with Ethereum.

Good luck XEL Team!

[ImI]

Ok so it wont be traded on exchanges?

And all this stressing over how its a donation, is really that, people are just giving the team money to build The Decentralized Supercomputer.

So its not an ICO really is more of a crowd funding, where the participants get nothing in return,  other than tokens that can only be used as "fuel" in the supercomputer and not traded for bitcoin?

If so, then fine, but i like to invest to see a return on my investment, not
 a donation.

XEL will be purchasable on exchange(s), people who want to rent some computational power need to buy XEL.

Great Answer, that makes up my mind... i'm out... no way can XEL compeat with Ethereum.

Good luck XEL Team!

bye bye

[Evil-Knievel]

no way can XEL compeat with Ethereum

... Just like apples cannot compete with oranges 

[xxxgoodgirls]

Will the BTC halving affect the time between blocks?

[ImI]

no way can XEL compeat with Ethereum

... Just like apples cannot compete with oranges 

yes, but there is indeed one project that builds upon ethereum that tries to achieve the same

a competitor if you want 

[catcoinminer]

Still there are enough time to issue tokens to the crowdfunders to back the project. And a purpose to fuel the token will add value to the tokens and live well in the future.

[Sam123]

no way can XEL compeat with Ethereum

... Just like apples cannot compete with oranges  

yes, but there is indeed one project that builds upon ethereum that tries to achieve the same

a competitor if you want  

What does the project called please?
Thanks

[Bimmerhead]

Do we know why Canadians are prohibited from donating? The USA I can understand, but why Canada?

[Bgjjj2016]

Sorry for the delays,

There is a lot to do at the moment, the conference that I am attending currently consumes a lot of time and all appointments seem to take place at once ... this week-

Anyway, I think I have done a lot of progress here - even though we are slightly behind the originally planned schedule (whoever planned it, i didn't). I am giving my best to keep up with it, but it would be nice to get some help by one or two more coders who are willing to put some serious time into it.
I am doing it for free (I will never actively ask Lannister for any continuous reward or a salary for my work), in my spare time but yet with full enthusiasm ... so please don't blame me I donated myself and this is my "driver". I want to be able to one day use my XEL to get my research done quicker.

At the current stage we have a coin that has all the basic functions working and it has the protocol extentions working. That means, beyond all the basic stuff like sending coins and messaging other users, the elastic coin users can create new work, cancel it, refund, and so on. All is nicely integrated into the UI. What is still missing is that the actual "work" is done and verified for correctness. This will be the next step and this is developed in a separate github repository. I (or we, I still hope to get some more people working with me) will merge it into the core client once it works rock solid.

What we have now can be executed by anyone locally. If we had a bootstrap node, which we will soon have, we could also test it on the public test net. But before rolling out a demo that runs on a public server (in form of a hosted wallet, so the average joe can try it out without compiling anything) we will need a faucet. Maybe someone wants to do one? After we launch, this faucet might be cool to have anyways.

I have worked 14 hours now today, straight without any break, so I decided not to write much and do screenshots, but to record a small VLOG for those who are interested.

Please, excuse the video quality (and my cursing in between). I have bought an iPad pro and thought it would be a serious performer ... the video looks as if it was recorded with a potato though. I will make something better once I have more time, but the conference has higher priority atm.


I made the code (without the verifiable computation branch) public here. Forgive me, that I did not have the time yet to explain everything and make a detailed tutorial/howto:

https://github.com/OrdinaryDude/elastic-reference-client



Click to watch the ~1/2hour VLOG: (Attention: Recorded with a Potato!!)

Very informative video.  Thanks for putting this together, it really clarified a lot of my questions.

thank you, great progress.

[xxxgoodgirls]

Will the BTC halving affect the time between blocks?

sorry to repeat myself but will the BTC halving affect the time between the blocks? I really have no clue.

[Evil-Knievel]

Will the BTC halving affect the time between blocks?

sorry to repeat myself but will the BTC halving affect the time between the blocks? I really have no clue.

You mean the time between the Bitcoin blocks? Hard to tell, in my opinion it might have an effect for a short time. If mining is not that lucrative anymore, many miners will stop mining. This will at first cause that the time between blocks increases, because a lesser amount of total hash power has to work on the same high target value. Luckily, the target value is adjusted every xxx blocks, so I think that if such effect kicks in, it will be leveled out pretty quickly.

[xxxgoodgirls]

Will the BTC halving affect the time between blocks?

sorry to repeat myself but will the BTC halving affect the time between the blocks? I really have no clue.

You mean the time between the Bitcoin blocks? Hard to tell, in my opinion it might have an effect for a short time. If mining is not that lucrative anymore, many miners will stop mining. This will at first cause that the time between blocks increases, because a lesser amount of total hash power has to work on the same high target value. Luckily, the target value is adjusted every xxx blocks, so I think that if such effect kicks in, it will be leveled out pretty quickly.

Oh I see, thank you for the answer. Well then we will reach BTC 11258th block in around 76-80 days from today.