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

[unvoid]

How can this be? On Ico sold 3,900,000 coins, and now they will be 100,000,000 coins. Who can explain it?

All ICO participants decided by vote with thier BTC private key that they want to expand supply by factor of X (in this case, 20). So in reality no one get more coins than before (with 5m supply). If you had 1,000 XEL with 5m scenario, after vote you have 20,000 XEL (with 100m scenario). We was afraid that 5m is not enough and not too "trendy". That's all.

If you are asking about 1,100,000 (5m - 3,9m) coins that left without owner. That amount was proportionally distributed to all participants. This was also ICO participants decision.

I'm not upset with this vote, but for future reference, where can I be made aware of and participate in such votes? Is it all in this thread? I will admit I hadn't been keeping up with the project for several months, but this is the first time I heard of this vote. I wish I had participated in it.

You have nothing to regret if you have not too much coins. Every vote had strength of XEL owner amount. So if someone have 1k coins, and another one have 10k coins, the second guy had 10x stronger vote than first. Most of the major stakeholders (with highest XEL ownership) voted on 100m.

[1714886323]

1714886323

[1714886323]

1714886323

[unvoid]

Voting started here: https://bitcointalk.org/index.php?topic=1396233.msg15984121#msg15984121

However you may want to back few pages to see backlog of discussion that took place that time.

[raithe]

Looking forward to mainnet launch
https://twitter.com/CollinCrypto/status/824693885104484352


I'm also willing to be the third party trust agent for anyone looking for an XEL escrow.  Since XEL distribution is currently is tied to private keys that bought into the ICO, escrow trades would only make sense after the mainnet has launched and coins are in personal wallets.  ICO wallets cannot be safely escrowed.

My escrow credentials can be found here: https://www.bitrated.com/collincrypto
(free of charge)

[drays]

Anyone willing to sell some $XEL OTC?

noone can sell coins now

Dont get rekt kid

you can buy xel for delivery on launch date with escrow

my price: 20K sat (0,0002 BTC)
17500 available for sale at this rate
delivery on launch date with bitcointalk escrows

I know this tread is not for buy/sell activity discussion, but I just could not let this one slip...

I want to stress once more, that buying XEL now is not safe, regardless of any kind of escrows used!!!
No escrow can guarantee the seller would not use his keys to claim funds earlier than buyer or escrow.

If people really need to buy/sell this coin prior to release (which could be a very good idea IMHO, as it secures the value of coin prior to going to market), I believe the only way is to ask EK program a special mechanism for private key replacement in genesis!

[rekcahxfb_foundation]

4 days left!

[provenceday]

4 days left!

you mean mainnet release?
 

[drays]

What we talked about recently in private was to out-source verification to a subset of nodes, so-called supernodes which have a very potent hardware and which just sign off POW packages and bounties. I thought it might be possible to use such scheme:

- Work may use up to 5 GIG of memory
- Work may take up to 10 seconds to verify
- Verification is only performed by supernodes
- Supernodes deposit an amount of 300,000 XEL and earn x% of all work they confirm
- If a supernode behaves maliciously (when it can be proven that a result was accepted while it's bad) the 300,000 XEL are gone
- Supernodes must be permanently online and have very decent hardware
- If supernodes decide to stop, they have to wait for 1000 blocks without verifying anything to unlock the 300,000 XEL deposit.
- Problem: Malicious billionaire supernodes that do not care about money, and the danger of ending up with no supernodes at all.

This is a change I can make in one weekend, it's just the question if we want it or if we can come up with something better?

I have been brainstorming last night and I think we should also introduce guard nodes.

So we have normal nodes (they just broadcast unverified POW/bounties)
Then we have super nodes who do the verification work and broadcast the verified POW/bounties
And then we have guard nodes who cross verify a certain percentage of the super node signed POW/bounties to detect malicious behavior

This way we do not even need to hard fork when we add new features / other work types later on since the supernode-signature-verification will remain the same!

I have a question/suggestion on this... It might be stupid, might be not.

My question is: why do we require those 300K XEL to be locked on Supernode account?

Can we made it the way any node can become Supernode if it provably has the needed processing resources (this can be checked by node software).
It doesn't need to have any balance, but it can earn XEL for work verification. That way the problem N2 is solved - there always be many powerful nodes who are ready to do the verification work for money, with zero entry barrier.

To resolve the main problem N1 (billionaire thing) and also to be able to not require 300K XEL locked, can the network accept the work only after it is verified by about 5-10 randomly chosen supernodes, and accept it only if all of them have confirmed it? The malicious nodes can be detected and maybe blacklisted that way (automatically, but not permanently). So there are no special guard nodes are needed in such case.

EK, I know this suggestion could be completely off-base, but just it would be interesting to listen what you think

[provenceday]

What we talked about recently in private was to out-source verification to a subset of nodes, so-called supernodes which have a very potent hardware and which just sign off POW packages and bounties. I thought it might be possible to use such scheme:

- Work may use up to 5 GIG of memory
- Work may take up to 10 seconds to verify
- Verification is only performed by supernodes
- Supernodes deposit an amount of 300,000 XEL and earn x% of all work they confirm
- If a supernode behaves maliciously (when it can be proven that a result was accepted while it's bad) the 300,000 XEL are gone
- Supernodes must be permanently online and have very decent hardware
- If supernodes decide to stop, they have to wait for 1000 blocks without verifying anything to unlock the 300,000 XEL deposit.
- Problem: Malicious billionaire supernodes that do not care about money, and the danger of ending up with no supernodes at all.

This is a change I can make in one weekend, it's just the question if we want it or if we can come up with something better?

I have been brainstorming last night and I think we should also introduce guard nodes.

So we have normal nodes (they just broadcast unverified POW/bounties)
Then we have super nodes who do the verification work and broadcast the verified POW/bounties
And then we have guard nodes who cross verify a certain percentage of the super node signed POW/bounties to detect malicious behavior

This way we do not even need to hard fork when we add new features / other work types later on since the supernode-signature-verification will remain the same!

I have a question/suggestion on this... It might be stupid, might be not.

My question is: why do we require those 300K XEL to be locked on Supernode account?

Can we made it the way any node can become Supernode if it provably has the needed processing resources (this can be checked by node software).
It doesn't need to have any balance, but it can earn XEL for work verification. That way the problem N2 is solved - there always be many powerful nodes who are ready to do the verification work for money, with zero entry barrier.
To resolve the main problem N1 (billionaire thing) and also to be able to not require 300K XEL locked, can't the network accept the work only after it is verified by about 10 randomly chosen nodes, and accept it only if all of them have confirmed it? The malicious nodes can be detected and maybe blacklisted that way (automatically, but not permanently). So there are no special guard nodes are needed in such case.

EK, I know this suggestion could be completely off-base, but just it would be interesting to listen what you think

supernode is a little similar as masternode(dashcoin) and the inspect node in peercoin.
and Casper protocol is also trying to do security deposit by using the game theory.
but a low barrier is always good for the network.
for long term, who will be XEL customers?
also any smart contract ability in the future?
thank you

[unvoid]

4 days left!

If anyone wondering what this post mean - @EK created post in which he told that "everything, that he is coding, will be ready for mainnet untill first of february".

@EK not told anyone that he will launch mainnet.

Please rembember that @EK is not the only developer of Elastic and other deveplopers want to expand this vision.

Anyway, @EK is in many eyes the olny person that can told rest of us that mainnet is starting right now.

@EK is master brain of XEL.

So after all, I agree that @EK is responsible for mainnet launch. And he should take final responsibility of that decision.

[coralreefer]

I'm not sure where this idea that mainnet launches in 4 days came from.  Starting rumors like this does no good for anyone.

[unvoid]

I'm not sure where this idea that mainnet launches in 4 days came from.  Starting rumors like this does no good for anyone.

+

@coralreefer is one of the main developers. He's sitting at the round table of decision making about XEL future.

[provenceday]

got some good news from Chinese exchange platform, one of the biggest altcoin exchange may list XEL later. 
do not ask me for the evidence. i will not share with you.

[coralreefer]

And just to provide a little more clarification on where we are...we've gone though some major design changes recently.  The ElasticPL parser / miner I've been working on has been completely overhauled as well as the recent introduction of the supernodes.  I too am hopeful, that we'll get this logic moved into testnet soon.

For us to move to mainnet, it will require quite a bit of testing.  The more people who participate in testing and provide feedback, the sooner we get to mainnet.  So keep that in mind while you're making posts about timelines and price...a lot of this has to do with how much support this community wants to provide.  If no one helps out...the longer it takes...

[tomkat]

And just to provide a little more clarification on where we are...we've gone though some major design changes recently.  The ElasticPL parser / miner I've been working on has been completely overhauled as well as the recent introduction of the supernodes.  I too am hopeful, that we'll get this logic moved into testnet soon.

For us to move to mainnet, it will require quite a bit of testing.  The more people who participate in testing and provide feedback, the sooner we get to mainnet.  So keep that in mind while you're making posts about timelines and price...a lot of this has to do with how much support this community wants to provide.  If no one helps out...the longer it takes...

Thanks coralreefer! When do you think the testnet will become available for testing?

[HomoHenning]

got some good news from Chinese exchange platform, one of the biggest altcoin exchange may list XEL later. 
do not ask me for the evidence. i will not share with you.

I think Polo MUST add it now as well. Anybody has a contact person there?

[mr.coinzy]

XEL in Polo after launch will be huge.... hope they realize the potential and add when relevant.
Even though a near release will be great (and important to be the first in the market), I prefer to wait a bit longer to have all the edges smoothed to perfection. I trust that EK and the talented rest will make sure we release a mature well working product on launch.

[lda1000]

XEL in Polo after launch will be huge.... hope they realize the potential and add when relevant.
Even though a near release will be great (and important to be the first in the market), I prefer to wait a bit longer to have all the edges smoothed to perfection. I trust that EK and the talented rest will make sure we release a mature well working product on launch.

Hmmm... I would like a working product but not necessarily matured. I think it's more important to be a) first b) working.
The coin will mature with time and all the edges can be smoothed to perfection later. Soon as the core functionality is stable we should not delay. Just my 3 cents.  

[cryptodv]

Damn, I've been asking the devs to help me out with my XEL. I sent my donation via Coinbase. Is there anyway to get my XEL even though I don't have the private key? I have proof of the transaction. It's not a lot, but however much it is, I think I should still get my share.

[devking]

XEL in Polo after launch will be huge.... hope they realize the potential and add when relevant.
Even though a near release will be great (and important to be the first in the market), I prefer to wait a bit longer to have all the edges smoothed to perfection. I trust that EK and the talented rest will make sure we release a mature well working product on launch.

Hmmm... I would like a working product but not necessarily matured. I think it's more important to be a) first b) working.
The coin will mature with time and all the edges can be smoothed to perfection later. Soon as the core functionality is stable we should not delay. Just my 3 cents.  

True, atleast a testnet now if no mainnet. 

[unvoid]

Damn, I've been asking the devs to help me out with my XEL. I sent my donation via Coinbase. Is there anyway to get my XEL even though I don't have the private key? I have proof of the transaction. It's not a lot, but however much it is, I think I should still get my share.

There was clear instructions during ICO that YOU HAVE TO KNOW YOUR PRIVATE BTC KEY BEFORE YOU DONATE. So I don't understand what are you asking for. Go to google and type "coinbase private key". If there is possibility to retrieve your private key from coinbase you're fine. If not, you can write to coinbase, maybe they will help you. @EK and rest of the devs can't help you. You need private key to prove you're owner of specific donation. If you don't have private key, you don't have any XEL. Period.

For your next investment: Be sure that you understand conditions before you vote with your wallet.