ANN: ELIXIR (ELIX) Crowdfunding and E-Commerce With Token Rewards

[Marci775]

the new Weekly update is online:

https://medium.com/@elixirtoken/ropsten-demo-video-and-token-p-d12171ff079

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[ElixirDev]

[TOM47]

Elixir Ropsten Demo. In this video, we provide a demo of how the mobile application continues to interact after it has been connected to the official Ethereum testnet: Ropsten. https://www.youtube.com/watch?v=SBLseVGKdjc

[Klangburg]

Exciting progress as always and a much better looking demo than before!

Indeed, ELIX is one of the most sophisticated blockchain projects as you're continuously showing your tech understanding week after week.

On the other hand, sometimes it can be pretty hard to fully understand what you guys are currently working on, if one's not a tech guy himself.
So with today's update some questions occured to me again.

1) Are the individual wallet addresses inserted manually to the app, or is it based on randomly generated wallets like i.e. MEW does it?

2) Can one run multiple wallets or is each installation of the app linked to exactly one wallet address?

We will be running several nodes on our servers to ensure constant stability between the mobile app and blockchain, and for backup node connections in the event that a node were to be disconnected.

3) What is the requirement to become a node or how do you decide if one's a node or not? It sounds a bit like centralization tbh, appreciate a more specifically explanation on this.

We’ve been working on a new hyperbolic mining function for Token P, our upcoming rewards token. Users will be able to use ELIX to mine Token P. We’ve engineered the production rate of Token P to match a hyperbolic decay graph. In this preliminary version, ELIX in mining (locked in smart contract) produces Token P at a 10% rate per year, but this drops to 9% by the time 1 million Token P have been mined, and 6.428% by the time 5 million have been mined. The function continues its hyperbolic decay until 27 million Token P have been mined — the remaining 3 million will be mined using a constant 2.5% mining interest rate. This decaying mining model prevents large changes in the circulating supply of ELIX in the long term, while ensuring a low inflation rate for Token P. The method also rewards early adopters. In this simulation, the total supply of Token P that can be mined is 30 million.

4) So if one is going to lend earlier and more ELIX than others, one's reward in P will be greater?

5) Is P planned to be used as an exchange token like ELIX itself, or how will one be able to claim his rewards in P?

6) How many ELIX have to be lent to earn a single P?

What’s especially exciting about all this is that in order to move from our Alpha stage and transition to Beta, the only thing required is to switch the node that the app is connected to from the Ropsten network to the Ethereum mainnet.

Sounds like you're ahead of schedule again - eagerly waiting to test the beta!

[ElixirDev]

@Klangburg

1) Are the individual wallet addresses inserted manually to the app, or is it based on randomly generated wallets like i.e. MEW does it?

Users will have the option of either creating a wallet, which will generate their high-entropy 12 word mnemonic, or they’ll be able to import a previously generated mnemonic to the app. So to simplify, your wallets will be generated completely at random, and no information about your wallet is stored with any server at all. Only YOUR device will have access to your wallet and keys, and that’s it.

2) Can one run multiple wallets or is each installation of the app linked to exactly one wallet address?

At the moment, users will only have one wallet linked to the app. However, if a demand for multi-wallet support arises, we will be sure to implement that feature.

3) What is the requirement to become a node or how do you decide if one's a node or not? It sounds a bit like centralization tbh, appreciate a more specifically explanation on this.

Running a node simply means that an Ethereum node is being run. Therefore, there are no centralized aspects about the node, because the term “node” is simply referring to a node that is connected to the Ethereum network. For example, you can download Parity or Geth on your own computer, and after you’ve synced to the blockchain, you are considered to be running an Ethereum node yourself.

4) So if one is going to lend earlier and more ELIX than others, one's reward in P will be greater?

That’s correct. This is meant to reward early adopters, and prevent large changes in the circulating supply of ELIX in the long term. In the short term, mining Token P decreases the circulating supply of ELIX, since ELIX mining Token P will be locked in a smart contract until each mining period is complete. You can take a look at one proposed reward function here, as part of this week’s update.

5) Is P planned to be used as an exchange token like ELIX itself, or how will one be able to claim his rewards in P?

Yes, P is meant to be publicly traded as well. P can be integrated into the app functionalities just like ELIX. Token P rewards are automatically deposited to each wallet address once mining is complete.

6) How many ELIX have to be lent to earn a single P?

While the math isn’t finalized yet, you can take a look at the proposed mining function in the Medium post linked above. In general, however, the amount of Token P received is proportional to two variables:

1. The length of the loan
2. The amount of the loan

And inversely proportional to the supply of Token P.

Currently in the smart contract, 65% of the reward goes to the lender, and 35% to the borrower.

[Marci775]

Thank you Elixirdev for the clear answers!


With "P can be integrated into the app functionalities just like ELIX"  you mean i can be possible to loan/borrow P too?

[Klangburg]

@Klangburg

1) Are the individual wallet addresses inserted manually to the app, or is it based on randomly generated wallets like i.e. MEW does it?

Users will have the option of either creating a wallet, which will generate their high-entropy 12 word mnemonic, or they’ll be able to import a previously generated mnemonic to the app. So to simplify, your wallets will be generated completely at random, and no information about your wallet is stored with any server at all. Only YOUR device will have access to your wallet and keys, and that’s it.

So the app itself acts like i.e. metamask. Great!

2) Can one run multiple wallets or is each installation of the app linked to exactly one wallet address?

At the moment, users will only have one wallet linked to the app. However, if a demand for multi-wallet support arises, we will be sure to implement that feature.

I'm pretty sure the demand will arise. An option why could be the fact that one has both an address for lending only and another one for crowdfunding. Besides that, people tend to split their funds for better security.

3) What is the requirement to become a node or how do you decide if one's a node or not? It sounds a bit like centralization tbh, appreciate a more specifically explanation on this.

Running a node simply means that an Ethereum node is being run. Therefore, there are no centralized aspects about the node, because the term “node” is simply referring to a node that is connected to the Ethereum network. For example, you can download Parity or Geth on your own computer, and after you’ve synced to the blockchain, you are considered to be running an Ethereum node yourself.

Why you think there's a need for setting up backup nodes if all other nodes connected to the Ethereum network ensure it's stability at the same time?

4) So if one is going to lend earlier and more ELIX than others, one's reward in P will be greater?

That’s correct. This is meant to reward early adopters, and prevent large changes in the circulating supply of ELIX in the long term. In the short term, mining Token P decreases the circulating supply of ELIX, since ELIX mining Token P will be locked in a smart contract until each mining period is complete. You can take a look at one proposed reward function here, as part of this week’s update.

Got this, thanks. Will there be any additional count for currently locked ELIX like the circulating/total supply shown on i.e. CMC?

5) Is P planned to be used as an exchange token like ELIX itself, or how will one be able to claim his rewards in P?

Yes, P is meant to be publicly traded as well. P can be integrated into the app functionalities just like ELIX. Token P rewards are automatically deposited to each wallet address once mining is complete.

So one can both trade i.e. P/BTC and earn it through lending ELIX? Won't this put a risk of manipulation to ELIX itself?

6) How many ELIX have to be lent to earn a single P?

While the math isn’t finalized yet, you can take a look at the proposed mining function in the Medium post linked above. In general, however, the amount of Token P received is proportional to two variables:

1. The length of the loan
2. The amount of the loan

And inversely proportional to the supply of Token P.

Currently in the smart contract, 65% of the reward goes to the lender, and 35% to the borrower.

Sounds innovative and the percentage of reward seems to be fair for both lender and borrower.

Nevertheless, this is the most difficult to grasp as well as the most interesting part of ELIX' aspects, so I'm looking forward to seeing your finalized equation on this.

[lx001]

it dropped down very much, it is one of the coins that got affected by the hard movement of BTC but its rise is also so easy, therefore I don’t consider its fall as a problem, I increased my amount over these prices.

I think Elixir fell lower than the others because at the time of the overall crypto dump it was traded mainly on Kucoin, there was a Bitcoin Diamond mania at that time. Also we have to mention that Elixir was popular among noobs who came into crypto in December last year, they have caused a panic too. Others had a slightly smaller decrease. Are the devs planning to go full-time into Elixir or it will remain as a part time job?

[atliens99]

it dropped down very much, it is one of the coins that got affected by the hard movement of BTC but its rise is also so easy, therefore I don’t consider its fall as a problem, I increased my amount over these prices.

I think Elixir fell lower than the others because at the time of the overall crypto dump it was traded mainly on Kucoin, there was a Bitcoin Diamond mania at that time. Also we have to mention that Elixir was popular among noobs who came into crypto in December last year, they have caused a panic too. Others had a slightly smaller decrease. Are the devs planning to go full-time into Elixir or it will remain as a part time job?

They have enough to go full time with it.  Believe they sold around 1 million usd worth of elixir already.

[lx001]

They have enough to go full time with it.  Believe they sold around 1 million usd worth of elixir already.

Are you talking about the auctioned genesis adresses last year or about their dev fund 5% non-interest adresses?
I doubt they could sell that much, actually I think they are still untouched.

[JFry83]

it dropped down very much, it is one of the coins that got affected by the hard movement of BTC but its rise is also so easy, therefore I don’t consider its fall as a problem, I increased my amount over these prices.

 The problem is different. If the coin has a good fundamental, then it should not fall as Bitcoin falls on the news about the close of exchanges.

[ANDREW 555]

Elix Mobile App Alpha (Q2)
https://coindar.org/en/event/elixir-elix-elix-mobile-app-alpha-3966

[AndrewDryga]

my guess for identity is Andrew Dryga.  looks like he's Ukrainian.  but i'm not sure.  https://medium.com/nebo-15/designing-a-p2p-lending-platform-with-elixir-in-mind-ffb323bf7252
"i'm designing a peer to peer platform with elixir in mind."  that was written in July.  seems like case closed on that one.

talking about how the app and token will function is what we're supposed to be doing.  squashing all conversation about it because it feels threatening for whatever reason is not what we're supposed to be doing.  how does the inflation work.  how does the interest on loans work.  how much am i paid in elix if i make a loan.  if you want to start a business and you need funding you have to be able to explain your idea. 

Andrew Dryga is here. I was very surprised when one of my ex-colleagues sent me a link to this post.

I do not have any relations with this project and I didn't even know about it. I've built a P2P lending platform on Elixir as a programming language (which I use every day) and even a National Health Service, but, unfortunately, I've never done any distributed blockchain solutions (one centralized and you can read about it on my Medium, for NHS). But In case I would do so in future, I'll definitely write about it on my LinkedIn .

[Marci775]

my guess for identity is Andrew Dryga.  looks like he's Ukrainian.  but i'm not sure.  https://medium.com/nebo-15/designing-a-p2p-lending-platform-with-elixir-in-mind-ffb323bf7252
"i'm designing a peer to peer platform with elixir in mind."  that was written in July.  seems like case closed on that one.

talking about how the app and token will function is what we're supposed to be doing.  squashing all conversation about it because it feels threatening for whatever reason is not what we're supposed to be doing.  how does the inflation work.  how does the interest on loans work.  how much am i paid in elix if i make a loan.  if you want to start a business and you need funding you have to be able to explain your idea.  

Andrew Dryga is here. I was very surprised when one of my ex-colleagues sent me a link to this post.

I do not have any relations with this project and I didn't even know about it. I've built a P2P lending platform on Elixir as a programming language (which I use every day) and even a National Health Service, but, unfortunately, I've never done any distributed blockchain solutions (one centralized and you can read about it on my Medium, for NHS). But In case I would do so in future, I'll definitely write about it on my LinkedIn .

Yea welcome Andrew.  

Yes the Elixir programming language and Elixir Token a two different things. The one has nothing to do with the others.

But when you are here. Read about Elix and also our Medium Blog. It is a promising project!
Devs deliver every week and keep the roadmap. There is a huge business case for decentralized P2P lending and Crowdfunding.
The best thing is they want to make it as easy to use as possible for everyone.

Maybe you are interested to list it at your exchange?   EDIT read P2P trading Platform   

[AndrewDryga]

my guess for identity is Andrew Dryga.  looks like he's Ukrainian.  but i'm not sure.  https://medium.com/nebo-15/designing-a-p2p-lending-platform-with-elixir-in-mind-ffb323bf7252
"i'm designing a peer to peer platform with elixir in mind."  that was written in July.  seems like case closed on that one.

talking about how the app and token will function is what we're supposed to be doing.  squashing all conversation about it because it feels threatening for whatever reason is not what we're supposed to be doing.  how does the inflation work.  how does the interest on loans work.  how much am i paid in elix if i make a loan.  if you want to start a business and you need funding you have to be able to explain your idea. 

Andrew Dryga is here. I was very surprised when one of my ex-colleagues sent me a link to this post.

I do not have any relations with this project and I didn't even know about it. I've built a P2P lending platform on Elixir as a programming language (which I use every day) and even a National Health Service, but, unfortunately, I've never done any distributed blockchain solutions (one centralized and you can read about it on my Medium, for NHS). But In case I would do so in future, I'll definitely write about it on my LinkedIn .

Yea welcome Andrew. 

Yes the Elixir programming language and Elixir Token a two different things. The one has nothing to do with the others.

But when you are here. Read about Elix and also our Medium Blog. It is a promising project!
Devs deliver every week and keep the roadmap. There is a huge business case for decentralized P2P lending and Crowdfunding.
The best thing is they want to make it as easy to use as possible for everyone.

Maybe you are interested to list it at your exchange?

I don't have an exchange and not interested in projects like this, but thanks .

[Marci775]

I don't have an exchange and not interested in projects like this, but thanks .

Trading is not Lending. Sorry i had tomatoes in my eyes 

[csimone0594]

The next updates will be GREAT!!!
Prepare for mooning!! I’m so excited!!!!

Is there something specific for this update?

[ElixirDev]

[cygan]

This is an Update! Thanks.

The UI looks simple and functional! Easy to handle.

Like it a much

The progress so far is amazing 

Indeed. I like it as well :=)

i also think that this update looks really good and is very promising.
another proof that the dev-team take the whole project seriously!

[JHB3]

links doesn'T get shown properly on my mac book with safari as browser.