Make Way for the Elements Cryptocurrency |
Posted: October 15, 2017 |
If recent history has taught us anything, it’s that there is no smooth sailing for the loyalty market. It is about to be disrupted again, this time by Elements (ELM), whose cutting edge technology is paired with a go-getter attitude and the following motto: ‘Next Generation is Now’. The Dash core developer Evan Duffield used his skills to come up with X11 Algorithms, making this a remarkably promising venture. While Blockchain is the infrastructure that sustains any digital currency, the mining process could not be possible without the brains of the operation, the algorithm itself - the actual coding that delivers results. Closely resembling Bitcoin’s distribution design, X11 successfully does just that: it boasts 11 scientific hashing algorithms to solve as its proof of work. What is more, it is safe to say that Scrypt has nothing on the X11 algorithm - the latter actually saves you 30% of your wattage, while working your GPUs in a manner that is also 30-50% cooler. It is needless to say that the benefits are visible and will soon be very sought after in increasing numbers. High-end CPU users also have the added perk of getting roughly the same average return that they would get with most GPUs. So what does it come down to? There is nothing complicated about Elements. It simply offers the same proof-of-work mining model applicable to most existent digital currencies, rewarding its users according to the number of blocks they manage to mine. A great benefit is that users get to choose how they reap these rewards: they can either get the share of the transaction fees afferent to their mined block, they can receive 50 ELM or mix and match the two options. If this is something you feel you may be interested in, pay a visit to the project’s mining pool: 52.53.50.42:8080/. You should probably know some technical information about Elements before get you started. As mentioned before, the algorithm that Elements is based on is X11 and you recognize it by its coin ticker ELM. It is important to know that the number of POW coins is 1080000000 ELM, while the number of POW coins per block is 50 ELM.
A Summary of How Digital Currencies Interact with Blockchain There may be some of you that are trapped in a gray zone when it comes to understanding Blockchain and Bitcoin-related topics: you may have heard about them, but you never had the chance to understand their full extent. By the Middle Ages, transactions could not no longer be performed simply between people, without any kind of safety nets. This is how the need for a neutral third party that could be trusted appeared, giving us the financial institutions and banks that handle our finances nowadays. The trust has indeed been built, but unfortunately these institutions now monopolize the entire market. The need for something better has now paved the way for the birth of digital currencies and along with them, a functional Blockchain. It is now a truly functional system that continues to grow with the help of developers from across the globe, one that ELM is excited to be a part of.
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