Buyers, those who need computational resources, model their problem using Elastic Coin’s software development kit and broadcast it, along with a certain amount of XEL coins, to the network. Elastic offers potential buyers a large parallel computation cluster composed of many CPUs and GPUs supplied by the miners. The network is powered by its own PoW cryptocurrency (XEL) and provides a market-based mechanism to buy and sell computational resources. The so-called miners are then motivated to offer their computational resources in exchange for a portion of those XEL coins. Using XEL as the driving force, Elastic Coin offers potential buyers a large parallel computation cluster composed of many CPUs, GPUs, FPGAs and other devices supplied by the miners.
- The company has created its own proprietary programming language (called ElasticPL), which accounts for one of four major elements of the project – a dedicated blockchain, a core client and the XEL miner.
- Bitcoin price topped $35,000 on Thursday and Friday before pulling back slightly as hype over BlackRock’s bitcoin spot exchange-traded fund (ETF) application reached fever pitch.
- Then, sellers, in the remainder of the paper termed miners, are then motivated to offer their computational resources for solving these tasks in exchange for a portion of the attached XEL.
- Get latest crypto prices, predictions,
news, and historical data for Bitcoin and thousands of altcoins.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%. The company behind XEL, Elastic, which, as mentioned, conducted in ICO back in June this year, is set up to build the first decentralized supercomputer. The company has created its own proprietary programming language (called ElasticPL), which accounts for one of four major elements of the project – a dedicated blockchain, a core client and the XEL miner.
Elastic Price Live Data
This is achieved thanks to the proprietary ElasticPL (ePL) programming language. Elastic is a decentralized computation infrastructure powered by cryptocurrency. It is totally free, open source project, that is independent of commercial influences. Furthermore, the Elastic Project refers to itself as an experimental non-commercial project, and it specifically stated in its ICO that the funds raised were donations. While there is obviously nothing wrong with launched non-commercial projects involving cryptocurrency, from an investor’s point of view that raises skepticism. If the project has no clear plan on how to grow as a business (and by all means, it is a business) and does currently not really intend to be more than just an “experimental project,” then its future business success is brought into question.
- For the latter, you need a strong sales and marketing department, which the project currently does not have not does it have the funding to set one up.
- This website is using a security service to protect itself from online attacks.
- The total supply of elastic coin is 100 million, and no new coins can be mined or minted.
- Bitcoin price has started a fresh upward trend above the important level of $35,000 after a week of consolidation around this level.
- The analysis / stats on CoinCheckup.com are for informational purposes and should not be considered investment advice.
- The network is powered by its own PoW cryptocurrency (XEL) and provides a market-based mechanism to buy and sell computational resources.
The Elastic programming language allows Elastic job authors to express complex algorithms to be solved for bounties, paid for with XEL. The language is loosely based on the C programming https://cryptolisting.org/blog/what-is-monero-introduction-to-xmr language incorporating many of the basic operators and functions. There are no FOR, WHILE, or DO loops in Elastic PL in order to ensure that programs will not run indefinitely.
Other questions related to this cryptocurrency:
A supercomputer is a computer that performs at or very near the highest operational rate possible for computers. Head to the documentation to check out our tutorials on how you can submit a task , provide hardware or learn to program in ePL. Projects such as NXT, Crown Coin, and event Sia have somewhat anonymous team profiles.
Bitcoin Price Tops $35,000 as BlackRock’s ETF Buzz Sparks Market Rally
Earlier in October, the Wall Street regulator issued delay orders for applications from bigwigs like BlackRock, Fidelity, WisdomTree, Invesco, and VanEck. We’ll be on the lookout for any communication from the team over at Elastic as supportive of our thesis and, for now, we’ll be basing our bias purely on volume. What this is translating elastic (xel) to, then, is traders seeking out those currencies that are yet to pick up huge runs on the back of large inflows of volume, one of which is Elastic. As such, and if this concept is valid a valid one, we could just be seeing the beginning of a much larger revaluation for XEL as we head into the close of 2017 and beyond. The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations.
What is the Elastic Project?
If Elastic managed to establish itself in the very competitive supercomputer market, even as a smaller player, the profit potential would be very high. If the market welcomes a decentralized supercomputer with open arms, then Elastic could turn into a mega project, provided its team manages to deliver. Lite Wallet is the core software in which the whole decentralized blockchain ledger runs, it is also an accounting system that records all the transactions. Besides its own dedicated blockchain, the Elastic platform uses the native XEL token. If this is the case, it makes for a risky trade, given that we are probably going to need some sort of fundamental development to serve as support for the action we are seeing at some point. There could be plenty of room on the upside of the equation before any such fundamental development is required and – for us – this makes Elastic and its XEL token a real potential winner at current prices.
Elastic (XEL) Could Just Be Getting Started
Elastic’s current circulating supply is 245.66M XEL out of max supply of 300.00M XEL. SK hynix is aiming to be the world’s best memory semiconductor solution company. We build our own rigs, geek out over new technology, and game as soon as we’re off the clock. We’re constantly learning, and we like jumping on the forums to answer your questions just as much as we enjoy walking you through the install process so you don’t have to figure it out on your own. ProMOS technologies is renowned in the global DRAM industry for its outstanding performance in technology advancement and manufacturing efficiency. While that may share the spirit of Satoshi, investors do not like that at all.
Investors want individuals they can reach out to that can be held accountable for a project. Based on multiple technical quantitative indicators, the current forecast for Elastic in 2023 is bearish. However, it’s important to consider both technical factors (price history) and fundamental factors (on-chain activity and development) before making the decision to buy Elastic or not. Elastic price is not correlated with the top 10 coins by market cap with a price of 0.000, excluding Tether (USDT) and not correlated with the top 100 coins by market cap excluding all stablecoins with a price of 0.000. Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion.