Elastic is a ground-breaking Open Source project designed for creating a decentralized Super Computer. This will be achieved by making use of blockchain and cryptography and technology. It will create an advanced and high-tech platform capable of executing a number of diverse tasks that demand computational resources. The tasks are carried out within an Elastic platform and in a Peer-to-Peer way of distribution.
Elastic offers a highly flexible and versatile system. Instead of utilizing hard coded use cases it works by enabling self-programmable tasks. This is made possible because of the use of ElasticPL which is their proprietary programming language. Trustless access can be achieved to computational resources from the platform from any location and at any time. This is done by maintaining the highest level of security, anonymity, and privacy.
Elastic has its own dedicated blockchain. At the same time, it also makes use of three key components. This includes the ElasticPL language for programming, the XEL miner, and the core client. The platform makes uses of the XEL token which is native in nature. It works as a medium of exchange and accounting system for rewarding miners in proportion to the computing power they provide.
An initial coin offering of Elastic was held in 2016. During this event, Elastic coins were distributed in exchange for donations for supporting the development of an open source project. The ICO could raise approximately 710 BTC for which a total of 100,000,000 XEL were given out.
If Elastic emerges as a force to reckon with even as a comparatively small player in this super competitive supercomputer market, it can create a high potential for profits for its investors in the future. All would depend on how the market reacts to a decentralized supercomputer. If the responses are positive, then Elastic could be the next big thing in this domain.
The total supply of Elastic coin remains fixed at 100 million. The company policy states that no new coins can be minted or mined or minted. The total number of coins in circulation at present is 78,054,996 XEL. Trading of the cryptocurrency started in various exchanges in June 2017. At present, XEL can be traded on Bittrex and Heat Wallet. A major share of the trading of the coin happens on Heat Wallet. The average daily trading volume is around $500,000. With Elastic coin now tradable on many exchanges, there is a strong volatility in the pricing.
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