The newest kid on the Blockchain, say “hello” to Elements (ELM) that is using “Next Generation Is Now” as their motto. Using the state of the art Blockchain technology is showing a promising future in disrupting the loyalty market as well as boasting X11 Algorithms from Evan Duffield, the Dash, core developer.
Given that Blockchain becomes the backbone of a given currency, then the brainchild of the process will undoubtedly be the type of algorithm that gets used and it is an essential facet of the whole procedure. The 11 scientific algorithms that act as its proof of work is a result of elements choice in the use of X11 chained hashing algorithm. Anyone out there who does not know, this is nearly precisely similar design as the Bitcoin’s way in distributing.
Additionally, Element’s using the X11’s algorithm benefits from working with the GPUs at about 30 percent less regarding wattage as well as 30 to 50 percent cooler than they are with Scrypt. More so, those using high-end CPUs may find out that they enjoy an average return that is related to most GPUs.
What is the Verdict then?
The element is precisely what it sounds to be. It provides the primary proof-of-work mining model which is every digital currency market presented on the market. Furthermore, it gives free rewards grounded on the number of blocks someone can mine in the chain.
Also, the developers promise 50 ELM, a share of the transaction fees from each block mined, or else the miner may settle for a mixed bag. To anyone that is interested in getting in on the action, feel free to join us at the mining pool: 22.214.171.124:8080/.
The following are the specs of the Elements:
o RPC Port : 6544, P2 Port : 6455
o POW Coins: 1080000000 ELM
o POW Coins per Block: 50 ELM
o Algorithm: X11
o Maturity: 12 Blocks
o Coin Name: Elements
o Coin Ticker: ELM
You may have heard all the hype about Bitcoin and Blockchain out there in the market among other cryptocurrencies, and you don’t understand the whole function, don’t worry here is a brief explanation.
First and foremost, financial institutions such as banks were created to support the trust among individuals or an individual and a company that wishes to carry out any transaction. The banks have perfected the art of developing and maintaining trust for many years. On the other hand, The customers of the banks have always trusted the banks with their money. As a result, banks have become dominant, and they continue to hold power to date.
Digital currency developers have attempted to develop a system which does not rely on a centralized “ledger” as they call it. It wasn’t until 2009 when the first actual operational digital currency (Bitcoin) and Blockchain were introduced. Developers around the globe have been working on this disruptive technology since the first time it hit the scene.