Today I want to discuss ELF. This is a project that I have been watching since early January and personally have made some nice gains swing trading this coin. Over the last few days we have seen a huge spike in the price of ELF with it going from 0.00014 to 0.00021. It appears to be consolidating right now but in an upwards trend so we may yet see more gains coming from this although I would probably wait for the drop that usually follows a large price jump before getting in.
So what is ELF? Well they are looking to do a few things with their project. First, they will utilize blockchain technology to create a cloud computing solution. This will allow their transactions to be processed by miners typical for most blockchains. The difference here though is that they address one short fall of current blockchains in that they are not very scalable. ELF will help address that. Another issue that they will address is what happens when a large mining node goes offline. This can significantly affect a blockchains ability to process transactions. With ELF, they will be able to mitigate this and prevent a blockchain from being hampered when a large mining node goes down.
The biggest objective here though is that they will be providing a platform for all blockchains to communicate on. Currently a project built on Etherium does not have the ability to communicate with a project built on Bitcoin. This is similar to the old days with computers where an IBM floppy disk would only work on an IBM computer. With ELF, they will provide the layer that allows different blockchains to communicate with each other. It also takes into account the speeds that each blockchain operates at and provides synchronization between the chains for reliability.
This is really huge because right now a project needs to pick a blockchain type and hope that it becomes the mainstream blockchain. Well with ELF they can now pick a blockchain not based on what they think will win the race but rather on what best fits their project knowing that they will be able to communicate with other blockchains in the future.
I think this project address an important gap in blockchain and will contribute to the overall technology making it more viable for everyone involved. Look for this price to keep going up over the next few months!!!
NOTE: I am not a financial advisor and this is just my opinion. Before making any investment please make sure you do your research and fully understand what you are investing in!