Name - Elastic
Ticker Symbol - XEL
Elastic is an open-source project that aims to build the first decentralized supercomputer. You can buy and sell computational resources, powered by it's own cryptocurrency(XEL). With Elastic, instead of specific use cases, a use case has to be coded by the user of the system in Elastic’s own programming language - Elastic PL. Elastic PL is something similar to C. Elastic miners are rewarded by offering their computational resources, later on depending on the amount of work miners receive XEL coins. For offering your CPU/GPU power over elastic you will get bounties similar to mining, people that needs computational power will need elastic coins to pay for those bounties at free market logic creating scarcity.
Elastic has showed some significant moves in last 7 days. Growing almost 100% in price. Also one important thing is that Elastic is growing significantly on social media. Or 63% new reddit subscribers and 12% new twitter followers in last 7 days.
Current coin supply - 83,790,330 XEL
Max coin supply - 100,000,000 XEL
The amount of tokens is fixed. Rewards consist of transaction fees. No new tokens will be created. So basically there is no inflation!
Potential size of market is really big, a lot of people see a good project in Elastic. Also developers are doing great job on upgrading. After ICO Elastic price fallen down but as time is passing by a lot of people is more and more interested in this project. That is why we can see Elastic is one of the best growing cryptocurrency on reddit and other social media.
XEL Competitors:
-Ethereum
-Gridcoin
-Zennet
-Voltcoin
-Golem
Elastic compared to other competitors:
https://www.elastic.pw/blog/2017-04-05-elastic-compared-to-other-competitors/
After "Lanister" escaped with ICO funds, developers continued to work on the project monetising from donations. The donation period for Elastic lasted from 29 February 2016 to 19 August 2016, amounting to ~710 BTC.
The total supply of Elastic is 100 Million XEL and 100% of the supply will be distributed to donation contributors.
I think Elastic will continue to grow in community and in price. Everyone is waiting for the day when the Elastic team will release Full Version with all functionalities!
How fast are they progressing the project?
Ek decided that developers will not create any roadmaps, so this is going to remain unclear. Also they are enjoying working on this project so what I expect this project will progress in medium pace.
Global rank of https://www.elastic.pw is 358,088. And just one and a half month ago it was 7.702.849.
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Thank you for reading!