Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the https://cryptolisting.org/blog/what-is-positive-and-negative-variance asset traded over the same period jumped by 22%. Golem also tries to bring together those who have spare computational power and those who require it. According to this these entities are termed requester nodes, these nodes that announce computing tasks, and compute nodes, nodes that perform computations. As of now, the computation tasks are limited to rendering tasks using blender.
- ProMOS designs, develops, manufactures and markets DRAM and other semiconductor memory products.
- In this context, Elastic is powered by a crypto currency (XEL) and provides a market-based mechanism to buy and sell computational resources.
- Albeit, on their site, Elastic does state that donations can be used for whatever they project wishes.
- Thanks to self programmable tasks, the XEL platform offers a highly flexible system.
Other users can then offer their spare processing power to contribute to the calculation of those tasks and earn Elastic Coins in exchange. This is similar to the Bitcoin mining process, but without wasting the energy. XEL offers a versatile and flexible system by enabling self programmable tasks instead of hardcoded use cases. The system offers trustless access to computational resources at any time and from any location, while keeping privacy and anonymity. None of the points mentioned above bestow much confidence in the future of elastic coin as an investment. While the project is highly interesting and it is clear how it could add massive value to its target market, it is unlikely that the wider cryptocurrency investors community will pour serious amounts into this new cryptocurrency anytime soon.
Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision
As such, it does make sense, as an open source project to remain anonymous as the Elastic project is a group/community. In April 2017, “Lannister” one the programmers for the Elastic Project left the project and as a result ICO funds were also missing. This includes for example the verifiable computation part, the prunability of the blockchain, or the security of the blockchain in terms of a certain type of attacks. So while Elastic is more flexible in designing tasks, it does not perform better for one particular use case over other systems. With other super computer models, If you want to do 6 different tasks you need 6 separate use cases. As the Elastic PL is further developed, so the diversity of tasks will become more complex.
- They submit their task to the network and attach a certain amount of XEL|that is the currency of Elastic Coin|to it.
- XEL is down -12.18% against Ethereum and down -10.26% against Bitcoin in the last 1 month.
- The system is built and designed this way from ground up to allow user configurable tasks.
- The platform can execute a vast array of tasks in need of computational resources in a P2P distributed way.
The distribution of Gridcoins (GRC) is then conducted dependent on the miners’ individual RAC. Become a part of XEL’s network by providing hardware resources and earn tokens from helping other users resolve demanding computational tasks for advanced scientific research. It also takes funding, which will be difficult if the team decides to remain anonymous and it takes mass user adoption.
Lite Wallet
The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite. CoinCheckup provides live cryptocurrency prices and charts, listed by crypto market cap. Get latest crypto prices, predictions,
news, and historical data for Bitcoin and thousands of altcoins. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 737 exchanges. In our vision, people (such as scientists) who are in need of large amounts of computation power do not have to rent an expensive, commercial cloud computing solution anymore. Instead, they can submit their tasks to the Elastic Network along with a certain amount of Elastic Coins.
Other questions related to this cryptocurrency:
Become a part of our community to find out first about our latest news, or seek assistance if you are facing issues. Well, there are a number of traders and investors that are sitting on the sidelines at the moment feeling as though they’ve missed the boat on the incredible gains many have logged on the back of cryptocurrency positions year to date. It is based on C and has been modified so that such things as endless loops won’t occur.
Integrate with XEL platform
That is, GPU tasks could not be verified by nodes that are equipped with CPUs only (But still, since the operations of Elastic’s own programming language ElasticPL are very basic, GPU enhanced miners are of course possible). Still, especially when looking for VMs with special capabilities, Zennet is superior to Elastic. Gridcoin uses a mechanism termed “Proof-of-Research” to measure the amount of computational contribution of the “miners”. According to this, this mechanism is premised on BOINC, a centralized third-party service. More precisely, “miners” download the BOINC software which provides idle CPU processing power to various projects which likewise are centrally hosted. The amount of computational contribution is then measured in a formula named the Recent Average Credit (RAC).
Run XEL Lite Wallet from binaries (recommended for desktops)
ProMOS technologies , one of the world’s leading dynamic random access memory (DRAM) companies, was founded in december 1996. Each component provides a user friendly interface, enabling a straightforward, streamlined journey for the user. The table above shows the number of days which Elastic closed above a certain price level. XEL is down -13.91% against Ethereum and down -10.82% against Bitcoin in the last 1 month. According to data from Gartner.com, the worldwide revenue generated by the supercomputer market was estimated to be worth around $3.5 billion in 2016. However, since Elastic uses the protocol to verify “work” and “computational” resources, Elastic is limited to the common denominator in terms of hardware … the CPU.
Bitcoin
This statistic shows the annual revenue of the supercomputer market, from 2015 to 2020. In 2016, the supercomputer market is expected to be worth 3.5 billion U.S. dollars. It seems that in investigating the Elastic project a potential major challenge is gaining the “right” mass user adoption. What I have found somewhat interesting and fascinating is that despite this incident, the project is moving forward.