The so-called miners are then motivated to offer their computational resources in exchange for a portion of those ELC coins. The size of this portion depends on the amount of work a miner has contributed in relation to the rest of the network. Using ELC as the driving force, Elastic Coin offers potential buyers a large parallel computation cluster composed of many CPUs, GPUs, FPGAs and other devices supplied by the miners. Elastic is an open-source project that provides the infastructure for a decentralized supercomputer. The Elastic miners are then motivated to offer their computational resources in exchange for a portion of those XEL coins.Elastic offers potential buyers a large parallel computation cluster composed of many CPUs and GPUs supplied by the miners.
What is Elastic (XEL) and is it a Good Investment?
Furthermore, the Elastic Project refers to itself as an experimental non-commercial project, and it specifically stated in its ICO that the funds raised were donations. While there is obviously nothing wrong with launched non-commercial projects involving cryptocurrency, from an investor’s point of view that raises skepticism. If the project has no clear plan on how to grow as a business (and by all means, it is a business) and does currently not really intend to be more than just an “experimental project,” then its future business success is brought into question. To make more sense of this new asset class, crypto.new regularly highlights new cryptoassets to gauge whether or not they could potentially turn into profitable investments for its holders. In this article, you will be introduced to the Elastic Project and its native currency the elastic coin, which carries the ticker XEL. If the auto-configuration process already completed, you can still obtain thefingerprint of the security certificate by running the following command.
- The script generates a random password for the elastic user, which is displayed at the end of the installation and stored in the .env file.
- This statistic shows the annual revenue of the supercomputer market, from 2015 to 2020.
- In addition, as the members of this project are not paid, it is a challenge to keep a road map as that would construe stringent timeframes for a free workforce.
- Moreover, the provider has to verify himself that the VM is actually doing what it is supposed to do and not, e.g., performing the calculations erroneously.
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Individuals or companies who require computational resources can model their problem using the elastic programming language and broadcast it to the Elastic network together with a certain amount of elastic coin. Buyers, those who need computational resources, model their problem using Elastic Coin’s software development kit and broadcast it, along with a certain amount of XEL coins, to the network. The so-called miners are then motivated to offer their computational resources in exchange for a portion of those XEL coins. Using XEL as the driving force, Elastic Coin offers potential buyers a large parallel computation cluster composed of many CPUs, GPUs, FPGAs and other devices supplied by the miners.
Given the nature of this project, which focuses on serving individuals, institutions and companies in need of increased computational power, this is not a cryptocurrency that screams mainstream adoption. This coin serves a specific purpose for a specific target group. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 926 exchanges.
The latest stable version of Elasticsearch can be found on theDownload Elasticsearch page. This package contains both free and subscription features.Start a 30-day trial to try out all of the features. Please put your thoughts on Elastic in the comments section of this video.
In 2016, the supercomputer market is expected to be worth 3.5 billion U.S. dollars. What I have found somewhat interesting and fascinating is that despite this incident, the project is moving forward. And the community that surrounds the Elastic Project has not been diminished. That does speak highly for the project, however it does show something that needs to be addressed in the future when it comes to funds and donations. As no technology is infallible nor is any project nor crypto/blockchain technology.
- This is something that would make any investor somewhat skeptical about whether the team can really pull this project off.
- Buyers, those who need computational resources, model their problem using Elastic Coin’s software development kit and broadcast it, along with a certain amount of XEL coins, to the network.
- Elastic has been developed over the last year or so and provides the infrastructure for a decentralized and distributed super computer, designed to carry out arbitrary tasks over the internet.
- By default the Elasticsearch service doesn’t log information in the systemdjournal.
- We rather want to build a system which is robust against such kinds of attacks due to a “higher force”, i.e., the protocol, making sure that work is carried out correctly, and workers are guaranteed to be paid out for their efforts.
Report Project › Elastic
In fact, Elastic Project was started with a vague idea on Bitcointalk that interested me, which I have then pursued and learnt more once I was involved. This idea then was improved by a number of very bright members of the Elastic community. At the moment, we have a very precise idea of how Elastic should be built to ensure reliability, robustness and security. 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. Since elastic coin became tradable on exchanges, the price has started with strong volatility and peaked at $1.32 on June 24 and spiked again on June 25 to $1.20 and has since trended downwards to currently stand at around $0.32 per elastic coin. Thanks to self programmable tasks, the XEL platform offers a highly flexible system.
Not only are there around 1,000 existing digital currencies and assets but there are also new digital tokens launching every week as the Initial Coin Offering (ICO) market is experiencing a massive elastic (xel) boom. As an open source project, XEL’s code base is always visible and available for peer review and contribution by the community, and any interested party. CurrencyAZ.com is to provide you with exchange rates for more than 170 world currencies and 1000 Crypto currency which are updated every hour with world currency and every minus with Crypto currency and with our handy currency converter.
XEL Closing Price (USD) – Quarterly
The fourth fastest supercomputer as of November 2016, the Sequoia, achieved a Linpack benchmark score of 17 petaflops, completing 17 quadrillion floating point operations per second. Albeit, on their site, Elastic does state that donations can be used for whatever they project wishes. And as most people know donations are just that, donations without strings nor conditions attached, and that unfortunately includes a rogue contributor to the project disappearing and the funds as well. Personally, I remember him as very intelligent person with very rich English vocabulary. I hope that he will come back to us even without funds incognito with another account. It’s not like “he took all the funds and run away” because before disappearing he rewarded some of community members with some BTC for their work.
In this context, the publisher may specify special requirements, e.g., in terms of hardware capabilities that the provider has to match. After the negotiation is completed, the provider creates a virtual machine and gives the publisher SSH access to it. To connect to your local dev Elasticsearch cluster with a language client, you can use basic authentication with the elastic username and the password you set in the environment variable. Elastic is a decentralized computation infrastructure powered by cryptocurrency. It is totally free, open source project, that is independent of commercial influences. 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.
I see the Elastic Project potentially embracing a social entrepreneur approach which may add even more greater appeal to gaining the mass user adoption that would be necessary to take this project to where the Elastic community wants it to go. There is clearly a race to build the very best decentralized supercomputer. Based on my research, the Elastic Project, is in the forefront of this technology. They have a clear advantage, and that is that they are relatively unknown in the wider market. Another advantage is that their competitors, are not actually taking them seriously. This flying under the radar, will be a key component to their success.