Due to the fact that cryptocurrencies such as Bitcoin have been taking the spotlight for some time now, there is no wonder that Blockchain technology – which is responsible for any kind of digital currency – made it possible for different kinds of altcoins to rear their heads.
It’s time to present Elements (ELM), the digital currency that incorporates both cutting-edge edge technology and a winner’s attitude, represented by their motto: ‘Next Generation is Now’. This looks very promising indeed, especially when we take into consideration the fact that it boasts X11 Algorithms thanks to the Dash core developer Evan Duffield.
If Blockchain technology represents the infrastructure of any digital currency, the algorithm used in the mining process is the most important part – call it the brain of the entire operation. Because Elements uses X11 chained hashing algorithm, it means that it has 11 scientific hashing algorithms to solve as its proof of work, which also means that it resembles Bitcoin’s distribution design.
As a bonus, Element’s use of the X11’s algorithms saves 30% of your wattage and it also works your GPUs in a way that leaves them 30 to 50% cooler when compared to Scrypt. Not only that, but those who use high-end CPU will get pretty much the same average return as those using most GPUs.
More About Elements
Understanding Elements isn’t that difficult. Its proof-of-work mining model is similar to most existent digital currencies; the users are rewarded based on the number of blocks they manage to mine. You also get to choose your reward: you can receive 50 ELM or get a share from the transaction fees from each block mined, but you can also decide to get a combination of the two options.
If you want to access the Elements’ fast-growing mining pool or if you want to find out more about the mining process, please visit the following link.
You should also keep in mind a few technical highlights about Elements: as mentioned before, the algorithm is X11 and the coin ticker is ELM. You should also know that the number of POW coins is 1080000000 ELM and the number of POW coins per block is 50 ELM.
Looking at the Bigger Picture
Many people are still a bit confused when it comes to understanding cryptocurrencies and Blockchain technology. But their role can be easily understood when we take a look back at the history of financial institutions.
At some point in human history, transactions between people became harder and harder to manage, which lead to the appearance of a third entity, a supposedly neutral one that could be trusted. This is how banks and bankers came to be and how they became so important in our world. Soon, they took control of the whole market.
The need for change has made it possible for cryptocurrencies and Blockchain technology to come into being. The Blockchain is a fully functional system that will continue to grow and expand organically in the years to come because it doesn’t rely on any kind of a centralized ‘ledger’. Since Bitcoin was first launched in 2009, the gates of the financial world have opened and now ELM is here to revolutionize part of the aforementioned sector by disrupting the long-standing loyalty industry.