Welcome the newest player in the blockchain market, Elements (ELM). With a motto of 'Next Generation in Now’, they are showing a bright future in changing the loyalty market through cutting-edge Blockchain technology. ELM boasts X11-Algorithms from the Dash key developer Evan Duffield.
If Blockchain forms the anchor of any virtual currency, then the kind of algorithm used for mining is the mind- it’s the most crucial aspect of the whole process. Elements makes use of X11 linked hashing algorithm, meaning it possesses 11 scientific hashing algorithms for solving and also evidence of work. For those who may not be aware, it almost exactly resembles the same design as Bitcoin in its way of distribution.
Another key advantage of the X11 algorithm used by Element is how it activates the GPUs, approximately 30pct less in overall wattage and 30-50pct cooler than is the case with Scrypt. Additionally, those who use high-end CPUs will discover that they enjoy a standard return quite similar to most GPUs. Visit github.com/Elementscoin/Elements-master/ to learn more about Elements.
What’s the conclusion?
Elements is precisely what it echoes, it provides the primary proof-of-work mining model that’s relative to every virtual currency available on the market. The cryptocurrency offers free rewards to users based on a number of blocks they are able to successfully mine at a time. The inventors are also giving 50 ELM, a portion of the transaction rates from each block mined, or alternatively, the miner can go for a mixed bag.
Those who are interested in trying out the new cryptocurrency are free to join us at the ELM mining pool address: 220.127.116.11:8080/.
The digital currency’s specs include:
Coin Name: Elements
Coin Abbreviation: ELM
Maturity: 12 Blocks
Proof of Work (POW) Coins: 1080000000 ELM
POW Coins per Block: 50 ELM
RPC Port: 6544
P2 Port: 6455
How blockchain and cryptocurrencies function
For those that may have come across the word Blockchain or Bitcoin, among the other digital currencies on the market, but still fail to understand what the hype is all about, allow me to explain.
Banks and financial centers were formed for the main purpose of creating trust between an individual and a firm, or between two persons who wanted to transact some sort of business. Forming and maintaining trust is among the key roles of banking institutions. This is how bankers have managed to become so influential over the years and how they are still wielding the power today.
Inventors of cryptocurrency had been seeking to create a value structure that didn’t have to rely on any centralized 'ledger,’ as it’s known. But it was only until 2009 when the first real useable Blockchain and virtual currency (Bitcoin) entered the scene. Since that time, developers from all over the globe have been contributing to this disruptive digital technology.ELM Mining Pool gives users the opportunity to do mining of cryptocurrencies, additionally, there’s a Web Wallet that’s appropriate for accessing Elements services without having to download entire Elements. For more discussions on cryptocurrencies check out BitcoinTalk.