Topic: [ANN][XEL] Elastic Project - The Decentralized Supercomputer - page 327. (Read 450524 times)

Maybe we should have a poll to vote for the ticker, so far i've seen: ELSC, ESC, ELA, XEC, XEL, ELC, ELAS and ELP

I like this, but imo better looks 3 letters- ESC

XEC sounds good.
or XEL.

I'd go for ELA(stic) or ELN(astic etwork).

I vote for ELastic Super Computer

Greed, you've made your point. there's no need to repost it every other day. just leave this thread.

This project is not being heard

Evil-Knievel you should put some of the tokens aside for better PR, allocate some for translation to get big markets, make a FB account for statements and allocate some ELC for likes, etc.......

XEL 

there will be a pow mining phase? what will be the algo if the answer is yes?

I agree, this comes at a overhead. The reason why we have to do this here is that we have to measure how much everyone has contributed.
People can submit work where they are interested in many many output, but they as well may submit a work which is impossible to be solved (like factor a 256bit number). In both cases we want even and constant payout for other people's contributed computation power, and so they must periodically give some kind of verifiable feedback.

But in order to reduce the overhead, we can make this feedback relatively rare. We would have to think about what (security)implications the timespan between two proof-of-works has.

This step could mean a significant overhead while performing the POW using ELC because they have to do additional proof of works beyond the one you are interested in.  On the other side of it, the ELC network could be huge.

Good ideas :-) We could collect come more and then make a public poll?

ELSC

Can double as ELaStiC, and also ELastic Super Computer

ELAS?
ELP?

Any suggestions for a different "ticker"?

Yes, we have to rethink it then. Thanks for looking that up!

Seems there's already another older coin with the ticker ELC. It's Elacoin.

See:
https://bitcointalk.org/index.php?topic=766417.80

Just some thoughts how this might work. I do not want to say something "binding" as the final design is still to be defined.
But mining other coins could work like any other mining application:

1. Create block template, meaning creating a new block with everything set except the nonce and the timestamp. This block template contains the coinbase transaction that would pay you.
2. Create a custom algorithm that says "take this block template" and "shuffle timestamp as well as the nonce" until the hash of the block meets a value X. Value X is also hardcoded and contains the current required difficulty.
3. You submit that task to the Elastic network and all "Elastic Workers" start working on your block. They both periodically send "proof-of-works" that prove that they are working and so that they get paid regularily, but they will also submit the solution if your predefined condition (hash of the block meets a value X) is met.
4. You do not need to wait for a confirmation, they send you the nonce + timestamp via the blockchain and you get your result with 0-confirmations.
5. You take the nonce+timestamp, then you construct the block that you have created a template for in step 1, and push it to the other coin's network.
6. Nobody can take your coins or anything, because they all have worked on the block template containing the coinbase transaction that will pay you (and nobody else)

 

All this would have to be automated somehow and yes, this is harder to setup, but I think that once Elastic is working many people will develop "apps" or "scripts" for it.

How could ELC be used for mining other coins?

1. if would be harder to set up and use than a mining pool...
2. other coins will have 1min block time, so by the time ELC txs with answers/payments confirm (1min +) it will be to late.
3. what prevents workers/sellers from stealing the coins they mine for you
4. circular reasoning: why would anyone pay good ELC to mine some other junk crypto?