Published Tue, Dec 29th 2015
On December 15 the multifunctional economic platform Elephant launches a smart contract elCoin based on Ethereum project: the first currency available worldwide that is built on Blockchain and Smart Contract technologies. elCoin unit cost (1ELC) at the crowd-sale stage is set at 2,5 EUR.
The key advantage of Ethereum system, which has served as a basis for elCoin’s creation, is the decentralization of all types of economic activities. The Ethereum software platform allows creation of software applications that use Blockchain, excluding third parties and minimizing the expenses for means, assets or information exchange between private individuals and companies.
Thus, there was born an idea of creating a product using the exciting new Ethereum platform. A product that functionally resembles Facebook and gives all users full control over their pages, including revenue generation from advertising. The system is convenient for the implementation of other ideas too: securities markets independent from stock exchange, agreements that do not require legal interventions, social networks protected against outside access, and so on. It hands control back to users without any of the expensive overheads, and in a safe environment.
The elCoin currency — created by Elephant, using the multi-functional Ethereum — brings with it all the advantages of its parent system, which can be used as digital assets exchange, securities constructor and fully-fledged business tool for attracting investments and creating new unique exchange tools. It is noteworthy that this new cryptocurrency is compatible with all other types of wallets and projects of Ethereum.
“When designing and developing Elephant, we tried to take into account all the shortcomings and difficulties that a user faces working with cryptocurrency. We did not aim to create just another cryptocurrency, but our foremost objective was to develop a convenient payment system that has a set of up-to-date, cryptographically secure and user-friendly financial tools.” — Maxim Levoshyn, the Company’s President.
Interest rewards will be paid regularly, once every 10 days starting from the moment of the network launch, in the case that at least one transaction has taken place during the 10-day period. This interest reward rate will be performed every 10 days within a 2550-day period after the official project launch. The annual rate during this period will vary from 50% (the first 90 days) to 10%. It is in this way that early adopters and exchangers of elCoin will be rewarded steadily by building the elCoin system.
In 300 days after the project’s launch, the owners of elCoin wallets will be allowed to become bidders to obtain bonus elCoins.
The new cryptocurrency can be cashed on various cryptocurrency exchanges, among users, and when buying goods on partner websites of elCoin.
If you’d like to register an account with elCoin, please visit the coin wallet website elcoin.space.
Detailed information about new system was presented on Blockchain Conference Kyiv on December 19, 2015. Being in charge of the event, Elephant managed to gather the leading industry experts within one workshop. Technical aspects of Blockchain performance as well as future development prospects of the technology were discussed on the conference. Elephant established communication between investors and developers in order to optimize technical processes and to boost interest to Blockchain in Ukraine.
About the Platform:
Elephant’s new technical platform built on Ethereum is based on decentralized systems: there is no central component that could potentially cause the system breakdown, it cannot be blocked by providers or other controllers, and the system safety is secured by all of its users.
Elephant offers the following range of projects to customers:
Visit the website of Elephant Project http://7elephant.org/ to get detailed information about capabilities of the new and innovative elCoin cryptocurrency and Elephant’s other products.
Smart Contract — the transaction using cryptocurrency to execute financial agreements. The contracts avoid the influence of third parties, such as a judicial system, etc.
Blockchain — decentralized technology using P2P networks, codification and cryptography. The transaction in the blockchain is not confirmed until the information is grouped into blocks, each of which contains data about the previous one. This allows for building a chain of blocks with information about all the operations committed in the system.
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