What is Elastic?
Elastic is an open-source cryptocurrency which is aimed at creating a decentralized trustless supercomputer. A supercomputer is extremely powerful and can perform heavy computational tasks. The platform plans to utilize cryptography and blockchain technology to create a supercomputer. The cryptocurrency that powers the Elastic platform is called XEL. Users can purchase and sell computational resources like CPUs, GPUs, FPGAs using the Elastic coins. The total supply of XEL coins is capped at 1 million. Miners provide the computational power and get rewarded in XEL.
The platform has created its own proprietary programming language known as ElasticPL. The language which is somewhat similar to the C programming language, incorporates many of the basic operators and functions. The platform focuses on anonymity and privacy and offers access to computational resources anytime from any location.
Where to buy Elastic?
Elastic tokens started trading on the exchanges at the end of June 2017. As per Coinmarketcap, the XEL coins are listed on exchanges like Bittrex and Upbit.
Elastic coins can be mined.
The Elastic Coin Lite wallet is available for Windows, Linux, and Mac.
On 23 May 2018, the market capitalisation of Elastic Coin was $23,648,024 while the price of 1 XEL token was $0.258. On January 11, price of the token was around $1.04 following which the price kept falling and has been flat for most of the months.
Risks involved with investing in Elastic
Cryptocurrencies are volatile in nature and it is difficult to predict the rise and fall of the price. Moreover, they are subject to government regulations. Hence, it is advised to invest in mutual funds instead as they are more secure and reliable.
"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.
A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."