Elephant, a multi-functional economic platform, has launched elCoin, a cryptocurrency based on the Ethereum project. The cryptocurrency is the first to launch worldwide built on smart contract and blockchain technologies. The unit cost of 1ELC is set at 2,5 EUR at the crowd sale stage.
The announcement posted on "industry today," a content distribution website.
The Ethereum platform enables the creation of software applications that use blockchain technologies, excluding third parties and reducing costs for assets, means or information exchange among individuals and companies.
The elCoin functionality is similar to Facebook, providing users control of pages, including advertising-generated revenue. The system provides for the implementation of social networks protected against outside access, securities markets independent of stock exchanges, agreements that don’t require legal intervention, and other uses. Users maintain control without the cost of overhead and in a secure environment.
The elCoin currency offers the advantages of its parent system, which can serve as a business tool for attracting investments and developing new exchange tools. The system can be used to construct securities and to serve as a digital assets exchange.
The elCoin currency is compatible with other types of wallets and Ethereum projects.
Maxim Levoshyn, company president, said when designing Elephant, the company took into account the difficulties and shortcomings that cryptocurrency users usually face. They did not intend to create another cryptocurrency; the main goal was to develop a convenient payment system offering up-to-date, cryptographically-secure and user-friendly financial tools.
According to the Elephant website, the project’s main goal is to build the most comfortable service for both online and offline business. Other goals are:
• To provide a new electronic unit of account with an intelligent algorithm of emission with inexpensive and fast transactions.
• To create a transparent and secure system of accounting for assets and operations with their usage.
• To ensure the liquidity of the unit of account by developing related projects such as smart contracts, payment systems and an exchange.
The elCoin system will pay interest rewards once every 10 days beginning when the network launches in cases where at least one transaction has occurred in a 10-day period.
The system will perform the reward rate every 10 days within a 2,550-day period following the official launch.
The yearly rate during this time period will range from 50% (the firsts 90 days) to 10%.
The early exchanges and adopters will benefit steadily by building the elCoin system.
Owners of elCoin wallets will be able to bid to obtain bonus elCoins 300 days after the project’s launch.
Users can cash elCoin on various cryptocurrency exchanges, when purchasing goods on partner elCoin websites and among one another.
Information about elCoin was presented at the Blockchain Conference Kyiv on Dec. 19, 2015.
The Elephant platform is based on decentralized systems. No central component can cause the system to break down. The users secure the system’s safety.
Elephant provides the following projects to its customers in addition to elCoin:
• elChange – digital assets exchange
• elSpeak— anonymous chat
• elMerchant – business payment service
• elLicenses – entrepreneur certification
• elAssets – real value security for digital assets
• elMarket – retail catalogue
• elCloud – project development and support for investments
• elPebb – office for private exchange
• elWalletpro – trade and business analysis tool
• elProduction – production of crypto gadgets
• elBank – secured cryptocurrency bank
Featured image from Shutterstock.
Editor's Note: As pointed out by a CCN reader in the comments section, there is speculation surrounding Elephant's platform regarding its authenticity. CCN has reached out to Elephant and will update this story when we find out more.
Last modified (UTC): December 31, 2015 9:04 AM