Blockchain platform Elephant’s team has been actively working on making Ethereum’s capabilities and functionality available to the masses for nearly six months. Having created a smart contract in Ethereum network, released native tokens elCoin, and developed an exclusive consensus algorithm, which combines PoS and PoT, the team continued working on a wide range of exclusive tools for finance management.
Back at the project’s launch, number of transactions in Ethereum network has grown several-fold. More recently, over the course of Moscow Bitcoin Conference, Elephant was dubbed the biggest Ethereum-based project. The team managed to attract in excess of 40,000 users, which is definitely a solid foundation for global promotion and development of crypto-technologies.
PoS and PoT consensus algorithm in Elephant
Holder’s Reward (Proof of Stake)
Every 10 days after the network’s launch, the minimum balance of a wallet that had at least one (credit / debit) transaction in 10 days earns N%. The minimum wallet balance in 10 days means the lowest elcoin amount during the 10-day period. Annual interest will be posted every 10 days during 2550 days after the project’s public launch. The annual interest rate varies depending on the project’s age:
- annual interest rate for the first 90 days: 50%
- annual interest rate for the subsequent 90 days: 40%
- annual interest rate for the subsequent 90 days: 30%
- annual interest rate for the subsequent 90 days: 20%
- annual interest rate for the subsequent 2190 days: 10%
Auction (Proof of Transaction)
The auction is launched automatically in 300 days after the project’s public launch, with the drawings held every 100001st transaction. The reward is 200 elcoins. Only the wallets that made the last 10 transactions during the period (from the 99991st to the 100000th transaction) are eligible. The winner is the wallet with the largest amount of debit transaction which, however, cannot be lower than 10 elcoins. If several wallets have equal debit transaction amounts and these amounts are the largest, the 200-elcoin reward will be split among them. If the last 10 transactions do not fulfill the eligibility condition (debit transaction amount of at least 10 elcoins), no one claims the reward and the auction countdown starts anew.
What is Elephant?
Elephant is a multifunctional economic platform enabling users to create and maintain businesses in a new way. The project is based on cryptocurrency elCoin, a decentralized Ethereum-based digital currency.
- ElCoin is a digital token of Elephant contracts in Ethereum network. It’s a settlement unit valid within the contract. ElCoin features the following:
- – Transactions confirmed in around 12 seconds
- – PoS reward of up to 50% annually for wallet’s minimum balance in 10 days
- – Convenient and secure web wallet and Android app
- – Low transaction fees
- elCoin Ethereum smart contract
- Transaction confirmation time: 12+ seconds
- Base Ethereum algorithm
- Consensus algorithm: Proof of Stake (PoS) + Proof of Transaction (PoT)
- Premining: 20 million elCoin
- Maximum quantity of coins: unlimited (issuance depends on network activity, 10% annually at most)
- PoS – 50-10% during 2,550 days
- PoT – unlimited. Rewards of 200 ELC generated every 100,000 transactions.
- Issuance details: http://elcoin.foundation/ru/blog/elcoinspace/1.html
- Network fees for each transaction: 0.1% but at least 0.03 ELC and 7 ELC at most.
- Fee details: http://elcoin.foundation/ru/blog/elcoinspace/2.html
- Network’s first transaction: 12 December 2015
Official web-site: http://7elephant.org/en/
Bitcointalk announcment: https://bitcointalk.org/index.php?topic=1446743.new
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