A new crypto-project called Elephant (7elephant.org) plans on making the smart contracts platform Ethereum available to the masses. The intention of the project is to create an opportunity to run a business in a new way using the multifunctional platform. For close to six months the project’s developers have created a smart contract system, released its native tokens elCoin, and have developed an exclusive algorithm, which combines Proof of Stake (PoS) and Proof of Transaction (PoT).
Elephant Plans to Bring Ethereum to the Masses
The project is backed by the Ambisafe initiative, which develops cryptocurrency and blockchain solutions. The Elephant team says they have been steadily growing its platform for a few months now and have managed to attract an excess of 40,000 users since it was announced.
Its founders believe the new userbase is a “solid foundation for global promotion and development of crypto-technologies.” The protocol, which collaborates with the Ethereum blockchain, is a digital asset exchange, digital securities constructor and a capital-raising tool all in one. The website reveals a variety of things you can do with the application including chatting anonymously across the network, creating assets and securities, holding funds within the Elephant bank, and with more use-cases developing.
ElCoin uses two consensus algorithms within its protocol PoS and PoT, and each design implementation will occur after the network launch. The “Holder’s Reward” or PoS will take place every ten days with a minimum balance at least one (credit/debit) transaction in 10 days. An annual interest rate will post every ten days during 2,550 days after the project’s public release. The “Auction Reward” or PoT will forge automatically after 300 days of the network’s initial start with the drawings held every 100,001st transaction. The reward for PoT is 200 elCoins but only wallets with ten transactions during the period (from the 99991st to the 100000th transaction) are eligible to receive the auctioned tokens.
Elephant developers say elCoin is a “decentralized Ethereum-based digital currency.” Its token can be used for Elephant contracts held within the Ethereum network and is the contracts’ settlement unit of account. The platform will have a web-based wallet and Android application that uses the native currency. Transaction times will confirm in roughly 12 seconds, and fees will be low across the network. Elephant also has a nonprofit organization that will coordinate the project and promote the elCoin applications and startups.
Ethereum network transactions tripled when the team launched the Elephant platform on December 22, 2015, and the team believes it is one of the largest Ethereum projects to date. Elephant aims to offer the mainstream an entire suite of applications powered by the Turing-complete protocol. The creators believe the platform will help push through adoption barriers because its user-base doesn’t need to understand the technology that underpins the network.
The project has more initiatives planned for the platform and wallets for iOS, Linux, and OSX are in development. Elephant wants to follow through with the many cryptocurrency concepts described by promoters and visionaries. Ethereum – with its programmable language and smart contracts – is changing the blockchain environment. Elephant says its project will help define this emerging technology to the mainstream by offering a simple to understand and easy-to-use solution to the equation.
What do you think about Elephant? Let us know in the comments below.
Images courtesy of Elephant’s website, EtherScan.io
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