Elastic (XEL) is a decentralized supercomputer, which provides cloud storage at much affordable cost. They are aiming to be used by big business, scientists, and businessmen who are in need of significant amounts of computation power. According to XEL’s developers, renting traditional commercial cloud providers can get extremely expensive that’s why they have built XEL where users can have a cloud computing solution that they can afford.
How Elastic works?
Aside from providing cloud storage, XEL also gives Elastic coins to users who can provide spare processing power that will help in completing the calculation of the tasks. The Elastic currency can be traded with its corresponding real USD value. The platform uses Proof of Stake (POS) to run the whole platform’s system, which means that its mining process does not waste any energy.
Bitcoin Mining with Elastic
With XEL, anyone can generate income with their hardware by offering either computing power for rent or by buying and holding XEL coins until its price value goes up. The XEL coins can be traded freely on the markets, and these coins also work as a digital cryptocurrency.
XEL’s developers have further added that organizations that demand high computing power will greatly benefit from Elastic since it is much cheaper and simpler to use. The XEL project offers various topics that are related to research; this includes security of blockchain, computations and more. The XEL’s website encourages crypto enthusiasts to support the project by participating and holding some of their coins; it also stated that when more and more organizations use Elastic as a cloud computing provider, there will be a higher demand for it, which means a higher price for every XEL coin.