The Loyalty Market Is Headed for yet Another Disruption: Say Hello to Elements

“Next Generation Is Now” is their motto. Say “hello” to Elements (ELM), the newest kid on the Blockchain showing a promising future in disrupting the loyalty market using state of the art Blockchain technology, boasting X11 Algorithms from the Dash core developer Evan Duffield.

If Blockchain is the backbone of any digital currency, the type of algorithm used in the mining process is the brain – it is the most vital part of the entire process. Elements choice in using X11 chained hashing algorithm means it has 11 scientific hashing algorithms to solve as its proof of work. For those who don’t yet know, this is almost exactly the same design as is Bitcoin’s manner in distributing.

Another added benefit of Element’s use of X11′s algorithm works the GPUs about 30 percent less in terms of wattage and 30 to 50 percent cooler than they do with Scrypt. Furthermore, those who are using high-end CPUs will find they enjoy an average return similar to most GPUs.

What Is the Verdict?

Elements is exactly what it sounds like. It offers the basic proof-of-work mining model that is every digital currency on the market. It offers free rewards based on the number of blocks in the chain someone is able to mine. The developers are also promising 50 ELM, a share of the transaction fees from each block mined, or the miner can choose a mixed bag. For those who are interested in getting in on the action, you can join us at the mining pool: 52.53.50.42:8080/.

The Elements specs are as follows:

• Algorithm : X11

• Coin Ticker : ELM

• POW Coins per Block : 50 ELM

• RPC Port : 6544, P2 Port : 6455

• Coin Name : Elements

• POW Coins : 1080000000 ELM

• Maturity : 12 Blocks

How Blockchain and Digital Currencies Work

For those who have heard all the hype surrounding Blockchain and Bitcoin, among other cryptocurrencies out there on the market, but still don’t really get the whole function, let me explain.

Banks and financial institutions were developed in order to support trust between to individuals or an individual and a company who wanted to conduct some sort of transaction. Developing and maintaining trust is one of the top functions of banks. This is also how bankers became so powerful over the generations – and how they continue to hold the power today.

Developers of digital currency had been attempting to create a system that didn’t need to rely on a centralized “ledger,” as it is called. But it wasn’t until 2009 that the first actual functional Blockchain and digital currency (Bitcoin) hit the scene. Since then, developers around the world have been adding to this disruptive technology.