Elephant Announces a Multifunctional Ethereum-based Platform

News and Analysis

Recently it was announced that a multifunctional economic Ethereum-based platform dubbed Elephant is about to be launched. The platform includes a set of financial and investment tools. It incorporates 12 internal projects oriented towards various user groups. Elephant’s native settlement token is called elCoin, which allows for smart contracts and colored coins, which is an integral part of the platform’s financial toolkit.

According to the project’s founders, they managed to attract roughly $5 million investment in the course of a closed funding round within two weeks’ time. Currently, some technical nuances in the project’s regard remain undisclosed, however, the developers are set to present 12 projects on the platform during the next 12 months.

One of Elephant’s key features is an integrated visual constructor for smart contracts, which is expected to facilitate creation of several financial tools. Smart contracts provide for creation of native digital assets like obligations or warrants. Thus, users will be able to release their own tokens and automatize their operation – for instance, by setting dividend payment algorithms or arranging other activities as they fall due.

“Our strategic goal is to build a digital Wall Street with minimum entrance threshold for investors. It is proved by increasing customer demand, while technologies underlying Ethereum allow for maximum facilitation and liberation of mass access to finance,” Elephant creators say.

ElCoins are issued via combination of PoS and PoT in order to control risks of inflation and deflation models of economy.

PoT stands for proof of transaction, being an automatized auction launching subsequent to the public release of the network. The draw is set for every 100,001st transaction, with revenue amount of up to 200 elCoins. Participating will be the wallets producing the latest ten transaction as of 99,991st to 100,000th transactions. The revenue will go to the wallet with the biggest outgoing transaction amount. The project’s founders call it “intelligent issuance”, and promise to provide more details in the project’s white paper to be issued in a short while.

Twelve Elephant tools include products like Private Exchange Business-Box, elExchange, elMerchant payment system, and certifying system dubbed elLicense.

Private Exchange Business-Box is set to provide liquidity of elCoins, and is actually a commercial out-of-the-box web app. The tool includes technical, marketing, and, last but not least, legal support for users. It is set to cover issues of free converting elCoins to the most popular fiat and crypto currencies.

The creators hope that elCoin will be available for free exchange in more than 60 nations due to its trans-border essence. After the project’s launch, elCoins will be distributed only via a network of dedicated exchanges across the globe.

Exchange service dubbed elExchange will provide full-fledged functionality for trading colored coins and smart contracts, which shall represent digital values and liabilities of counterparties.

Merchants might find the payment system dubbed elMerchant, which maintains interaction between sellers and buyers. The tool allows for trading operation with fiat-denominated goods immediately for converting elCoins into the final currency of the deal. This might speed up the process of sales without any legal issues involved, as it is especially important for countries where cryptocurrencies are banned or ambiguous in terms of regulation. Additional tools for elMerchant include a surrounding ecosystem of mobile hardware elGadget which are to provide easy and simple handling for elCoins in everyday life.

The intention to establish a full-fledged infrastructure around Elephant makes it an independent platform, rather than a mere Ethereum add-in. Apart from financial and investment tools, the creators plan to establish a certification service named elLicenses. The elCoin certification is required for arrangement of a reputation system for merchants and other participants of the network. In fact it is a cryptographic counterpart to KYC policy. Apart from certifying, elLicenses incorporates an arbitration service.

For security purposes, Elephant also employs Ambisafe-developed KeyServer product, which allows one to restore wallet access and use extended security methods via multisignature technology. One of possible examples thereof is restriction of access to a particular wallet that may be lifted once a pre-set number of network members provide their signatures.

“Our partners include several major business communities interested in Elephant’s potential. It will provide sufficient liquidity for elCoin at the project’s early phases,” Elephant creators say.

Elephant is based on Ethereum, which in its turn is based on blockchain technology. Its purpose is to create decentralized apps, and to work with smart contracts and IoT devices. Ethereum remains popular amidst developers due to its completely new capabilities integrated in the platform’s functionality.

The news follows the announcement of Russian project dubbed Aira DAO, which is also Ethereum-based, and dedicated to work with decentralized autonomous companies. The last year saw more than 20 various projects based on the platform, including prediction market Augur, smart lock system Airlock, and tools for smart contracts and DAO’s. Multinational corporations also show some interest in Ethereum. For instance, Microsoft has recently added its developer tools to its cloud platform Azure.

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