Elephant Announces Launch of Its Ethereum-based Financial Platform

News and Analysis

Elephant has announced official launching of its elcoin network. As of today, exchange services commence their operations, and users may redeem pre-mines directly from their wallets. Also, an Android app is available. According to the project managers, release of an iOS app is expected next week.

Elephant is a multifunctional Ethereum-based platform. The project incorporates twelve internal services providing various options for elCoin tokens, including colored coins and smart contracts.

“We can be sure that Elcoin is among the most innovative projects in finance, and it raises the ante for cryptocurrency projects’ complexity. Elcoin will go down in history as the first of its kind: a wide-scale smart contract; a multi-sig wallet for second generation cryptocurrencies (Bitcoin 2.0); a cryptocurrency financial tool that does not require its users to know anything about the underlying network,” the project’s whitepaper states.

Elephant’s issuance procedure combines PoS and PoT consensus algorithms, which allows one to manage risks of inflation and deflation models of economy. Proof-of-Stake algorithm is well-known in the cryptocommunity, and requires no supplementary descriptions. PoS reward settlement occurs every 10 days during 2,550 days (almost seven years) as of he project’s launch.

“By launching and developing Elephant, we tried to consider all disadvantages and complexities a user might face during their work with cryptocurrencies. We didn’t attempt to create yet another cryptocurrency. It was a convenient payment system with a kit of modern cryptographically secure and user-friendly financial tools in the first place,” Maxim Levoshin, the company’s president, says.

Further details as to Elephant’s technical implementation are available in the official whitepaper.

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