There is a Turbulence in the Loyalty Market: Welcome, Elements

Cryptocurrencies are interesting both from a technical and ideological point of view. The use of the Blockchain as the core technology of the first functional virtual coin - Bitcoin, launched in 2008, allowed people to join an alternative trading market. Previous attempts at creating digital money had failed, but the peer-to-peer system of Bitcoin successfully avoided the problem of double spending.

However, its rising value came from the numerous traders that put their trust in it. Virtual currencies take banks and financial institutions out of the equation, which people had already started to see as exploitative due to their contributions to the previous global economic crisis.

What Is Elements?

Elements (ELM) is a new altcoin, the work of Dash core developer Evan Duffield, one that boasts the following qualities:
  • Extremely low transaction fees,
  • No counterfeiting,
  • No central point of failure,
  • Controlled by consensus,
  • No chargebacks,
  • Virtually instant transactions.

ELM, which features the motto "Next Generation Is Now”, is a decentralized virtual currency with an extra-secure technology. Miners have to solve a complex algorithm structure in order to obtain their proof of work, because ELM is based on POW technology.

How Will Elements Impact the Loyalty Market?

At the moment, consumers have little motivation to take part in loyalty programs and merchants fail to gather enough information about their customers in order to build long-term relationships with them.

If a universally accepted loyalty currency would be issued and accepted by all merchants, consumers could be able to choose where to spend their “Elements”. This way, loyalty programs will create more value for their customers and will, therefore, become increasingly relevant for them.

What Is the X11 Algorithm?

Blockchain transactions consist of encrypted information, recorded in a public ledger, distributed simultaneously in a peer-to-peer system. Coding is at the base of cryptocurrency technology. Miners use powerful machines to solve the algorithms and receive rewards.

In time, electronics companies came up with automated systems and gained power on the virtual currency market, threatening the stability of some digital coins. That is why new coins now boast improved, complex encryption algorithms like the X11.

Why Is the X11 Algorithm Better Than Scrypt or SHA-256?

For the moment X11 can’t be solved by ASICs (Application Specific Integrated Circuits), so currencies that use it as their core technology are more stable and safe, protecting the decentralized system and maintaining the interest of miners in gaining rewards.

Also, X11 is easy on the GPU, heating it with up to 50% less than Scrypt. Furthermore, this algorithm works your hardware less and uses 30% less electricity. Not to mention that GPU and CPU performances are almost equal in the case of the X11 algorithm.

Looking to get your own ELMs?

If you are reading this and are seeking to mind your own ELM, here is an active mining pool: If you are searching for further advice on the matter, this forum will help. Either way, be sure to do your own research and only commit to a project once you have taken full responsibility for your actions.

1 people are following this post.
    1. Loading...