A decentralised super computer Codable.
Elastic is an open-source project that provides the infastructure for a decentralized supercomputer. Those who need computational resources, model their problem using Elastic’s programming language (Elastic PL) and broadcast it on the network, along with a certain amount of XEL coins. The Elastic miners are then motivated to offer their computational resources in exchange for a portion of those XEL coins. Become a part of XEL’s network by providing hardware resources and earn tokens from helping other users resolve demanding computational tasks for advanced scientific research.
- The success of any project hinges on the capabilities and expertise of its team members.
- CoinCodex tracks 43,000+ cryptocurrencies on 400+ exchanges, offering live prices, price predictions, and financial tools for crypto, stocks, and forex traders.
- While information regarding Elastic’s advisory board was not readily available, it is crucial to consider the expertise and credibility of the individuals supporting the project.
- While there is obviously nothing wrong with launched non-commercial projects involving cryptocurrency, from an investor’s point of view that raises skepticism.
Provide your power to XEL’s network
Through its strong fundamentals, including effective communication, a talented team, a robust product, and ongoing development efforts, Elastic has positioned itself as a key player in the industry. Some traders try to identify candlestick patterns when making cryptocurrency price predictions to try and get an edge over the competition. Some candlestick formations are seen as likely to forecast bullish price action, while others are seen as bearish. Elastic’s miners are stimulated to support with their resources in exchange for XEL coins. XEL offers the buyers a large cluster which contains CPUs and CPUs supplied by miners.
XEL Price Chart
While information regarding Elastic’s advisory board was not readily available, it is crucial to consider the expertise and credibility of the individuals supporting the project. Elastic demonstrates a strong focus on communication, providing regular updates, announcements, and engaging with the community. In addition, the algorithm uses the cyclical nature of Bitcoin halvings, which introduce extra supply-side pressure on BTC every 4 years. This has historically played a pivotal role in cryptocurrency markets and is a major component of creating a realistic Elastic prediction. Elastic (XEL) represents a promising decentralized supercomputer project that leverages blockchain technology to revolutionize distributed computing.
Both, publishers of the task and the ones performing the task are not required to share their private information at any stage of the process. There is no need to trust third parties since the XEL platform handles the entire process in a trustless manor. As an open source project, XEL’s code base is always visible and available for peer review and contribution by the community, and any interested party. This multi-platform approach indicates a commitment to transparency and community engagement. However, the Elastic Project faces several issues that need to be acknowledged by potential investors.
- This dedication to improvement ensures that Elastic remains at the forefront of technological advancements and meets the evolving needs of its users.
- For example, a 12-day simple moving average for XEL is a sum of XEL’s closing prices over the last 12 days which is then divided by 12.
- Elastic traders use a variety of tools to try and determine the direction in which the XEL market is likely to head next.
The size of this portion depends on the amount of work a miner has contributed in relation to the elastic (xel) rest of the network. Using ELC as the driving force, Elastic Coin offers potential buyers a large parallel computation cluster composed of many CPUs, GPUs, FPGAs and other devices supplied by the miners. Bitcoin and crypto elastic (xel) prices have been making headlines over the past week amid excitement about the prospect of a spot bitcoin ETF approval.
Most traders use candlestick charts, as they provide more information than a simple line chart. The Elastic price prediction on CoinCodex is calculated using the historical Elastic price dataset, accounting for past volatility and market movements. To make more sense of this new asset class, BTCManager regularly highlights new cryptoassets to gauge whether or not they could potentially turn into profitable investments for its holders. In this article, you will be introduced to the Elastic Project and its native currency the elastic coin, which carries the ticker XEL. Elastic traders use a variety of tools to try and determine the direction in which the XEL market is likely to head next. When trying to predict the Elastic price, traders also try to identify important support and resistance levels, which can give an indication of when a downtrend is likely to slow down and when an uptrend is likely to stall.
There is also ample competition in this space, which means Elastic’s (unpaid) developer team needs to not only create a superior product but also have the required funds and the right people in place to market their product to succeed. According to data from Gartner.com, the worldwide revenue generated by the supercomputer market was estimated to be worth around $3.5 billion in 2016. The Elastic Project is an open source project that aims to develop the first secure, trustless, decentralized, programmable supercomputer. A supercomputer is a computer that performs at or very near the highest operational rate possible for computers. Future developments on top of the existing platform are possible in a modular way. For instance, it will be possible for developers to implement smart contracts on top of Elastic VM (Virtual Machine) in the future.
In addition to the simple moving average (SMA), traders also use another type of moving average called the exponential moving average (EMA). The EMA gives more weight to more recent prices, and therefore reacts more quickly to recent price action. Many cryptocurrency traders pay close attention to the markets when the current Elastic price crosses an important moving average like the 200-day SMA. If Elastic managed to establish itself in the very competitive supercomputer market, even as a smaller player, the profit potential would be very high. If the market welcomes a decentralized supercomputer with open arms, then Elastic could turn into a mega project, provided its team manages to deliver.
