Another form of digital currency is spreading its wings and entering the virtual arena hoping to do good things in the world. Last week it was Decred, the “sidekick” of bitcoin that was designed to do all the same things while standing strong as a safer and more “up-to-date” alternative.
This new cryptocurrency, known as elCoin, is based on the renowned Ethereum project, and is being launched by the multi-functional economic platform known as Elephant. Much like an elephant, the company has stomped its way through blocks and barricades alike to build a quick name for itself in the FinTech universe.
According to Elephant’s website, the company has the following goals when it comes to offering both online and offline business services:
- To provide a new electronic unit of account with an intelligent algorithm of emission with inexpensive and fast transactions;
- To create a transparent and secure system of accounting for assets and operations with their usage;
- To ensure the liquidity of the unit of account by developing related projects such as smart contracts, payment systems and an exchange.
The company’s main claim to fame is that it allows for the creation of various software systems that utilize blockchain technology. With elCoin, the currency functions in a way similar to Facebook, giving business owners the power to control their own pages and advertising. They can also use the system to attract investments and develop new business tools. ElCoin is compatible with other types of Ethereum projects and digital wallets, and one coin is presently worth approximately 2.5 euros.
ElCoin will pay interest to its users every 10 days from when the network launches, and early practitioners are likely to benefit the most. Aside from elCoin, Elephant also plays host to a number of other digital projects including elChange, a digital assets exchange; elSpeak, an anonymous chat system, and elMerchant, a business payment service.