From the moment the first cryptographic currency Bitcoin appeared on the network, not so many years have passed. But only recently, the payment system of the same name was truly interested in thousands of companies around the world. The basis for the creation of the cryptocurrency was Blockchain technology, with the help of which hundreds of other types of digital cash are issued today.
This list contains the Elcoin cryptocurrency, which is called second-generation digital money. The term “second generation” has arisen only recently and is some semblance of a universally recognized standard used to denote branches in a particular system. For example, this can be compared with the F1 designation used in seed breeding, where it is used to designate individual hybrid lines.
In fact, Elcoin, the usual cryptocurrency that has appeared, is acting and developing on an innovative blockchain platform. Although, it has some features and is not a fork of Bitcoin (like most digital money), but a separate branch that appeared during the evolution of the Ethereum cryptocurrency.
Like all cryptocurrencies, Elcoin is a decentralized payment tool that is not subject to inflationary processes. The author of the idea of creating a currency, as well as the entire virtual machine, as part of which it operates, was Vitaly Buterin. He described his ideas in one of the articles published in 2013. At that time, a future network called Ethereum was described as Bitcoin 2.0.
The launch of the project took a long period of time. Only in 2014 began raising funds for its implementation in the framework of "public funding". Before the start of the program at the end of July 2015, it was possible to raise more than $ 18 million.
Today, Ethereum is the largest online platform that provides decentralized applications. The company is developers took all measures to eliminate the shortcomings of previous systems and created the Elcoin cryptocurrency, to which many corporations have shown increased interest since the moment it appeared.
Currency is issued on the basis of a decentralized platform, which excludes the possibility of blocking the account by regulatory authorities or providers. Security is guaranteed by the user. In addition, there is no central component that can disable the entire system.
It is obvious that the developers set themselves the ambitious task of creating a currency that will work by stimulating economic processes. In addition, according to information provided on the Ethereum official website, it is indicated that the Elcoin cryptocurrency is universal and accessible to the average user.
The project provides for PoS-reward for users who are the owners of the wallet. Within 7 years from the start of the project, namely until July 2022, all wallet holders, when making one transaction within 10 days, can receive a percentage on the minimum balance on the account. That is, the system will charge a bet on the minimum balance. The interest rate is determined by the age of Ethereum. The first three months, the rate was 50% of the amount of Elcoin cryptocurrency in the account. After 270 days, the rate was set at 10% and will remain so until mid-2022.
Also one of the ways to attract new customers is through auctions, in which users receive 200 Elcoins. The drawing is carried out after 100,000 transactions in the system for wallet owners who have made payments in the amount of at least 10 Elcoin.
Every 260 days after the start of the project, the amount of cash compensation is doubled. The action is valid during the day.
In general, the following currency features can be distinguished:
High security of Elcoin wallet, as well as mobile solutions for any device.
PoS payments, which are determined by the statute of limitations of the project.
High speed of payment confirmation.
Minimum commission for making payments.
Ethereum technology solutions along with cryptocurrency are by far the most innovative. They allow companies not to resort to standard legal agreements. An alternative network enables everyone to set their own payment rules and fully automate them. At the same time, the withdrawal of currency does not cause difficulties. So, for withdrawal, Elcoin exchange or a transaction between users can be used. You can also spend money on paying for goods and services at specialized points.
According to analysts, “smart contracts” will become a new era in the financial market. After all, Blockchain technologies, given their low cost, are able to bring banking services to a whole new level.
All contracts that are positioned by the Ethereum system are presented as classes in various programming languages. Thanks to this, the network has a reliable infrastructure, which is supported by large global companies. In turn, the Elcoin wallet can be combined with other Ethereum projects, and the interest calculation procedure is not related to other segments of the network.
At the conclusion of the contract, standard parameters are set, the list of which includes the issue of Elcoins, interest rates, the frequency of their calculation, as well as addresses for changing dynamic parameters.
Considering that Bitcoin 2.0 is an innovative development, then all previous wallets in systems involving the use of blockchain technology were focused on specialists. But it was the Elcoin wallet that became the first product for the use of which its owner does not have to navigate cryptocurrencies. All payments are fully automated, and Ambisafe platform is responsible for this function, which, before the transaction is completed, independently replenishes the account for the required amount.
To ensure the security of the electronic wallet, the Multi-signature option is used, which is part of the blockchain technology. Wallet protection is carried out at all stages of transactions, including Elcoin exchange operations on exchanges. Security is guaranteed through the use of cryptographic keys. In addition to confirming the operation, the owner of the cryptocurrency is required to receive a positive response from the Elcoin Foundation system.
A special role for security is given to multi-signatures. To date, all cryptographic systems use only one signature to confirm a financial transaction. This approach allows cybercriminals to crack the security system and completely dispose of virtual cash. In this regard, the Elcoin cryptocurrency is completely protected, since even breaking into a wallet does not allow a transaction to be made without confirmation by phone number. It is worth noting that Elcoin became the first Bitcoin 2.0 cryptocurrency using this security format.
Regarding the protection of the wallet according to the protocol, it can be noted that the system has long left the test version. It currently offers security under the Homestead protocol.
When carrying out Elcoin exchange operations on exchanges or with direct transfers, which are available only after connecting to the contract, the system charges a commission of 0.1%. The minimum commission is 0.03 Elcoin.
The Elcoin cryptocurrency has become the first innovative means of payment, as well as a specific tool for business in many ways. Given the multimillion-dollar investments and programs that developers launched before 2022, the Ethereum project promises to live for many years. Investing in Elcoin may not be the worst investment. In any case, you need to remember that they don it put all the eggs in one basket.