Elephant: versatile Ethereum-based platform goes live
Monday 28 December 2015
A new financial platform has launched on the back of Ethereum - the most hotly-anticipated crypto project of 2015.
Having raised over 30,000 bitcoins at its ICO in September 2014, Ethereum’s launch was a keenly-awaited event in the crypto world. It formally made its debut a year later with the Frontier release. Now, the first applications based on Ethereum’s network and blockchain are starting to appear - including Elephant, one of the largest projects to date.
Elephant is a diverse and ambitious set of services built on top of Ethereum. It aims to offer organisations a new way of working and doing business, leveraging some of the many different capabilities the blockchain offers. Like an elephant, the blockchain never forgets. It also never lies. These properties make it the ideal way to construct a trustless and transparent business - arguably something that has never existed before.
Like an elephant, the blockchain never forgets - and it's 100% reliable
For example, Elephant - available on Android and iPhone apps, as well as desktop clients for several operating systems - allows crowdfunding from users all over the world. Investors can put any amount of money towards a new project they want to support, without worrying that transactions costs and fees will eat into their money. It’s practically as efficient to invest a single cent as it is to pledge a thousand dollars. Elephant’s crypto business ecosystem runs on elCoin. Using elCoin, you’ll be able to create your own securities and exchange them on a peer-to-peer basis, taking advantage of the inherent economies that cryptocurrency brings. Or what about Smart Contracts, that execute without third party involvement - removing a whole element of trust and centralisation from the way decisions are taken?
Global, straightforward, transparent
Key to Elephant’s aims are making the suite of new technologies offered by Ethereum and cryptocurrency platforms more broadly accessible to everyday users - wherever they are in the world, and whatever their technical expertise. In order to go mainstream, cryptocurrency has to deal with that adoption barrier. Thus Elephant does not require users to understand or engage with the underlying network (Ethereum).
Two of the initial services offered are a multisig wallet for second-generation cryptocurrencies, and smart contracts that execute on given conditions. Many more are planned as the initiative expands.
Elephant starts to bring to life some of the many promises made by cryptocurrency technology and advocates over the last six years. It’s a reminder that the landscape is shifting. Bitcoin was and is trailblazing: a pioneering technology that will forever alter the way we conceptualise and deal with money. And bitcoin, secured by its vast proof-of-work infrastructure on computers around the world, excels at what it does - the transmission of value from one person to another, without the existence of any centralised intermediary.
But the technology underpinning bitcoin has so much more to offer. It is not merely money we can now decentralise and bring into the trustless, peer-to-peer realm. It’s every form of transaction that might be undertaken online. Second-generation crypto platforms like Ethereum, and the applications built on top of them, offer a way to create and use these new paradigms for ordinary people and businesses. Quite where this will one day lead is hard to imagine.
You can read more in Elephant’s white paper (Slideshare)
This article was sponsored by Bitfirm, crypto PR company
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