The Elements - also popularly abbreviated as ELM - is the newest entrant in the cryptocurrency race, whose ringleader ( the BTC ) is currently causing a tirade of waves across a spectrum of global markets. Just like Bitcoin, Elements [ https://theelements.io/ ] is founded on the same ground-breaking and earth-shattering blockchain technology, with all the bells and whistles including the superior X11 Algorithms. It is the brainchild of one of the developers of the already famous Dash coin, Evan Duffield. As far as the markets look, there's no denying that Elements (ELM) is set to take off the digital wealth scene thanks to its seamless integration and implementation of Blockchain technology.

Speaking of Blockchain, it is a decentralized, encrypted and distributed form of a digital ledger that is generally used to record and track the movement of then cryptocurrency across a section of different computers. This way, the record cannot be altered externally or retroactively without the subsequent alteration of all the blocks that form the entire network. Now, if this blockchain outline above is the backbone of Element ( and other digital currencies ), then the algorithm type is the brain of the process. In other words, it is one of the most vital parts of such a comprehensive process.

Now, ELM's choice to settle for Algorithm X11 as the hashing algorithm implies that it a miner has to complete at least 11 scientific algorithms as proof of work for them to be rewarded with a coin. This is the same exact approach used in the distribution of Bitcoin. You can see the details here, and head here for the discussion.

Added Advantage

Element's use and implementation of the famed X11 algorithm means that you need a 30% less powerful and efficient GPU for you to mine these coins, as compared to other newer digital currencies such as Scrypt. And if you have already invested in a high-end CPU for such a task, you find that it is easier to accrue an average return to the work pumped in by the GPU, something that is a bit elusive with other cryptocurrencies. For those looking to try it out, here's the mining pool address: 52.53.50.42:8080

Should I Invest in Elements?

Elements is built on the same primary proof-of-work-reward mining system that is implemented by almost every other digital coin out there. The rewards are based on the total number of blocks in the crypto chain that a miner is able to amass. What is makes this deal even more enticing is the prospect of the developers offering a bounty of 50 ELM transaction fees throughput for evet block mined. Otherwise, the miner can choose to settle for a mixed bag.

Remember, Crypto is the New World Order

As you may already know, conventional financial institutions and banks were initially introduced as trust and accountability avenue whenever two parties or more wanted to oversee a given transaction. If anything, apart from issuing out loans and mortgages, maintaining and developing financial trust remains one of the top functions of a bank. Now, the prospect of digital currency attempts to replicate such a system, but instead of it being centralized and controlled by the government of the day, the 'heart' of the matrix remains decentralized. It is that disruptive. Now, do you still want to sit on the sidelines or join the party? Your call.

Published by Andre Smith