Revolutionary New Coin: Elastic Coin - Proof-of-Work Does Not Necessarily Need to Waste Energy

Berlin, Germany, February 19, 2016 (Newswire.com) - The era of Bitcoin mining farms has brought up countless so-called miners which use immense amounts of energy to search for a certain type of hash value; this process is called mining and has no other purpose than "securing the blockchain".

We at Elastic Coin know we can do better.

Elastic Coin allows its users to wrap arbitrary computational tasks into own, self programmed proof-of-work functions which are then solved by the miners. Current proof of work coins such as Bitcoin require immense amounts of energy to calculate SHA256 hash functions; this serves the purpose of securing the block chain and forming a consensus between all peers about how the current state of the blockchain looks like. Alternatives, for example proof of stake, are not promising either: with Proof of Work, the probability of mining a block depends on the work done by the miner, with proof of stake it depends on the amount a miner holds. Rich gets richer and the monopoly problem are only a question of when and not if. We believe we can do better: Elastic Coin sticks to the old fashioned proof of work and both secures the blockchain as well as bundles the computational power of all miners into one large, publicly available computation cluster.

More information such as a white paper and the currently on-going IPO coin sale can be found at our website at http://elastic.pro