Team Elix: Ropsten Demo Video and Token P

technology finance ethereum cryptocurrency blockchain

This week, we wanted to provide a video demonstrating the interactions of the app after its deployment to the official Ethereum testnet, Ropsten. In the video below, we show the process of triggering functionality from within the mobile app, and how it is then reflected onto the Ropsten blockchain. Every transaction is put in a pending status until it has been mined, which then confirms the transaction and ensure that it’s permanently saved onto the testnet Ethereum blockchain. All transactions are generated directly from each user’s device, and do not transmit any of the user’s private wallet information over any internet connection.

What’s especially exciting about all this is that in order to move from our Alpha stage and transition to Beta, the only thing required is to switch the node that the app is connected to from the Ropsten network to the Ethereum mainnet. This switch would involve simply re-syncing the node with the Ethereum mainnet, rather than having it remain connected to Ropsten. We will be running several nodes on our servers to ensure constant stability between the mobile app and blockchain, and for backup node connections in the event that a node were to be disconnected.

As we demonstrated in the video, our lending and crowdfunding smart contracts are on Ropsten right now. The lending contract can be found at this link, and the crowdfunding contract can be found here. If you were to explore the transactions in each contract, you may notice that some of the transactions have a “Failed” status. These transactions were in fact being tested for function reverts that were triggered if certain parameters weren’t met. As our previous tests have shown us, all conditions and tests were completed successfully, or resulted in an expected fail status.

Token P: Hyperbolic Mining Model

We’ve been working on a new hyperbolic mining function for Token P, our upcoming rewards token. Users will be able to use ELIX to mine Token P. We’ve engineered the production rate of Token P to match a hyperbolic decay graph. In this preliminary version, ELIX in mining (locked in smart contract) produces Token P at a 10% rate per year, but this drops to 9% by the time 1 million Token P have been mined, and 6.428% by the time 5 million have been mined. The function continues its hyperbolic decay until 27 million Token P have been mined — the remaining 3 million will be mined using a constant 2.5% mining interest rate. This decaying mining model prevents large changes in the circulating supply of ELIX in the long term, while ensuring a low inflation rate for Token P. The method also rewards early adopters. In this simulation, the total supply of Token P that can be mined is 30 million.

Here is a sample graph showing the mining interest model described here for Token P:

Here is a console simulation showing several automated tests of the mining model:

Simulation showing hyperbolic decay of Token P mining interest rate.

These numbers and rates are subject to change moving forward. We look forward to sharing more as we continue to design and test our new mining model.

Design

The design firm is still working on wireframes and greyscale versions of the new design. Once they are completed, they will add color and we’ll share more. We’ve been in contact with them and are providing feedback throughout this process.

Be sure to checkout our website as well as connect to our social media on Reddit, Twitter, Discord, and Telegram. We also have new Facebook and Instagram pages, and a newsletter you can sign up for at the bottom of our homepage. If you have any questions, let us know and we’d be glad to help clear things up!

Original article was created by: Team Elix at medium.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
August 13, 2018

App Launch, Development Work and New FAQ

This week, we launched the ELIX App on the Apple and Google Play Stores.Click on either of the images below to download the App on each store.After downloading the app, please be sure to leave the app a review! The ELIX app currently has 61 reviews on the Google Play Store, and 10 reviews on...

From: Team Elix

Frequently Asked Questions About ELIX

This week, in addition to an update, we’re releasing a list of frequently asked questions about ELIX. Here’s the complete list:What can I do with the ELIX app?Crowdfund or support a project using Elix or EtherSupport continuous products using Elix or EtherRequest, pay back, and cancel...

From: Team Elix
August 09, 2018

The ELIX App Is Available On The Apple And Google Play Stores

It’s official! The ELIX app is live on both the Apple And Google Play Stores! Click on either of the images below to download the App on each store.The App Store version is here and the Google Play version here. Be sure to write a review of the app!All of the projects on the app are real...

From: Team Elix
August 06, 2018

We’re Launching The Elix App In Three Days, Giving Away 10,000 ELIX & More

Our giveaway has received over 26,000 entries! If you haven’t already, be sure to sign up here. We’re giving away 10,000 ELIX in total to over 100 winners!App LaunchOur app is launching on August 9th! Sign up to get notified of the upcoming launch here. You can view the countdown timer...

From: Team Elix
July 31, 2018

Giveaway Update, Development Progress & Upcoming App Release

If you haven’t already, participate in the 10,000 ELIX giveaway here!BackgroundLast week, we started the 10,000 ELIX giveaway in anticipation of our upcoming app launch on August 9th. The results have been staggering — on Twitter, we received more than 1.6k retweets and over 14,000...

From: Team Elix
July 26, 2018

The ELIX Giveaway Has Started

Our giveaway is live! Click on the above image or the link below to participate.To build hype for the launch of the ELIX app, we are running a big giveaway starting today and continuing until the launch of the app.1 Winner Will Get 500 FREE Elix!100 Winners Will Get 100 FREE Elix!There Will...

From: Team Elix
Upcoming ICO's
This week overview
Token Name Starts
RoBust Defense Token (RBDT) logo RoBust Defense Token (RBDT) Today
Rubius (RUBY) logo Rubius (RUBY) 1 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6468.49412791 -0.16%
Ethereum logo ETH $293.313827029 -2.02%
Ripple logo XRP $0.3380953433 -1.22%
Bitcoin Cash logo BCH $549.233714833 -1.88%
EOS logo EOS $5.1190619127 -1.76%
Stellar logo XLM $0.2281080622 -0.39%
Litecoin logo LTC $55.8145420782 -2.29%
Tether logo USDT $1.0027838193 0.03%
Cardano logo ADA $0.0996025332 -1.22%
Monero logo XMR $98.0806894828 -0.12%
Tronix logo TRX $0.0219889661 -0.85%
IOTA logo IOT $0.5181363936 -1.44%