What is Elysium?
In recent years, quite a lot of new blockchains have appeared. Since it is a pretty complex task to do a blockchain, the core team of such projects usually consists of either mathematicians or programmers. Like any decent techie, they are trying solely to improve the technology from an engineering point of view.
Therefore, the creators of each subsequent project claim that their approach will allow transactions to finalize another 100 milliseconds faster.
In addition, it is easier to find investments for meSPAM BANble numbers, and as a result, many projects that appear are practically indistinguishable from each other. It reminds the megapixel race in the mobile phone industry.
Blockchain is not only a technology but also a social phenomenon. Therefore, we consider it wrong to focus only on the technical side. The Formula One car is incredibly fast, but you will not meet it on a regular road.
We do not focus only on speed, but primarily we want to build the most attractive system for ordinary users. The idea of Elysium formed during our discussions about what projects we would like to see and support in the crypto world ourselves.
So, how exactly do we see the user experience on the Elysium network?
Wallet security
Most people far from cryptocurrencies cannot intuitively accept that their wallet is an open door, and its protection relies only on an enormous number of them. In other words, a wallet is more like a door address than a door key.
Their intuitive fears are often justified. For example, not so long ago, many users on the Solana network lost their funds using a not-very-reliable wallet program, with which attackers stole their seed phrases.
In the Elysium network, if somebody stoles your wallet seed phrase, you will be asked to confirm a new device when an attacker tries to use it. We will implement wallet protection at the blockchain level, not the wallet program level.
Smart contracts reimagined
The approach to smart contracts has not changed since the advent of Ethereum, conceived as a Turing-complete computer.
Because of this, smart contracts are full-fledged programs. They allow developers to leave backdoors, which even a professional would be difficult to find.
Therefore, at the level of smart contracts, there is no trust that many blockchain evangelists declare.
The level of fraud in the blockchain space now is almost the same as in the medieval market. Every second seller promotes a vial of marsh slurry as a panacea for all diseases.
In Elysium, we will use the declarative DSL (Domain Specific Language) for any financial logic. It will allow Elysium to protect the most vulnerable parts of financial operations at the system level. You will be able to trust a financial instrument not due to third-party audits but because of the system guarantees.
Moreover, you will be able not only to understand the inner logic of any contract yourself but even create your own without even being a programmer.
Writing smart contracts nowadays is a difficult task, even for professional programmers. So entrepreneurs need to hire entire teams to implement their ideas on the blockchain. At the same time, there are no guarantees (except for a third-party audit) that one of the developers did not leave a backdoor deep in the code.
In Elysium, it will be possible for anyone to implement complex financial logic by themselves. Do you want to gather funds for a birthday gift for a friend? Easy. Is your intention to start an insurance company? You will need to focus on the logic but not the code.
At the same time, it will be possible to create quite complex applications, such as games.
True scalability
The vast majority of blockchains lack true scalability. If you have watched the launch of some popular projects, you probably noticed during these moments that commissions in the entire network increase, and all transactions begin to be processed much slower.
The architecture of our blockchain is truly scalable: the more the number of nodes, the higher the transaction throughput. It also means that various financial instruments will be processed independently. So, a flash mob in some popular meme token will not affect the convenience and speed of your daily work.
Clever tokenomics
There are at least three functions of money in any economics textbook: a measure of value, a means of payment, and a store of value.
But there is a paradox here. To begin with, we should note that deflation is one of the biggest problems in the economy. Why would anyone buy a car today if it will be cheaper in a year? For example, Japan has suffered deflation for almost three decades now, and, as a result, its economy is stagnating.
Therefore, one of the main drivers of economic growth is constant inflation or, in other words, the depreciation of the value of money. During inflation, people attempt to spend money as quickly as possible. And this speeds up the processes in the economy.
If money should constantly become cheaper to force economic growth, how can it be a store of value?
The paradox of money functions also appears in the cryptocurrency space. For example, when the price of Bitcoin or Ethereum increases, the commissions also go up. So, the better the cryptocurrency performs as a store of value, the worse it is as a means of payment.
There will be two system tokens in the Elysium network. The first will serve as an accumulator that will make it one of the best investment instruments on the market. The second will be pegged to a basket of leading fiat currencies, allowing it to serve as a means of payment and measure of value.
Rewards for supporting
In modern blockchains, you have to invest a lot of money to become a node in the network and receive rewards for maintaining it.
In the case of Bitcoin, this is primarily due to popularity. But almost all newly emerging cryptocurrencies now use the Proof of Stake consensus, which involves considerable investment for node owners by definition.
We developed our consensus for Elysium, which does not involve monetary investment from network node owners. It will be possible for everyone to launch a node for free (although it will not be easy). And, of course, be rewarded for supporting the system.
How do I join the bounty and get a role?
Join Discord — https://discord.gg/rkFe3MsCGd
Join Bounty — https://elysium.crew3.xyz/invite/T2ezp4BPFNolNv50brvK6
Perform daily tasks on the platform!
Join our trolley so you don’t miss any updates — https://t.me/testnet_guide
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], but hop on the ship and have a good time, and we’ll be happy to have you!
