Elix is a multipurpose platform designed to deliver crowdfunding, lending, and a payment ledger. This blockchain platform is able to achieve all those functions by letting users make payments, request and create loans, and crowdfund their projects. Because of its immutable, trustless nature, Elix stands out from the traditional systems for payments, crowdfunding, and lending.

Elix Guide

What Should You Know about Elix Lending?

The lending service from Elix will be a true peer-to-peer experience. The loans will include incentives that encourage borrowers to make full payment on their loans within the agreed-upon timeframe. It also has incentives to encourage lenders to provide loans. At the end of a successful loan, both the lender and borrower receive rewards, further encouraging the process.

Elix Lending

Because Elix lending will rely on the blockchain technology, there is no need for an escrow service, and it does not require a membership token, either. Loans will include such obvious parameters as duration and amount. However, they will also include such factors as interest and if there are rewards once completed. There will also be the option to include a message describing why the borrower wants the loan. Every loan transaction will display in users’ ledgers to help with tracking financial activity. There are also plans for a future global lending platform that lets users lend worldwide, incorporating collateral.

Payment Ledger

Elix also features a payment ledger that lets you manage, track, and request payments. The ledger is designed to be easy to use with an intuitive interface, both of which Elix feels are important features for driving adoption. At the moment, the Elix mobile beta is available. You also can submit your email address on the website to request early access, either for iOS or Android.

Elix Payments

Elix Crowdfunding

The other main feature of Elix is crowdfunding or pooled lending. Elix is working to create smart contracts that will facilitate decentralized crowdfunding. To enhance the process, Elix will work to determine whether the projects supported on the platform are legitimate. In this way, users can have clear information regarding the project itself as well as who is behind it.

Considering the millions of dollars raised for blockchain projects, Elix sees crowdfunding as a potential revenue stream. It would only need to take a small cut from the crowdfunding earnings of users to take advantage of this.

Crowdfunding

This feature is still being expanded, but you can become an “early creator.” This is done via Elix’s Boost. If your project gets featured, Elix will match the first 500 Elix that users pledge. To apply to become an early creator, you need to enter your name, email, project name, a detailed description of what you want to create, how much funding you will need to bring your idea to fruition, and what separates your project from the crowd.

Elixir Token

The Elixir token is a key part of the Elixir platform, complementing the platform’s use of Ethereum blockchain technology. The Elixir token makes it possible to leverage smart contract creation’s power. You can currently trade Elix on KuCoin, CoinExchange.io, and EtherDelta.

Elix Token Stats

The current supply of Elixir tokens is 31,771,327, with a minimum final supply of 55,770,634 and a maximum final supply of 111,085,700. At the time of writing, the current Elix price was 0.00003741 BTC. There is an average of 6.16 batches used and 15,799 batches remaining with the current batch size of 1,585.033. There is a total of 4,113 genesis pairs, 61.6 percent of batches.

How Does Mining Work with Elix?

Traditional cryptocurrencies require mining via vast computing power that requires expensive and powerful machines, which makes mining impossible for the average person. By contrast, mining Elixir tokens is accomplished with “Proof-of-Time”

Proof-of-time in Elixir is used when a genesis miner wishes to mine a batch from their genesis address pair. In order to mine, they send a fractional amount of Elixor  from their parent address to their child address. The number of tokens they received from the batch is correlated to the amount of time since the smart contracts were published to the Ethereum blockchain. This number grows linearly with time and begins at 1250 token (from the moment the contracts were published), until it reaches a size of 5000, which is attained after a length of 10 years. The method of mining requires no proof of work, and is dependent entirely on when a miner decides to mine his/her batches.

Elix Accomplishments

In Q3 2017, Elix published the Elixir smart contracts. This is when it announced the mobile lending platform and listed the token on multiple exchanges. It also announced the mobile platform for crowdfunding, payments, and lending.

In Q1 2018, the team created Elix Company, including registering Elix LLC with trademarks. This is when it revealed the team and worked on new recruitment. It is also when it revamped the whitepaper and made a new website.

Q1 also saw the Elix Mobile App Alpha Test, which was in-house testing of the functional prototype. It was published and linked to the Ethereum blockchain, complete with real-time scanning and information transmission through socks to the mobile devices. Q1 also saw the integration of crowdfunding, with the ability for users to propose specific ideas and funding requirements. Users were now able to select projects, then pledge tokens. This is also when there was support on the testnet smart contracts for hosts, creators, and Ethereum tokens.

Elix Roadmap

Now in Q2 2018, the Elix mobile app is in the beta test phase, which included a private closed beta plus the current open beta. The project is integrating improvements and feedback from the beta. Late in Q2, the mobile app will be publicly released in both the iOS App Store and Google Play Store. The team will continue to integrate feedback and explore additional features.

In Q3, Elix will release the web app to the public for the desktop interface. This will allow for easy connections between mobile and desktop applications. Q4 will focus on further research and development, including integrating Elix into additional application businesses and services and researching application modifications and extensions. Examples include reputation-based systems that can improve credibility between borrowers and lenders.

Conclusion

Once complete, Elix will be a decentralized platform based on the Ethereum blockchain that lets users make payments, crowdfund projects, and create or request loans using Ethereum smart contracts. Many of the elements of Elix’s platform are already in beta testing or ready for early adopters to take advantage of, indicating that this project is much closer to completion than many other crypto projects in the works.

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Posted by Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.


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