Actually Novacoin has 0.00% in common with Elastic Project.

We are not changing Novocain's source at all and I thought this should have become clear in the last status updates. In fact we do something entirely different.
What we have right now is a mini-blockchain based blockchain that is prunable (by design), that scales very well, and that works using a proof-of-stake scheme (this has not been created by anyone before) to ensure the blockchain security (see the faster algorithm attack for why we do it). Taking this as the basis we are implementing the verifiable computation part which is required for the decentralized computer resource market where people can earn coins for contributing calculation power.

A few pages back there was a detailed status report.