Re: ANN: ELIXIR (ELIX) Mobile Lending App Announced (ELIX On CoinExchange)
Hi Guys,
New here (been lurking for a few weeks) but decided to make an account so I can start being active and also able to ask questions. I searched on Google and on the forums but since I have been dabbling in crypto for just a few weeks as well I decided asking here since I can't find understand it on their official website. A video would help...
How can you "mine" elix? I understand you need 2 ETH adresses and thats about it...
For me it is quite technical, but I found that the concept is very interesting. Although I don't understand it fully...
Perhaps someone who can guide me to a good guide? Or explain it in laymen terms? Perhaps to much to ask but I have to anyway
Much appreciated!
New here (been lurking for a few weeks) but decided to make an account so I can start being active and also able to ask questions. I searched on Google and on the forums but since I have been dabbling in crypto for just a few weeks as well I decided asking here since I can't find understand it on their official website. A video would help...
How can you "mine" elix? I understand you need 2 ETH adresses and thats about it...
For me it is quite technical, but I found that the concept is very interesting. Although I don't understand it fully...
Perhaps someone who can guide me to a good guide? Or explain it in laymen terms? Perhaps to much to ask but I have to anyway
Much appreciated!
This is what I posted on the elixir subreddit:
Early on in the development of ELIX the devs gave out what are called "genesis addresses" to people, mainly members of the community. People placed bids for these and paid for them at varying prices. Only the owners of these genesis addresses can create ELIX.
A genesis address is a pair of ordinary ethereum/ERC20 wallets, given the label of "child" and "Parent". For each pair, the child is given 1 EXOR token. To generate ELIX, the owner of the genesis address simply moves that EXOR from child to parent, and ELIX will appear in the child address. This can be done no more than 10 times for each genesis address pair. Over time the reward for generating ELIX increases each time a batch is created - at the moment it is approximately 1350, and after 10 years it will be 5000.
It is possible to purchase a genesis address theoretically, however it would involve a lot of trust since the seller would always have the private key and so would also be able to use the genesis address.
Information about current batch size and more can be found here: http://elixirtoken.io/stats.html
so if I own a genesis address, everytime I send 1 EXOR to parent, I have 1350 elix ? I am sceptic it's not , but if so, then all that long squeeze is logic
Slightly inaccurate.
Every time you send a non-zero amount of EXOR (it need not and shouldn't be 1 whole EXOR) to your parent address it generates, currently, 1360 EXOR in your child address. You then send that 1360 EXOR to the address in the OP and 1360 ELIX is sent back.
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why do genesis addresses exist ?
Because the dev wanted them to? And they're responsible for the creating the current ELIX supply.
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was genesis address price reflective of the ratio/price of ELIX ?
There was no price (not until the bid anyway). It was gotten for free.
thank you very much seriously !
in theory if I understand a tad, if someone owns 1 EXOR today (and genesis owner), could we say it's worth 1350 elix ? the same elix trading on market ?
I doubt I understood, but if 1 EXOR = 1350 elix, how come in the beginning of this thread traders were advised to send 1 EXOR to an address in their wallet, and get 1 elix automatically ?
If I could multiply my Exor's by 1350 , why doesn't a genesis owner offer his services for a bunch of EXOR owners and convert a huge batch ONCE with his address pair, and he'll be left with nine other chances , and be rich