Element’s blockchain is an innovative hybrid of proof-of-validation blockchain, hyper fast database, and oracle-powered proof-of-action node network. Blockchain’s technologies are often described as a stack of layers, with each succeeding layer building on the previous one’s speed, security and reliability.
- Layer 1: Element’s first layer is the Ethereum blockchain, the decentralized, open source blockchain with smart contract powers. It’s where Element’s ERC-20 token ELMT will live. Ethereum just switched from a proof-of-stake to a proof-of-validation consensus mechanism, which describes how nodes on a blockchain verify transactions.
- Layer 2: Layer 2 is a hard fork of Ethereum, which means developers at Element have split the blockchain into a new version which follows new rules. One of these new rules on layer 2 is the consensus mechanism, which uses proof-of-authority. This means a handful of validator nodes approve transactions, which means it consumes less time and energy than other methods. It also processes transactions at a much higher rate. On this layer, we distribute Element tokens to our community.
- Layer 3: Layer 3 is the true power of Element. On this layer, an immutable ledger of distributed nodes validates actions Element’s community does in the real world: contributing to environmental reclamation projects, supporting exploited communities, and stopping harmful mining practices. These action points can be converted to ELMT
On top of these blockchain layers, we are building the Element ecosystem. These include our NFT collections, the Element Game, E-vault for inventorying jewelry and the Element Certification Process, a blockchain-powered certification process for gold, silver, and rare earth elements.
ELEMENT REWARDS STANDARD DISCLAIMER:
Element United does not sell tokens or digital rewards. The Element Blockchain, which is governed by Element Node owners, self-governs the distribution of Element Digital Rewards. Element Digital Rewards are earned in exchange for work and action on the Element network. Element Digital Rewards are designed to have utility throughout the Element Ecosystem for the purchase of Element United’s products and services. The Element Digital Reward is not an investment product and may never have any value outside of the Element Ecosystem. Element Node owners should not expect to recognize any value from the Element Digital Reward other than its utility within the Element Ecosystem. Element United does not anticipate correlation between the Element Digital Reward value and Element United’s business activities. The Element Blockchain is not backed by gold.