A blockchain is a digital ledger of transactions, distributed across a network of computers. Each block contains a list of transactions, and these blocks are linked together in chronological order to form a chain. What makes it unique is its decentralized and transparent nature: every participant on the network can see the entire chain and verify its validity, and once information is added, it's nearly impossible to alter without the consensus of the network. This makes blockchain a trusted and verifiable system without the need for central oversight.
Blockchain technologies are often described as a stack of layers, with each succeeding layer building on the previous one's speed, security, and reliability. The Element United ecosystem is built on top of the following layers:
Layer 1: Ethereum Blockchain
The Element United ecosystem is built on Ethereum, a public blockchain that enables the creation of smart contracts and the ERC-20 ELMT Token.
Layer 2: Element Blockchain
The Element United Blockchain operates on a fork of the Ethereum blockchain and uses the Proof-of-Authority consensus mechanism. This layer is governed by the DGF based on a charter voted on by Node Owners.
Layer 3: Element Ledger
The Element United Ledger consults with the licensed software nodes that secure and validate transactions on the Element Blockchain. Actions of the nodes lead to points, which then lead to the Element Blockchain distribution of digital rewards. The accounting on the ledger is verified by the nodes and added to the blockchain.
Layer 4: Element Dashboard
The Element dashboard is what allows you to interact with all of the layers listed above and includes a non-custodial wallet for managing digital blockchain assets, useful information about nodes and rewards, and tools for accountability and transparency.