Elastic – The Decentralized Supercomputer Whitepaper
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Elastic Coin provides the infrastructure for a decentralized and distributed computation of arbitrary tasks over the internet. In this context, Elastic Coin is built on-top of a crypto currency and provides a market-based mechanism to buy and sell computational resources. Buyers, those who need computational resources, model their problem using Elastic Coin’s software development kit and broadcast it, along with a certain amount of ELC coins, to the network. The so-called miners are then motivated to offer their computational resources in exchange for a portion of those ELC coins. The size of this portion depends on the amount of work a miner has contributed in relation to the rest of the network. Using ELC as the driving force, Elastic Coin offers potential buyers a large parallel computation cluster composed of many CPUs, GPUs, FPGAs and other devices supplied by the miners. All at a fair and market-driven price.