Features and Advantages of New Elongate Crypto
FXMAG Team 28.05.2021 12:48
Blockchain technology is changing the world, even though many people still see it just as a speculative novelty, and that making the decision to buy bitcoin is still safer and more profitable in the long term.
Indeed, it is impossible to deny the impact of cryptocurrencies in the social environment and philanthropy, especially when looking at several projects that receive donations of digital coins.
Elongate is one of the new projects that want to use blockchain technology to impact the lives of millions of people worldwide, providing a gateway between cryptocurrency donations and charities in need.
In this article, you will discover the features and advantages of the Elongate project and its native token.
Is There Any Affiliation Between Elongate and Elon Musk?
Billionaire and tech industry entrepreneur Elon Musk is responsible for several recent events that led the crypto market to ups and downs, which includes Tesla's acquisition of US$1.5 billion worth of Bitcoin in early 2021.
Plus, the eccentric billionaire caused a major impact on the market sentiment around Dogecoin, which led the meme coin to a major price appreciation and a record-breaking market cap, taking the cryptocurrency price to new heights.
However, even though Musk is indeed an enthusiast of cryptocurrencies, as demonstrated in his social media recently, there is no affiliation between him and the Elongate project.
Elongate Crypto - What Is It?
Elongate is a crypto-based project that began as a parody of Elon Musk's tweet referencing the Watergate Scandal published on March 25, 2021.
Once the idea became public, the project managed to reunite an active community with over 100k holders with the same purpose in mind.
Hence, their main purpose behind the idea is to wield the power and capital of memes and internet culture to change the way people do charity. So far, the project has raised over US$1,000,000 for charity causes.
Thus, the project pledges to give back 80% of all income generated to charity, putting a lot of effort into becoming the ultimate combo between philanthropic initiatives and cryptocurrencies.
The project's native token, $ElonGate, is a high-yield deflationary cryptocurrency on the Binance Smart Chain. $ElonGate holders will be rewarded with transaction fees (10%), while a good sum of the collected fees will be also donated to charity.
Explaining the ElonGate Token
The Elongate coin ($ElonGate) is a BEP20 token issued on the Binance Smart Chain. The token has a total fixed supply of 1 Quadrillion tokens, so it will not be a problem for investors to acquire it.
Initially, a pre-sale campaign was hosted by DxSale, a well-known cross-chain token management platform.
Subsequently, the initial $ElonGate liquidity pool has been locked under DxSale's unique DeFiLaunch Certified Liquidity Locker to ensure the community's assets security.
Out of Ethereum - Explaining the Binance Smart Chain
Different from many projects launched in recent times, the project opted to structure its idea using the Binance Smart Chain instead of the Ethereum Network.
For those unaware, the Binance Smart Chain (BSN) is a blockchain network that works in parallel to the Binance Chain. Hence, the Binance Smart Chain has exclusive features, such as offering EVM compatibility and smart contract functionality.
Most importantly, the Binance Smart Chain offers interoperability, which means users can invest/trade in the network using their Ethereum-based wallets.
Also, a great advantage of the Binance Smart Chain is that, in terms of transaction fees, the experience is much more affordable when compared to the Ethereum Network.
Elongate Crypto - The Latest News
Throughout several weekly live broadcasts, called charity parties with its close-knit community of investors, Elongate has donated funds to various charity organizations, including Children International, Action Against Hunger, and The Ocean Cleanup.
On April 4, the Children International accepted the first donation of US $ 75,000, an amount that increased to US$325,000 at Elongate's latest fundraiser on April 18.
Meanwhile, the entities Action Against Hunger and The Ocean Cleanup received a total of US$ 250,000 from the Elongate community.
An additional commitment has been reserved for Big Green, which will join Elongate in a live broadcast event on the same day of this year's Earth Day celebrations.
Big Green is a non-profit organization founded by Kimbal Musk and Hugo Matheson, with the purpose of creating healthy environments where children can learn and grow.
Elongate is a revolutionary project that aims to be the gateway between charity/philanthropy and cryptocurrencies. So far, the project managed to attract thousands of followers.
Even though Elongate is still in the initial stage, the community members organized to maintain, manage and expand the project. At the moment, it is worth noting that the project has no affiliations with Elon Musk.
Elongate's marketing director Gene Rhode stated that charity is the core of the project's ecosystem, but their goal is to expand their value offer. Beyond philanthropy, they want to implement a platform focused on NFTs and other crypto-based innovations.