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Elongate (cryptocurrency)

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ELONGATE
Denominations
SymbolEG
Ticker symbolELONGATE[citation needed]
Precision9 Decimals
Development
White paperwww.elongate.cc/whitepaper
Initial releaseMarch 26, 2021
Development statusActive
Written inSolidity
Developer(s)ELONGATE Global ltd.
Websiteelongate.cc
Ledger
Block explorerbscscan.com/token/0x2A9718defF471f3Bb91FA0ECEAB14154F150a385
Circulating supply563,506,089,579,295 (as of 21 August 2021)
Supply limit1,000,000,000,000,000
Valuation
Market cap$30,461,000 (as of 21 August 2021)

Amazon.com Logo.png Search Elongate (cryptocurrency) on Amazon.

Elongate (sometimes stylized as ELONGATE) is a cryptocurrency developed to donate a large amount of its proceeds to charity.[1] It was formed on March 26, 2021 and legally incorporated as a charitable organization on July 23, 2021.[2][3][4] The cryptocurrency is humorously named after a comment made by investor and mogul Elon Musk.[5] The company works with the cryptocurrency community and blockchain technologies to bring about positive social change.[6]

History[edit]

Elongate was started after entrepreneur Elon Musk tweeted that if he were involved in a scandal, it should be called "ElonGate", a reference to the Watergate scandal.[7] The cryptocurrency was named after this viral tweet.[8][9]

The cryptocurrency was launched on March 26, 2021. According to Forbes, Elongate had donated over $1 million to non-profit organizations such as Children International, Action Against Hunger and The Ocean Cleanup within the first three weeks of its creation.[2]

The Elongate token began to be traded on the cryptocurrency exchange Bitmart at 4 AM EDT on May 10, 2021.[10]

Elongate livestreams weekly charity parties on the Twitch platform to raise money for non-profit causes. Elongate held a livestream with the National Kidney Foundation's CEO Kevin Longino to raise money for the foundation.[11] In May 2021, Elongate donated $150,000 to the EB Research Partnership.[12]

On May 24, 2021, Kimbal Musk and Elongate hosted a charity event on Twitch. During the livestream, they discussed Musk's non-profit Big Green and its project the Million Gardens Movement. Elongate had previously donated $400,000 to Big Green.[13]

As of June 2021, the organization had donated over $3 million to charity,[14] including the Human Relief Foundation, Color The Spectrum, and GiveIndia.[13]

Elongate was promoted on social media platforms like TikTok.[15] Because of this and its origin, Elongate has been described as a memecoin.[16][17][18][19]

Elongate was legally incorporated as a company on July 23, 2021, making it one of the first philanthropic cryptocurrencies to ever do so.[3][4]

Operations[edit]

Elongate is a BEP20 deflationary token issued on the Binance Smart Chain. It had an initial supply of 1 quadrillion tokens, however half of the original supply has been removed from circulation since issuance.[20] In addition to the token, Elongate is a charitable organization that aims to bridge cryptocurrency with philanthropy.[2] The company has pledged to give 80% of its income to charity.[21] Elongate charges a 10% fee on all transactions, half of which is given to token holders, while the remaining 5% is donated to charity.[22] The token had over 400,000 holders as of May 2021.[23]

Elongate was forked from the same open source code as Safemoon and other similar cryptocurrencies on the Binance Smart Chain, but one significant difference is that all funds extracted from the project are put back into the business costs and social impact initiatives, much like a traditional charity.

Security[edit]

In May, the token was audited by security auditing firm CertiK, receiving a score of 89/100.[24] The audit report identified no critical issues, but noted one 'major issue' that the project's owners have "centralization risk".[24]

In response to the one 'major issue' raised by CertiK, the Elongate team stated that "ELONGATE’s business model is fundamentally based on extracting from the unlocked portion of the liquidity pool (LP) to facilitate transparent charitable donations. The majority of the LP tokens are locked in DX Sale for 1-5 years, as an assurance to the community. As with any business with routine operational costs, access to some capital is required. ELONGATE is charity-first, so operations are lean and fully transparent. As an additional risk mitigation, the leadership team is fully de-anonymized. When LP tokens are extracted from the unlocked portion of the liquidity pool, the amount is sent to various business wallets to meet our operational needs."

See also[edit]

References[edit]

  1. "ElonGate Crypto Explainer for Beginners". BeInCrypto. 2021-08-12. Retrieved 2021-08-22.
  2. 2.0 2.1 2.2 "Dobroměna. Token Elongate věnuje jeden milion amerických dolarů charitě". Forbes (in čeština). 2021-04-24. Retrieved 2021-07-11.
  3. 3.0 3.1 Writer, Technology; Entrepreneur; Marketing, Mad over; Geek, Formidable; Thinker, Creative (2021-07-29). "ELONGATE Cryptocurrency Declares Incorporation, Fueling Social Impact". Analytics Insight. Retrieved 2021-08-21.
  4. 4.0 4.1 "The World's First Social Impact Cryptocurrency ELONGATE Announces Incorporation". finance.yahoo.com. Retrieved 2021-08-21.
  5. Viñas, Sandra (2021-04-22). "Elongate, la nueva criptomoneda creada a partir de una broma de Elon Musk que ya ha recaudado más de un millón de dólares". Business Insider España (in español). Retrieved 2021-07-11.
  6. Touzani, Sami (August 25, 2021). "Crypto with a CAUSE: These nine Charity tokens will save the world". Nasdaq. Retrieved September 3, 2021. Unknown parameter |url-status= ignored (help)
  7. World, Republic. "What is the Elongate crypto? How to buy Elongate cryptocurrency?". Republic World. Retrieved 2021-07-11.
  8. "$ASS Coin Billionaire: Tales From the Fringe of the Crypto Craze". www.bloomberg.com. May 20, 2021. Retrieved 2021-07-11. Unknown parameter |url-status= ignored (help)
  9. "Elongate: Market Rereads Bitcoin FUD Playbook & Waits For The Next Tweet". cryptonews.com. Retrieved 2021-07-11.
  10. "ELONGATE Enters BitMart - 12:53:21 10 May 2021 - News article | London Stock Exchange". www.londonstockexchange.com. Retrieved 2021-07-11. Unknown parameter |url-status= ignored (help)
  11. "NKF and Charity Cryptocurrency ELONGATE Host Livestream". National Kidney Foundation. 2021-05-26. Retrieved 2021-07-11.
  12. PhD, Aisha I. Abdullah. "Elongate Donates $150K to EB Research Partnership's #CryptoForCures". Epidermolysis Bullosa News. Retrieved 2021-07-11. Unknown parameter |url-status= ignored (help)
  13. 13.0 13.1 TESMANIAN. "Tesla & SpaceX CEO Elon Musk Inspired the Creation of Elongate Charity Crypto Token". TESMANIAN. Retrieved 2021-07-11.
  14. "2021 Bitcoin Conference reflects interest in virtual money". La Prensa Latina Media. 2021-06-05. Retrieved 2021-07-11.
  15. "TikTok Influencer Apologizes After Promoting Scam 'Mando' Cryptocurrency". Gizmodo. Retrieved 2021-07-11.
  16. "To the Moon: How One Cryptocurrency Made People Millions Overnight". www.vice.com. Retrieved 2021-07-11.
  17. Conway, Luke. "How Greed and a Lack of Education Caused Bitcoin To Crash". The Street Crypto: Bitcoin and cryptocurrency news, advice, analysis and more. Retrieved 2021-07-11.
  18. Rose, Derek (2021-04-22). "Asscoin vs Elongate: Sh*tcoins proliferate as crypto mania boils over". Stockhead. Retrieved 2021-07-11.
  19. Rearick, Brenden; Apr 23, InvestorPlace Assistant News Writer; 2021; April 23, 8:39 am EDT; 2021 (2021-04-23). "Want to Find the Next Dogecoin? These 7 Meme Cryptos Are Rocketing Higher". InvestorPlace. Retrieved 2021-07-11.
  20. Noida, Sarthak Dogra (April 19, 2021). "ElonGate, a joke by Elon Musk on Twitter, is now an official cryptocurrency". India Today. Retrieved 2021-07-11. Unknown parameter |url-status= ignored (help)
  21. "Elongate: Elon Musk's March Joke Is Now a Cryptocurrency". NDTV Gadgets 360. Retrieved 2021-07-11.
  22. "7 Awesome Meme Cryptocurrencies Besides Dogecoin". MUO. 2021-05-08. Retrieved 2021-07-11.
  23. "The rise of crypto charities: Elongate and Munch raise millions for various causes". Cointelegraph. Retrieved 2021-07-11.
  24. 24.0 24.1 "CertiK Security Leaderboard - ELONGATE". www.certik.org. Retrieved 2021-08-22.

External links[edit]

Category:2021 software Category:Cryptocurrencies Category:Computer-related introductions in 2021 Category:Currencies introduced in 2021 Category:Digital currencies


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