Precious metals and digital assets, how can the two be utilized through Element NFT? Element Blockchain is part of the ConnectUnited ecosystem. It uses nodes that obtain Element digital rewards (crypto) for purchasing and operation.
In this review, we’ll look into Element’s take on the issues regarding irresponsible mining, its features, and the pros and cons of the blockchain.
What Is Element Blockchain?
The Element Blockchain aims to digitize gold and other rare earth elements. Their solution means it won’t need to consume many natural resources to mine gold. You can make digital transactions such as buying, selling, or trading gold and other rare earth elements through Element NFTs instead.
This blockchain has the same source code that powers Gala games, as they are from the same founding group, Connect United. However, both are independent projects and do not have any collaboration or partnership.
Here is a presentation about what Element United are trying to achieve;
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Executive Team
Behind the project of Element Blockchain is an executive team where each is known for their skills, knowledge, and experience in the blockchain and mining industry.
Scott Lomu
Scott is the President of Element Blockchain. He is aligned with precious metal mining and real estate investing, which has taken him to Africa, South America, and the United States.
Additionally, he became a co-star of Discovery Channel’s “Jungle Gold” series, which exposed him to the exploitation of mining practices in underdeveloped countries. This led him to focus on leading a company that employs practices that won’t destroy the environment.
David Kasteler
David has founded several businesses and has business in technology, which led him to develop a hedge fund for high-speed algorithms and quantitative trading. This further led him to blockchain technology. He now represents over $750 billion worth of gold, silver, and copper.
Chris Williams
Chris is the International Marketing Director of Element Blockchain. He had a gaming health company and has been in digital marketing as an agency owner for more than 12 years. For more than 7 years, he had an international project development in Asia.
What’s Happening In The Mining Industry?
The problem rationale is that there is a heavy environmental impact of mining precious metals, in addition to the exploitation of the community where the mining site is physically located.
Developed countries are powerful in terms of having the resources and money to develop and operate their mining businesses. As a result, these countries reap the benefits of the underdeveloped countries’ natural resources. But these underdeveloped countries are the ones that face the environmental consequences.
Also, there is increasing inequality in the distribution of these rare earth elements, which compounds the vicious cycle even more. The Element blockchain sees that with irresponsible mining, the lands are exploited only for gold to be stored in a vault.
Digitizing Gold
Gold and other rare earth elements, such as silver and copper, have a value equivalent to currencies, which affects the economy. Element blockchain will delve into how it will build its value on top of the gold mining economy. The basics of how gold and other rare earth elements can become a digital asset are further explained.
Element Nodes
Nodes work like banks, as banks are known to be an authority in monitoring transactions’ legitimacy. A network of computers confirms the data value as a legitimate transaction.
How Element Nodes Work
These are the things to take note of on how the nodes work:
- The users who purchased nodes are called “node operators
- Nodes are turned on and can be operated on a computer or a virtual proxy server
- The purpose of the nodes is to track or confirm transactions and participate in the blockchain network.
- Since you’re participating using nodes, that’s where you can earn Element digital rewards in the form of cryptocurrency.
Element Smart Node
The Element Smart Node is the fastest in the Element blockchain as it validates, verifies, and stores transactions. It produces digital rewards at the highest level. However, one computer can only run a single Smart Node.
Element Lite Node
The Lite Node can only produce a minimal amount of digital rewards compared to Smart Nodes. It’s sometimes referred to as the “mini node”, as it cannot perform the same as Smart Nodes. Only 100 lite nodes at a time can be run on a computer.
NFT
Non-Fungible Tokens (NFT) are digital assets that use a public digital ledger. You get to own a kind of property that can’t be faked, stolen, or duplicated.
Times have changed, and technology has improved. NFT’s can now be applied to mining gold.
Nowadays, geological reports have an accurate view and data of the gold stored in the ground. It can track which location has the highest concentration of gold or other earth elements. These geological reports can be used on NFTs representing the gold or rare elements in the ground, which would not need any mining operations.
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Element NFT and Gamification
The Element NFT has changed how we see NFT by buying artwork images. This led us to look at another perspective on how its use with digital data can hold value as it represents the actual rare earth elements.
Now, the Element blockchain is trying to apply gamification to the Element NFT, which will eventually create gaming communities among users. It would be a browser game with a reward-earning mechanic. Additionally, a marketplace would be established where the earned rewards would have a value that can also be used in the game.
It will also have features where users can connect to their wallets and use NFTs. By playing the game, users can load NFT of that land property, buy equipment, and recruit workers to mine, using in-game money and its currency.
Rewards can be earned through accomplishing quests and other mini-games within the game. An iOs or Android game app version is also being looked upon as other projects besides the browser game.
E-Vault System
Another project within the Element Blockchain came from an interest of a jeweler. It’s trying to visualize and focus on utilizing NFT and providing digital receipts, repairs, warranties, and other transactions.
Disclaimer
Element digital crypto rewards have limited perks and can only be utilized within the platform.
- Its digital rewards won’t be available for purchase
- The digital reward will not serve as an investment product and does not have any value outside its platform
- Element nodes would only get the values out of the digital reward on the platform
Pros
Based on what the blockchain offers, here are the advantages of getting involved and what Element Blockchain can do for its users and the network it would produce.
Environmentally Conscious
The project has created a great take on its initiative and perspective of using NFT and blockchain platforms to use digital technology in an economic sense. It’s a blockchain with an excellent purpose for sustainable development.
Different Avenues To Work On
Element Blockchain laid its potential in digitizing rare earth elements, digital receipts for jewelry, and expanding the blockchain through browser gaming. These different avenues prove what it can do in different industries, such as gaming, mining, jewelry, and digital marketing.
The project has paved the way to use NFTs for more than buying and selling digital art. Hence, they have developed NFTs to be applied in the mining industry. Other industries can also shift through such alternative ways to lessen environmental disruption.
Fewer Resources To Consume
Mining operations need human resources, machinery, and natural resources. As compared to selling and trading Element NFTs, this requires fewer resources. It’s more sustainable to help the mining industry focus more on trading, buying, and selling their NFTs.
Cons
In contrast to its promising innovations, it has lapses considering its economic value and where it should meet users halfway.
It’s Still On The Early Adoption Phase
In any early adoption phase, features and ideas are promising. Since it’s new to the digital field, putting the mining industry to NFTs can entail a lot of questions and doubts. Starting with how to use those NFTs, the next steps, and more.
Also, other users (i.e. the mass market) besides early adopters are still unfamiliar with how NFT’s or the blockchain works.
Gamification: What’s In It For Non-Gamers?
The blockchain’s gamification may help the users to be more engaged. But for non-gamers, that’s not what they want to do with their NFTs. The team has assured that playing the game and using the marketplace feature won’t be necessary for non-gamers, as they can buy NFT’s and passively stake them.
Although having different mechanics for different users all in the same place in utilizing NFT would defeat the purpose of the other.
Users Can Only Own The Digital Asset
Users won’t be able to acquire physical or actual ownership of the gold or other rare earth elements within the mining site. The Element NFT isn’t for backing or supporting your ownership of the actual gold or the rare earth elements. Thus, it’s only involved in the digital representation of that mine.
Latest Update
Here is the latest news from Element team
https://www.youtube.com/watch?v=XrpOjdj8XxI
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Conclusion
The Element Blockchain could be something big. Their project could be a pioneer for the use of digitalization without the expense of the environment and communities. But there’s still a lot more to work on in terms of getting a grasp on how it would be more valuable from an economic perspective.
Element United needs to prove that it’s more effective to reduce environmental destruction and should be preferred over physical mining operations.
We hope you enjoyed our Element United review (https://elementunited.com)
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