Today the team at ELONGATE was featured on Certik’s Security Showcase. During this showcase, Elongate discussed their charity partner vetting process, the tokenomics of Elongate, and their future plans.
When it comes to the vetting process, they use various tools such as Charity Navigator to determine an organization’s legitimacy and trustworthiness. At least 90% of donations must go directly to beneficiaries for a charity to be considered by Elongate. They aim to become a guide for charities to utilize the culture, power, and capital of the cryptocurrency space. This year, crypto saw a massive influx of capital and investors. Elongate is taking advantage of the money flowing into crypto, effectively merging earning and giving.
Elongate has set a precedence in what is expected of a charity-based cryptocurrency. Some of the utility goals highlighted include an Elongate exchange, a future Ecosystem that supports technology to merge earning and giving, a card used to transact with businesses, and a wallet where users can securely store and track their cryptocurrency.
Some real-world charitable goals include building food banks, hospitals, orphanages, and becoming a registered charity. In addition, they will create an ecosystem where charities and companies can get on-boarded and accept charity donations using crypto, facilitated through the blockchain and Elongate technology products.
To highlight some security stats about the token, they discussed how the largest Elongate holder has roughly 1% of the supply; this is a very low percentage compared to other projects where one wallet holds upwards of 30% of the circulating supply. Over 80% of the Elongate liquidity had been locked on both Unicrypt and DxSale. The Certik audit, once completed, showed proof that there are no back doors, exploits, or critical vulnerabilities within their system. Elongate utilized Certik’s Skynet, which monitors deployed smart contracts and checks them against a wide range of known vulnerabilities.
There is a healthy reserve of funds in stablecoins that Elongate put aside before the bear market to ensure the project can survive and continue to fund development and charity for the foreseeable future.
For more information about the Certik audit of Elongate visit https://www.certik.org/projects/elongate. You can read more about Elongate’s partnership with CertiK here, and you can read more about the CertiK audit here.
Alex G
admin
