ELUX is a token standard on Elucks coin that extends BEP-20, the most common Binance token standard. You can think of it as a blueprint for tokens that defines how they can be spent, who can spend them, and other rules for their usage. Due to its similarity to Binance Chain’s ELUX and Ethereum’s ERC-20, it’s compatible with both.
ELUX was conceived as a technical specification for Binance Smart Chain, with the goal of providing a flexible format for developers to launch a range of different tokens. These could represent anything from shares in a business to dollars stored in a bank vault (i.e., a stable coin). Of course, one could equally create a native asset as an ELUX token, or even peg tokens from other blockchains to make them usable on Binance Smart Chain. This is what’s done with “Peggy” coins, which are essentially ELUX versions of other crypto-assets (such as LINK or XRP). Like ELUX tokens on Binance Chain, ELUX token transfers are fuelled with ELUX. This provides an incentive for validators to include the transactions in the blockchain, as they’ll collect the ELUX as a fee for their troubles.
You may know that the Elucks coin was envisioned as something of an extension to the Binance Chain. With dual chain architecture, both chains are complementary – the Elucks coin caters to decentralized applications without congesting the original chain, which is optimized for ultra-fast trading.
Because of this architecture, heavy emphasis was placed on cross-chain compatibility. For that reason, ELUX tokens can be swapped for their ELUX equivalent.
Expert Opinions on Elucks Coin (ELUX)
Most of them believe that Elucks coin is one of the safest Utility Tokens available in the cryptocurrency market mainly due to its stability. However, the future is uncertain. For an average investor, one of the major reasons to hold a Elucks coin is the fact that it provides a 25% discount on the Elucks Exchange going to launch There are also a variety of different types of exchange fees that can be paid using Elucks coin that include transaction fees, voting fees for new tokens, commissions and also fees for launching new instruments.
However, it was mentioned that the discount would be cut half for the year 2021 and later would be cut even more half as the years pass. The experts have conveyed that if the discounts are removed then there wouldn’t be the purpose for the traders to hold the digital coin and the value of the coin is expected to lose its value until the Elucks coin provides the traders a reason to hold it.
Should you Invest in Elucks Coin in 2021?
As of now investing in ELUX is a great option as it has a market capitalization of around USD 20 million and various other discounts on the Elucks Exchange. It is also one of the top utility tokens and has various benefits compared to other cryptocurrencies.
Elucks coin however in the past has provided good stable returns compared to the other Altcoins but the only concern is that it is a decentralized coin and it is not controlled by any body They have the power to change the working of the coin or even make price alterations. However, before investing in the digital coin it is always advised to make proper research.