Elastic is an open-source project that aims to build the first decentralized supercomputer. Elastic has been developed over the last year or so and provides the infrastructure for a decentralized and distributed super computer, designed to carry out arbitrary tasks over the internet. In this context, Elastic is powered by a crypto currency ( XEL ) and provides a market-based mechanism to buy and sell computational resources. Those who need computational resources, model their problem using Elastic’s programming language (Elastic PL) and broadcast it on the network, along with a certain amount of XEL coins. The Elastic miners are then motivated to offer their computational resources in exchange for a portion of those XEL coins. The size of their reward depends on the amount of work a miner has contributed in relation to the rest of the miners that have also participated in the task. Using XEL as the driving force, Elastic offers potential buyers a large parallel computation cluster composed of many CPUs and GPUs supplied by the miners.
Fundamentally, this project is in a good place, as its main competition (golem) has a market cap over 5x as high as it does. Being an open source project with arguably better technology and 1/5 the value of its "competition", Elastic has some serious upside.
The demand for computational resources will only rise with time and Elastic has a brilliant and decentralized solution for addressing this demand.
Technically, we can see some serious accumulation in this range, as elastic continues to bounce from the orderblock indicated by the green box on this chart. We are extremely close to breaking out of this formation, which should propel elastic to the 20-24k satoshi range.