XEL Price (XEL)

XEL (XEL) is a decentralized computing platform that performs computations on demand. The XEL project began in April 2016. The platform aims to run a wide range of tasks that require computational resources in a distributed P2P (peer to peer) manner. Being an open-source project, XEL wants to revolutionize how computing power is traded in today's global market. To achieve this, XEL is working on a decentralized, trustless supercomputer using cryptography and blockchain technology.

As per the whitepaper, computer owners voluntarily donate their spare computing power to one or more research projects in traditional volunteer computing. In contrast, XEL offers an additional incentive to users by rewarding them with automated cryptocurrency payments in exchange for completed work. This solves the problem of traditional volunteer-computing networks that draw from scientific communities, who are typically selective about the projects they volunteer for. 

XEL further plans to develop an open-source blockchain-based middleware solution for distributed computation of parallel computational tasks. There is a focus on the platform's long-term sustainability. This includes developing a platform independent of individuals, maintaining central infrastructure, and any ongoing funding. Blockchain technology, according to XEL, has the potential to achieve the goal. Because blockchain is a decentralized system, it provides a layer of robustness. Blockchain also allows XEL to rethink how they can create systems from the ground up. 

XEL is the native cryptocurrency that formulates the backbone of the XEL platform. XEL provides a market-based mechanism to trade computational resources. There are two ways to earn units of XEL cryptocurrency. First, users are rewarded for ongoing work on a problem. Second, users are rewarded for finding a solution to the problem. 

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