Although 'XEL' was the ticker assigned at the deployment of the XEL Token's smart contract, it is also in use by another asset with a larger market presence and higher trading volume on major exchanges. To avoid confusion in the marketplace, the alternative ticker 'XELCOIN' has been adopted for this token. This designation ensures that assets are distinctly identified.

Elastic is an open-source project that provides the infastructure for a decentralized supercomputer. r, designed to carry out arbitrary tasks over the internet. 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.

Elastic offers potential buyers a large parallel computation cluster composed of many CPUs and GPUs supplied by the miners. The network is powered by its own PoW cryptocurrency (XEL) and provides a market-based mechanism to buy and sell computational resources.