We are thrilled to announce that we have added support Polygon—Ethereum’s layer-2 scaling solution, Binance Smart Chain, and Fantom. Previously, XLS was only supported on Ethereum. For those of you that are not familiar with layer-2 scaling solutions we recommend you read the following blog – click here.
Now that the token is cross-chain, users will be able to trade ELIS’ native token XLS at significantly faster speeds, reduced gas prices, and a significantly lower carbon impact. For instance, Polygon’s lower transaction fees and speed will make it easier to add new pairs and increase efficiency for our enterprise Hardware-as-a-Service system. The business model of ELIS is based on the provision of services to clients. All hardware devices (drones incl. eRover, eLagoon, eRaptor) remain the property of ELIS Technologies Ltd. To use the hardware, the client must use the ELIS Platform and possess ELIS (XLS) token which is the main medium of payment within the platform.
Built on top of the Ethereum blockchain, Polygon is a Layer-2 aggregator used for scaling and developing multichain ecosystems of Ethereum-compatible blockchain’s infrastructure with superior interoperability, solving many of Ethereum’s downsides. Because of Layer-2 protocols that scale Ethereum, including zk- rollups and optimistic rollups, the network handles around 65,000 transactions per second, according to PolygonScan, whereas Ethereum is able to process on average 13 transactions per second, leaving a larger carbon footprint due to the Proof of Work validation of transactions on Ethereum which consumers on average 35–140 TWh of yearly electricity, on the other hand Polygon’s Proof of Stake validation consumes only 0.00079TWh of electricity yearly. Due to hefty gas fees on the Ethereum network — which presently range around $50 per smart contract execution — altcoin blockchains with low transaction costs have become increasingly attractive, such as Polygon where users observe fees under $1.
Fantom Network uses Proof of Stake on its Lachesis protocol allowing 4500 transactions per second, transaction costs are less than $1. Its cross-chain composability enables it to incorporate fUSD and other Fantom tokens, giving users more functionality and broadening the XLS user base. This also works the other way around, with Fantom DeFi bringing in other tokens.The overall annual energy use of the Fantom network is 8,200 kWh, which is less than the typical total annual electricity consumption of a single US home – roughly 10,700 kWh.
Binance Smart Chain
We have also decided to launch the XLS token on the BSC network, which is a fork of Ethereum’s blockchain. It has cheaper and faster transactions due to its Proof of Stake protocols, where users often pay less than $0.1 for 1 transactions. BSC has over 1.3 million active addresses, topping Ethereum’s 550 thousand, all of whom can now potentially join the XLS user base.
Since all of the 3 networks are Ethereum Virtual Machine (EVM) compatible, enabling businesses to transact with clients on other compatible blockchains. Information may be transferred and shared across networks without any downtime and without the need for hefty transaction fees. These functions are currently being utilized in the DeFi space and will soon be available to XLS users as well.
About ELIS Technologies Ltd:
ELIS is a hi-tech company based in Ireland (Dublin) providing solutions in the field of intelligent leak detection systems. Established in 2018 by a team of leak detection professionals, ELIS offers more than 25 years of experience and elevates the leak detection industry services into the new era of automation. Our intelligent in-house developed and manufactured systems autonomously navigate drones, gather spatial readings of artificial electric field and mark precise GPS coordinates of any field discrepancies – leaks. This innovative technology provides the fastest and most accurate leak detection service on the current market. ELIS thus helps to reduce the adverse impact of potentially toxic leaks on environment, enhances regulatory certainty and saves time and resources of its partners. On the top of everything, the use of our technology can have significant positive impact on the investor/public relations of our clients, especially in the realm of ESG.Zuzana Gregorová