Is Elongate Coin Real or Scam?

Overview

The Elongate coin is the backbone of the Elongate ecosystem, built to empower social change by inspiring both creators and users to engage with the platform and earn at the same time. 

What if social media could be used with an actual purpose, which would make it way less or practically non-toxic, and eliminate endless and meaningless scrolling? Even better, what if you could get paid to use social media – to post, like, comment on, and share purposeful content? 

Elongate is a platform that brings together everything Instagram, TikTok, and YouTube’s users love and adds an interesting element to the entire story – positive social impact. Plus, it makes it possible for both creators and followers to get their share of earnings. 

So, does the idea of earning good by doing good entice you? If it does, then let’s talk some more about what is Elongate crypto, who owns Elongate crypto, is Elongate coin real or scam, and, if it is legit, how to get it. 

Is Elongate Crypto Legit?

Elongate is among a few newly-created crypto projects that got pretty well accepted among worldwide users, mostly because it is featuring an extraordinary selling point. This is a platform that focuses on three pillars – empowering people to get more involved in making this world a better place, igniting social transformation, and making it possible to both give and receive whilst remaining fully transparent. 

Being a project with a massive mission, Elongate even got supported by Elon Musk, the man after whom the project was named. 

Elon Musk once published a Tweet just for fun, and this exact Tweet was an inspiration for the name of the project – Elongate.

Image Source: Twitter 

And, maybe we would still question whether it is legit or not if it wasn’t for 400,000 investors that joined Elongate and supported its vision and plan for the future. 

So far, they raised over $3,500,000 and partnered with several charities and NGOs. Malala Fund, Human Relief Foundation, The Giving Back, Action Against Hunger, and The Ocean Cleanup are some of Elongate’s key collaborators.

Also, CertiK, the leading blockchain cybersecurity company, audited Elongate and assigned them a 95/100 security score. 

If you take a look at Elongate’s website, you’ll be able to see two separate sections – roadmap and whitepaper, both of which are there to clarify the team’s next steps and the entire ecosystem that is being built around this project. 

Here, the team mentions the $EG token for the first time, the heart of the ecosystem, along with Spark, Stretch, and NFTs. A portion of $EG will be distributed as a reward to token holders and another portion will go to social impact activities. 

Users will be rewarded with Spark for liking, sharing, and commenting on posts, for their contribution to accelerating social impact. On the other hand, content creators will also be rewarded for posting content and collaborating with other creators worldwide. Everyone will be able to track their earnings in their digital wallets. 

A social impact management platform is in the works, too. It will be open to recipients of Elongate funding and charities and it will also document and display social impact in a transparent way. Once a charity receives a donation, the platform will be automatically updated, which will make tracking funds a breeze. 

The Elongate team had planned to launch a crypto exchange, NFTs and digital collectibles, release mobile games, and a streaming service that should make it convenient for content creators to match and create impactful, viral content that inspires change. 

The NFT collection, Gator Gang, was launched in March 2022. Whitelisted members could mint 5 Gators at a price of 0.07 BNB each. More than 1,000 Gators were minted in the first hour of pre-sale. The public sale was set for March 30th, Gators could be bought for $75 (paid in BNB) and one could buy an unlimited number of these digital collectibles. So far, 4,372 out of 8,888 Gators have been minted. 

Gator Gang is an NFT collection that offers exclusive perks and early access to the Elongate ecosystem. 

Owning a Gator provides exclusive benefits to holders, such as – exclusive whitelist spots, access to Gator Gang VIP Club, early access to upcoming tech products, and will multiply in-app Spark earnings. It is stated that 80% of the NFT profits would be paid to charities. The same goes for merch sales. The team has plans on launching another NFT collection, the Elongate Prestige collection, which will consist of 5,000 digital collectibles only. 

Even better, the story doesn’t end here. Since Elongate is all about the social aspect, their community vote platform will allow community members to vote on funding opportunities and key activities by simply connecting their wallets. Users can also suggest activities, engage with the team, and get the latest updates on the community forum. 

Finally, Elongate is planned to be bridged to other blockchains while eCommerce integrations and charity are on the table as well.

Elongate Team 

If you were wondering who made Elongate crypto, this is the moment of truth.

Elongate’s team is fully doxxed and consists of 3 key persons – Hasan Aziz, Alex Gambon, and Brian Lobeda while there are 19 people overall on the team. Hasan is the chief operations officer who graduated from Kingston University, has a degree in software engineering, and 15 years of experience in enterprise software testing under his belt. 

Alex is Elongate’s chief brand officer who graduated from Kennesaw State University and holds a bachelor’s and master’s degree in information systems. He also has almost 10 years of experience as a creative director and brand strategist, which makes him a perfect match for this position. 

Last but not least, Brian is head of art and design. He graduated from Birmingham City University and holds a bachelor’s degree in arts, animation, and games design. Betsson Group, NetPlay TV, and Product Madness were some of his clients whilst Brian also established Design for Greatness, his own creative and design agency that has been operating for two and a half years now. 

Elongate Tokenomics 

Elongate is a BEP-20 token developed on the BSC (Binance Smart Chain) network while bridges to other networks (ERC-20) are in the pipeline, which will expand the platform’s reach and impact in the crypto space. 

$EG has a total supply of 1 quadrillion tokens that can be bought on CEX and DEX exchanges such as PancakeSwap or BitMart, although it is expected to be listed on other major exchanges in a little while. Currently, it is traded at $0.0000000114 and has a market cap of $5,640,746. 

And if you don’t know how to track Elongate crypto, you can either use CoinMarketCap (yup, they listed Elongate, which, again, proves that the coin is legit) or the project’s official website. 

The Elongate coin has been consolidating for a couple of months now after a significant price increase upon the project’s launch.

A fixed fee of 10% is applied to all $EG transactions if you are using DEX exchanges, although some CEX charge the same fee as well. Half of the fees go to the community of a particular exchange, according to the number of tokens they are holding. 

A certain percentage of $EG tokens goes into the liquidity pool, and 60% of newly accumulated tokens are distributed to charities (50% BNB, 50% $EG). On every 10th of the month, token holders are rewarded. A part of the tokens is automatically burned (sent to an unrecoverable wallet) with each transaction. Until now, almost 505 T $EG tokens is burned. 

10% of extracted BNB goes to business operations, 30% will be used for communications and marketing, 30% for social impact, and 30% for engineering and product development.

67% of extracted $EG token will be used for supplying liquidity pool and for bridges, 27% will act as a stability reserve, and 6% will be distributed via giveaways. 

$EG can be staked, too! Until this day, $575,020 tokens have been staked. The annual percentage yield Elongate offers is quite generous – 17,33%, although this can be subject to change. 

How To Buy Elongate Crypto?

Here’s how to get Elongate crypto: #1 via Elongate Swap or #2 via PancakeSwap by using either TrustWallet or MetaMask wallet. 

Provided you already have a MetaMask account and some BNB in your wallet (if you don’t, you can easily purchase some on Binance and then transfer it to MetaMask), log into your account, click on the network selector, and then choose “custom RPC”. 

When the form opens up, fill it with the following parameters: network name: BNB Smart Chain, paste this link https://bsc-dataseed.binance.org/ into the new RPC URL, this one into the BNB Block Explorer https://bscscan.com, choose symbol – BNB, and type in ChainID – 56. 

Next, you’ll have to import the Elongate token manually. Select “Import tokens”, then add a custom token – name: Elongate, contract address: x2A9718defF471f3Bb91FA0ECEAB14154F150a385, decimals of precision: 9. 

Now, follow this link https://elongate.cc/swap, connect your MetaMask wallet, go to settings and adjust the slippage to 12%. Finally, choose how many BNB tokens you want to swap for Elongate and click confirm.

To buy Elongate via PancakeSwap, add custom RPC and then fill out the form (we already provided the parameters), enable Elongate by importing tokens, follow this link https://panscakeswap.finance/swap, and connect the website to MetaMask.

Open the CAKE dropdown menu, paste this address: 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385 into the search bar, import Elongate’s contract address, adjust slippage to 12%, and confirm swap. 

Social Impact 

Since Elongate was founded, which was slightly over 2 years ago, they have been trying hard to make an impact. And, not only did they try, but they actually did. Five days after the project was launched, Elongate donated $75,000 to Children Operational. Two months since the beginning of their operation, $250,000 was donated to Action Against Hunger and another $250,000 to The Ocean Cleanup. 

Elongate partnered with Caritas, the international charity organization, to provide aid (shelter, food, water, toys, diapers, toilet paper, etc) to people affected by the war in Ukraine and refugees that were seeking help when crossing the Moldova borders. 

The organization also provides primary school sponsorship in Mexico, sponsors female football competitions, and feeds and clothes stray animals. 

Summary

Elongate is a crypto project with a fundamental value. Built to make a difference, it promotes philanthropic activities and rewards the ones interested in social impact campaigns. So far, Elongate donated a generous sum of money thanks to numerous investors and organizations supporting its mission. 

So there is basically no point in asking – is Elongate coin real or scam? It is 100% real and 100% safe as well since it is approved by CertiK. All in all, the core team seems legit and solid and, if they prove to be builders, the project is highly likely to have a bright future.