Frequently asked questions

Here are answers to the most commonly asked questions.

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What Does Elad nETWORK Do?

We facilitate peer 2 peer real estate transactions on the Ethereum Blockchain. The Blockchain protocol can act as a currency, voting mechanism, global identification and more. By using this system ELAD Network offers many variations regarding real estate transactions, references and communication. The currency application is just the beginning of this evolution on the world's real estate industry.


Why Trust Bitcoin?

Bitcoin is an open source peer-to-peer system developed by Satoshi Nakamoto. The system has no central server or trusted parties. Bitcoin relies on cryptographic principles to create unique, unreproducible, and divisible tokens. Users hold the cryptographic keys to their own tokens and transact directly with each other, with the help of the network to check for double-spending, creating transparency and security. Bitcoin network is secured by its hash power from miners globally, giving the network powerful distributed processing power to facilitate the bitcoin user’s transactions. Bitcoin’s market share and liquidity guarantees numerous choice of exchange for fiat or crypto currencies globally.


What Is A ERC-20 Compatible Wallet?

ERC stands for “Ethereum Request for Comments. This is an official protocol for proposing improvements to the Ethereum network. 20 is the unique proposal ID number. 

ERC20 is actually a standard that tokens on the Ethereum network can meet, and tokens that check all the necessary boxes are deemed ERC20 Tokens. These tokens are Blockchain assets that have value, and can be sent and received, like Bitcoin, Litecoin, Ethereum, or any other cryptocurrency. 


What Happens if I lose my Elad Tokens?

Since unique private keys are associated with individual cryptocurrency wallets, if the keys are lost, there is ultimately no way to retrieve that key without a passcode seed or other retrieval system; and that key is required to spend those coins. However, most modern wallets, like Mycelium, have a wallet and key backups that you can build prior to storing money. This will allow you to create a new private key so that you may restore your private key on a new wallet if lost. Wallets are easily recovered but private keys are not, always keep your keys private and never disclose them to anyone. 


What Is A Public Key?

Every Bitcoin address contains both a public and a private key. The public key allows others to send bitcoins to your address, and verifies the signature of the transaction to be hashed. The private key, on the other hand, allows you to ‘unlock’ and spend your bitcoins. It does this by signing transactions, which tells the Bitcoin network that you are indeed the owner of the address in which the bitcoins making the transaction  valid. Whoever holds the private key for a Bitcoin address is able to spend the bitcoins which that address holds, so in a very fitting analogy, your private key is essentially the key to the safe which is holding your bitcoins. You can also use the private key of an address to sign a message, verifying that you are the owner of the bitcoins held at any given address. This is all secured through mathematics, using asymmetric cryptography.


How To Accept Elad Token Payments?

It’s very easy for anyone to receive ELAD tokens and most of the time preparing to add the feature to your payment services takes less than 10 minutes. Anyone can accept ELAD tokens using a simple ERC20 compatible wallet address generated on their own device. This can also be done through an exchange which holds the cryptocurrency that you send or receive through them. This creates no limitations on forex conversions broadening your reach into the global market.


are Elad tokens Legal?

Cryptocurrencey is legal in most jurisdictions but there are a small number nation states that have banned its use such as Ecuador. Wikipedia has a great guide on how Bitcoin and other cryptocurrencys are treated across the globe and explains regulatory policies surrounding them. Regulations vary from one border to the next so you should always research your local laws before participating in the network.

ELAD Tech LTD is UK registered and is legal in this jurisdiction. Please check our Terms and conditions and Privacy policy for more info. 

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