ELCoin – Cryptocurrency for The Sake of People


Certain negative perception exists about cryptocurrencies as merely speculative asset, which is created only for enriching its founders, programmers etc. Indeed, among 10000+ tokens that were initiated during crypto boom, few (if any) bring us news other than yet another one overwhelming growth and yet another immediate millionaire.

However, not all projects are about investing profits. There are few – but they still exist! – that put socially responsible aims into the very foundation of their strategy and philosophy. ELCoin is one of the brightest example of the latter.

One may conclude that it is founders who laid the humanistic (no less!) nature of ELCoin: all are respected medical professionals, healthcare practitioners, inventors and high-class managers. The core of the team was formed c. 20 years ago, in early nineties, in Moscow, Russia. The company that was founded was established as a think tank for new medical equipment ideas, independent R&D unit and direct manufacture of perspective equipment items. The company grew exponentially and abroad, first to the neighbouring markets of Belarus, Ukraine, Kazakhstan, Kyrgyzstan, Israel as of 2011, and then to Europe, in 2015, to Latvia and further.

When an famous rise of ICOs came in 2017, founding team saw it as a chance to raise substantial funds to finance massive development plan from sources other than investments angels, bank loans, or other. The team stated in the White paper of the project: ‘to contribute to solving a number of problems that occur in the world medicine. We offer a comprehensive solution that is based on world scientific knowledge and proprietary developments in the field of diagnostics, treatment, prevention of a wide range of diseases, including the most common ones’.

There are obvious strong points in the ELCoin strategy:

1) the target segment – heart and blood system diseases – most perspective, since heart diseases are among most widespread;
2) new fields of medical science appear annually;
3) growing and aging population that;
4) boosting global health expenditures..

Two major direction of the company’s activity was stated. First, ‘manufacturing of medical and healthcare equipment, on the ground of a global base of scientific and technological knowledge and proprietary developments’ and second: ‘Creation of a web based Medical Platform, using blockchain technologies to fully support physicians and healthcare professionals, as well as people in need of medical care, counseling or simply interested in health issues and healthy lifestyle’.

Third direction – development of a whole network of medical centers, utilizing the company’s R&D results – was set as a more distant direction for company’s activity, currently inactive.

However, although few targets of the company’s White Paper were achieved since the end of a sale period in May 31, 2019, the ELCoin token keeps the trust of its investors with over seven thousand people keeping their funds in the coin. The coins was also accepted to the GIIS programme which adds to the trustworthiness of the project too.