Elrond is a blockchain-based platform designed for scalability, speed, and security. It creates a network powerful enough to operate at “internet-scale” by putting a new twist on existing technology.
The CMP of EGLD on 21st January is $158.71
What is Elrond?
Elrond is a blockchain technology that uses sharding to provide incredibly fast transaction rates. Fintech, decentralized banking and the Internet of Things are all part of the project’s description as a technological ecosystem for the future internet.
What is Sharding?
Sharding is a database partitioning technique used by blockchain companies to increase scalability and the number of transactions processed per second. Sharding is the process of dividing a blockchain company’s whole network into smaller “shards.” When compared to other shards, each shard is made up of its own data, making it separate and autonomous.
What is Adaptive State Sharding?
The optimal approach to blockchain sharding needs to take into consideration advantages from all three sharding types: State, Transactions & Network. Elrond’s approach to increased throughput, called “Adaptive State Sharding”, combines all three sharding types into a solution that improves communication inside the shards and dramatically increases performance through parallel processing.
What is Secure Proof of Stake(PoS)?
Elrond has presented “Secure Proof of Stake,” a revolutionary approach to a consensus that removes PoW computational waste and combines eligibility via stake and rating with random validator selection and an optimal dimension for the consensus group. Through random sampling of the consensus group and random reshuffling of nodes into different shards, the BFT-like consensus process ensures a high level of security. The consensus relies on an unbiased randomness source that the block proposer generates by signing the preceding random source.
Why Elrond matters and its problem-solving capabilities
Elrond builds on prior PoS models to provide a low-cost, easy-to-use, and low-barrier-to-entry staking infrastructure. Given the popularity of staking cryptocurrencies, blockchain platforms must be designed to allow high levels of scalability to maintain long-term viability. Elrond was intended to serve as the backbone of a new permissionless, borderless, and globally accessible internet economy. It is a highly scalable, fast, and secure blockchain platform.
- High Energy Consumption:- Bitcoin’s energy power usage is comparable to Finland’s demand. Slightly better, staking on Ethereum is comparable to the whole country of Ireland’s electricity consumption. Elrond’s energy production, on the other hand, is just 1:36,000 of Bitcoin and 1: 12,130 of Ethereum.
- Staking isn’t as simple:- Depositing money into a traditional bank account and watching it grow isn’t staking. Each cryptocurrency has its own set of laws, fixed terms, and returns on investment, not to mention the fact that the entrance hurdle is still fairly high. Elrond, on the other hand, has devised a simple staking method. You may quickly stake EGLD after you’ve accessed the Elrond Wallet by clicking the stake button on the main screen.
- Expensive Barrier to Entry:- In order to become a validator on the ETH network, you will require a minimum stake of 32 ETH- which still imposes a serious barrier to entry. Depending on how much EGLD you wish to stake on Elrond, you have many alternatives. You can stake as a Validator (running a node + 2,500 eGold) or a Delegator (minimum 1 eGold per delegation) on Elrond, making it easy for anybody to participate. Each day, right after 14:00 UTC, the incentives for validators and delegators are automatically awarded.
- Mobility and the blockchain:- The automobile of the future is networked with service providers and external partners. The properties of the Elrond blockchain – security, decentralization, and speed – offer automotive manufacturers and mobility service providers scope for designing innovative mobility concepts.
- Blockchain & Monitoring:- A vehicle’s life cycle may be tracked using the Elrond blockchain and smart contracts. If a car is broken, it can offer repair choices on its own, order spare components, negotiate repair charges, and find an appropriate repair shop. Self-driving car development is already aided by blockchain technology. Traffic data is collected in real-time during this procedure in order to enhance the system.
- Blockchain & Security:- Accidents and unexpected occurrences, such as severe weather, can be communicated to other road users via car-to-car communication. This prevents (future) mishaps. Congestion management that is intelligent suggests other routes to crowded roadways. A transaction on the Elrond blockchain is used to charge the service. If the appropriate data, such as the driver, driving behavior, and so on, are kept on the blockchain, smart contracts can assist to explain who is to blame in the case of an accident.
- Smart Accounts:- Elrond is designed to enable non-fungible tokens (NFTs) and includes a Smart Accounts NFT framework. Smart Accounts behave similarly to regular blockchain accounts, but with the added benefit of key-value data storage at the account level. They allow users to save a huge amount of data in their Elrond Network account, including emails, bitcoin addresses, private identification data, health data, proof of citizenship, Know-Your-Customer (KYC) information, and more.
The Elrond eGold (EGLD) Token is native to the Elrond Network and is supposed to be used for everything from staking, governance, transactions, smart contracts, and validator rewards. EGLD token is deflationary. Elrond was first announced in August 2019, and its MainNet went live in July 2020. They have a max supply of 31M tokens out of which 20M tokens are circulating which is 64% of the total supply. The recently launched $1.29 billion liquidity incentive program to supercharge the launch of the Maiar Dex has also brought new attention to the chain recently. The recently launched $1.29 billion liquidity incentive program to supercharge the launch of the Maiar Dex has also brought new attention to the chain recently.
Elrond vs Ethereum
Ethereum and Elrond are similar in many ways. EGLD, like ETH, allows the development of many applications on its blockchain. It is a development space for DApps, smart contracts, and many other things. Elrond is faster and cheaper than Ethereum. It has a speed of 15,000 transactions per second whereas Ethereum has 15 transactions per second which make Elrond 1000 times faster and it costs over $0.001 per transaction which is way cheaper than Ethereum. It’s easier to make money passively with Elrond with PoS. The security of the Elrond Network is stronger.
Elrond vs Solana
Solana is restricted by hardware. Elrond solved all three aspects of sharding. They are the only ones who have done so. Solana has proof of history in which data is outsourced to another company and only uses one epoch. Elrond has the same but more advanced it used 4 epochs of history and was done all in-house and data isn’t dependent on a 3rd party.
Team, Media & Community strength
Elrond was created in late 2017 by brothers Beniamin and Lucian Mincu, as well as Lucian Todea, as a solution to the problem of blockchain scalability, which they saw as the industry’s most serious issue. Prior to joining Elrond, Beniamin and Lucian Mincu co-founded MetaChain Capital, a digital asset investment company where Beniamin served as CEO and Lucian served as CTO. ICO Market Data, an aggregator of information on initial coin offerings, was also co-founded by the two.
In addition to being an early investor in companies like Zilliqa (ZIL), Tezos (XTZ), Brave, and Binance, Beniamin Mincu was also responsible for the product, marketing, and community for blockchain platform NEM from 2014 to 2015. Lucian Mincu has also worked with Uhrenwerk 24, Cetto, and Liebl Systems as an information technology engineer and security specialist.
Todea is a serial digital entrepreneur who previously developed and ran Soft32, a software review and download site, as well as being a partner in mobilPay, a mobile payment service. He’s also an angel investor, having backed TypingDNA, a biometrics startup, and SmartBill, an accounting software.
Elrond’s social media family is growing rapidly on Twitter and telegram. They have over 443.7K followers on Twitter and 59k members in telegram in just over 2-3 years. There were featured in almost 5-6 articles in the past week which shows that Elrond is been tracked on a regular basis as it has a lot of scope and potential to offer. Through regular AMAs and open debates, the team has aided the growth of this community. Furthermore, any application developed by the Elrond team, such as Maiar DEX, is entirely owned by the community. Elrond also runs trade competitions and stress tests to actively connect with the community and reward them for their involvement.
In less than 9 months after its launch (January 21), a large proportion of Maiar’s 500,000+ users have downloaded the app thanks to community initiatives.
The Elrond Network has been in development for three years and has joined the mainstream blockchain projects with the introduction of the mainnet. The fact that Binance Launchpad funded the project is a positive indicator, showing that Elrond was thoroughly evaluated by Binance and judged to be a viable idea. Certainly, the crew appears to be quite capable, with a diverse skill set. They’ve done a great job so far, meeting deadlines and delivering on promises. In the blockchain world, this is priceless.
The project offers speed and scalability that few other projects can match, because to its innovative Adaptive State Sharding and Secure Proof of Stake features. And the inclusion of support for multiple smart contract languages can only help as Elrond moves into the decentralized application space.
With the sort of decentralized universe Elrond is creating, it will inevitably evolve into a comprehensive blockchain platform in which every active network participant will benefit in some manner. Elrond should be on your radar if you’re a long-term investor who likes to invest in a crypto project’s excellent foundations. Elrond is growing at an incredible rate and is on course to bring billions of people into the blockchain world, putting them in a position to become one of the top three (or maybe the top) layer-1 platforms this decade.
MintingM rating for Elrond: 3.95/5