In this episode of BeInCrypto’s video news show, host Jessica Walker takes a look at the tendency to oppose Elrond (EGLD), which has not only increased, but is actually up 500 % in the last three months!
The latest growth spurt came after the announcement of a billion dollar liquidity incentive program to boost the launch of their Maiar DEX DeFi platform. It is perhaps the largest DeFi incentive program to date and represents a significant step towards adopting DeFi beyond the current boundaries of the crypto space, into the mainstream.
“By distributing ownership of Maiar DEX to the next billion users, we are laying the foundation for a truly global financial system accessible to everyone, everywhere.” said Beniamin Mincu, CEO of Elrond Network. But we go further to take a closer look at the fundamentals of this project and what makes it unique.
What is Elrond?
Elrond is a blockchain protocol that seeks to deliver blazingly fast transaction speeds using sharding. The project describes itself as a tech ecosystem for the new internet, which includes fintech, decentralized finance and the internet of things. Its smart contract execution platform is said to be capable of 15,000 transactions per second, a latency of six seconds, and a transaction cost of $ 0.001.
The blockchain has a native token known as eGold, or EGLD, which is used to pay for network fees, staking, and reward validators. Elrond was first announced in August 2019 and its mainnet went live in July 2020.
Who are the founders of Elrond?
Elrond was co-founded in late 2017 by brothers Beniamin and Lucian Mincu alongside Lucian Todea as a solution to the problem of blockchain scalability, which they believed to be the most pressing issue facing the industry. .
Prior to Elrond, they co-founded MetaChain Capital, a digital asset investment fund, with Beniamin as CEO and Lucian as CTO. The two also co-founded ICO Market Data, an aggregator of information on initial coin offerings.
Beniamin was also product, marketing and community manager for the NEM blockchain platform from 2014 to 2015, in addition to being an early investor in projects such as Zilliqa, Tezos, Brave and Binance. Lucian has additional experience as an IT engineer and security specialist, having worked with Uhrenwerk 24, Cetto and Liebl Systems.
Todea is a serial tech entrepreneur who previously founded and served as CEO of Soft32, a software review and download site, and partner of mobilPay, a mobile payment app. He is also an angel investor, having invested in biometric technology company TypingDNA and accounting platform SmartBill.
What makes Elrond unique?
Elrond describes itself as a blockchain platform for the new internet economy, decentralized applications, and enterprise use. Its main selling point is its high scalability, indicating that it is the first blockchain network in which state, network and transaction sharding has all been implemented. According to his economics article, he seeks to develop his ecosystem and establish EGLD as a store of value asset.
To achieve this goal, the network operates on 2,169 validation nodes divided into four shards: three execution shards, capable of 5,400 transactions per second each, and one coordination shard, the “Metachain”. Elrond’s adaptive state partitioning architecture completely partitions state, transactions, and network. It can evolve by adding an additional partition when the flow demand is not satisfied. It has been tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries grouped into 50 shards.
In order to increase adoption, the project also supports developers who build on the platform, allowing them to earn 30% of smart contract fees in the form of royalties. The company maintains an offering of EGLD tokens to invest on the network in its first year, with validator nodes receiving an annual percentage rate of 36%.
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