Elron is a public blockchain platform that achieves scalability through adaptive state sharding and secures proof-of-stake consensus mechanism.
What is Elrond?
- Elrond provides a blockchain technology ecosystem that is scalable for distributed apps and enterprise use cases. Its smart contracts execution platform has been tested to be able to accommodate 15,000 transactions per second (TPS), with 5s latency and $0.001 transaction fee.
- Elrond utilizes a proof-of-stake consensus mechanism and -currently- has 3200 active node validators (with a total of 11,815,980 EGLD staked) mostly concentrated in Europe and North America. The network accommodates around 20,000 daily transactions on average at the time of writing and has passed 6,9 million transactions in total since the network launched in July 2020.
- Developers can use multiple programming languages – Rust, C, and C++ – to build on the Elrond network. Besides being easier to build for developers, this design also enables easier network integration. The project also provides standard examples for application, token, and smart contract creation on the network.
- The programming language and integration flexibility could happen due to the use of Arwen WASM Virtual Machine on the Elrond network. It is a fast virtual machine for executing smart contracts that executes WebAssembly.
- This design supports Elrond network to tackle one of the very important challenges (that seldom mentioned by blockchain developer) in every blockchain platform after scalability issues that are solved by sharding; a finality for cross-shard transactions (sealing the entire ledger so it can’t be mutated). Elrond network solved this issue by implementing a dispatching algorithm and routing protocol on its network core layer.
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Who is behind Elrond?
Elrond was co-founded in late 2017 by Beniamin Mincu, Lucian Todea, and Lucian Mincu. Beniamin Mincu and Lucian Mincu both previously co-founded MetaChain Capital that -according to their website- has been invested in BAT, Binance, and Tezos. While Lucian Todea was an angel investor in Typing DNA and Smart Bill.
What is the purpose of Elrond?
EGLD is used for paying network fees, staking and rewarding validators. Basically acted as the digital asset to empower the network economics while also acting as a governance mechanism to maintain network security and growth.
The Elrond network has a unique approach to tackle scalability and decentralization issues the industry is facing nowadays. Having a main focus as a platform for Financial Technology, DeFi, and IoT decentralized applications, Elrond seems to have its own niche among the crowd of public blockchain platform projects.
- Elrond partnership with Impossible Finance could provide a significant value for developers to build on Elrond network.
- Strategic partnership is important for every blockchain project, the importance scale is much higher for a public blockchain platform. Besides Impossible Finance, Elrond has secured several important partnerships and collaborations such as; HOPR, Parsiq, Netvrk, Unicrypt, Tatum, Aurus, Graphlinq, Saito, Coin98, xp.network, stater, etc.
- A highly potential DApps with more than 200,000 users, Maiar is built, and seems to be strongly believed in, on the Elrond network.
- Elrond technology, despite the potential and current excellent performance, is considered new, much newer than Ethereum or Bitcoin. Hence, the potential of undiscovered security flaws is high.
- Risk of product substitution and competition is high considering strong support and growth of adoption on other public chain platforms such as Ethereum and BSC thanks to the similarity they have (the virtual machine), easier side chain deployment, and first mover advantage.
News and Updates:
- This August 2021, Elrond recently updated its swap bridge and launched Rust framework v0.18.0
- Elrond is considered to be the first European blockchain that is carbon negative.
- EGLD is listed on EU regulated exchange Kriptomat.
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All investments are speculative and involve substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.
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