What is Elrond?
Elrond (ERD) is a new block-chain architecture, designed to bring a 1000-fold cumulative improvement in throughput and execution speed, not the mighty elf-ruler of Rivendell, Middle-Earth.
How Elrond works?
To achieve the 1000-fold cumulative improvement in throughput and execution speed, Elrond introduces two linked features: Adaptive State Sharding mechanism, and a Proof of Stake (PoS) algorithm, enabling linear scalability with a reportedly fast, efficient, and secure consensus mechanism. Thus, Elrond can reportedly process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost. The main target for Elrond is to become the backbone of a permissionless, borderless, globally accessible internet economy.
Recognizing that most scalability efforts by other projects are not sufficient in that the efforts are merely “kicking the can down the road”, Elrond planned and is currently working to create a block-chain that is capable of 1000x throughput than most existing block-chains. This improvement of transaction throughput allows Elrond to handle even the most aggressive wave of user adoption. The Elrond block-chain public smart contract platform will set of validators by locking in an ERD stake, running a node, processing transactions, producing blocks, and reaching consensus.
Years from now, we will look back at this moment, as the instrumental transition from a promising but experimental technology, to one of the most important technologies of the decades that followed.
Why is Elrond different?
Elrond's Adaptive State Sharding will allow the block-chain to process real-time splitting and merging of shards as the demand for network capacity changes. At any time, the Elrond block-chain will juggle between network sharding, transaction sharding and state sharding, making the network capacity highly malleable as user demand requires. The choice of sharding will adapt to the demand, and the intensity of transactions on the network,
Elrond's Secure Proof of Stake and the SPOS consensus mechanism will link with the Sharding process, allowing the Elrond Block-chain to elect different validators within each shards in every validation round.
The Elrond Virtual Machine (EVM) is a dedicated smart contract execution engine built on WASM. Developers can build on The EVM in whichever language they’re familiar with to be compiled in WASM.
How to stake on Elrond?
Even prior to Mainnet launch, holders of ERD tokens can pre-stake to support the Elrond Network and Mainnet launch by delegating or running a validator node. Holders can stake anywhere from 10,000 to 100 million ERD for a period of 30 days up to 90 days. Pre-staking of ERD can be done on the Genesis Elrond page by connecting your Web 3.0 wallet. Currently, there is a total cap of 5 Billion ERD that can be pre-staked on the network prior to Mainnet launch. Before the mainnet launch, ERD holders have been rewarded with 25% APR for staking their tokens to the network. Post the mainnet launch, the earn rate will grow at 29% for users who delegate their stake to validators will earn 29% while validators will earn 36%. The total number of nodes will also increase, and will be set at 2,169.
Project implementation
Two weeks ago, on the 26th of June June 26th Elrond signed a partnership accord with the Shyft Network, a public block-chain protocol designed to aggregate and embed validation and trust into data stored on public or private ecosystems, as well as permissioned & permissionless networks. The partnership will Elrond accounts and smart contracts to participate in a larger ecosystem that enables attestation, consent management, identity frameworks, and adding additional context to data originating from various public or private systems.
Elrond is already integrated into the Samsung Block-chain Ecosystem, therefore the Samsung users will get easy access to the token and decentralized applications (dApps) built on the Elrond network, while Elrond will get direct exposure to Samsung’s global customer base to reach out to masses. This is a huge confidence boost and global exposure as Samsung is the largest smartphone manufacturer in the world.
Netopia MobilePay, the biggest electronic payment processor in Romania aims to integrate the Elrond token to their services, allowing over 6,000 merchants who are using the NETOPIA solutions to accept ERD token.
The team behind Elrond
A hardcore team of entrepreneurs, engineers and researchers (which can literally build rockets) are the ones working behind the scene to achieve Elrond's 1000-fold cumulative improvement. Beniamin Micu, Lucian Todea and Lucian Mincu are the co-founders of Elrond, sharing the CEO, COO and CIO positions.
Price analysis, forecast and conclusion
The Elrond price is low at this moment, $0.00818 per unit, but is expected to surge after the launch of the Mainnet. The all-time-high was achieved a year ago, on the 4th of July, at $0.00888, while the all-time-low was in March 2020, with a drop at $0.00057.
This project is clearly underrated. Comparing Elrond (ERD) with Zilliqa (ZIL), a similar block-chain project with similar Proof of Stake architecture, the Elrond Mainnet is able to outperform Zilliqa, scale better & more secure in implementation. To conclude the comparation, the Zilliqa Mainnet is already launched, while Elrond is still in the progress of doing so.
The price will start and ascending path before the Mainnet, and this trend will probably keep steady after the launch. The post-genesis token will move to a fixed max supply, reaching its limit in less than 10 years. With the price getting closer to 1 cent, this project is very appealing for investment. The aim of the Elrond Project is amazing, and if will be successfully implemented, than global implementation will follow.
And as every project I find interesting, I made a starting investment. I invested $22 for 2532 Elrond a week ago, and now the value is nearly double.
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This good one