Blockchain, one of the technological boons of the last decade, is now being used in all areas. Education, health, technology, science, real estate, banking, insurance, finance are becoming more widespread in many sectors, blockchain combines with the next generation of technologies to provide us with facilities. I would like to inform you today about the Elrond project, a new blockchain project, which you know by the IEO, which is being built in Binance. What is Elrond? What benefits will it bring us? Here, I have clarified all these questions below.
WHAT IS ELROND?
Built by a team of experienced entrepreneurs with 13 engineers and researchers with significant blockchain history and technical experience at Microsoft, Google, Intel and NTT Data, it is the next generation blockchain project that is scalable, efficient and secure. Optimized 1,000 times more than other blockchains and designed from scratch, Elrond has the capacity to perform 10,000 transactions per second. The project will resolve the scalability issue. The main goal of the project is to create a new blockchain architecture that will go beyond the maximum performance of the current level of scalability. Elrond Network will create a new blockchain architecture that goes beyond the current level and is designed for practical scalability using adaptive state separation and secure transaction approval (SPoS), increasing the interaction of technology with real sectors.
The project targets 10k TPS, minimum latency and negligible fees. So why scalability? Scalability requires a lot more than the 10-12 TPS we see in the current blockchain architecture of real-world use cases. Once this is resolved, Elrond will unleash new frontiers for the creation of decentralized practices.
Compared to the Ethereum blockchain, Elrond eliminates both energy and computational waste from PoW algorithms by applying SPOs reconciliation, while using process processing parallelism through fragmentation. Elrond completely eliminates the PoW mechanism and uses SPoS for consensus.
Elrond aims to integrate chainlink to enhance the utility and functionality of its smart contracts by enabling them to interact securely with real-world data publications. Chainlink enables smart contracts to reach their full potential. Smart contracts need to interface with data publications, events and widely accepted payment methods, where digital deals are already centralised to deliver value. By providing the build sets needed by critical smart contracts in the form of critical inputs and key outputs, Chainlink ensures that smart contracts that go beyond tokenization become the dominant form of digital agreement.
Elrond Token Ecosystem:
ERD Token uses:
1. Payment of transaction fees
2. Payment of Dapps distribution costs
3. Awards for Staking.
4. The ERD token Elrond is used to participate in the secure proof of the network’s reconciliation.
5. Storage fees are utilized for rewards for gas and verifiers.
6. Finally, the ERD Token will also be used for voting and governance in the future.
Token name: ERD
Total Token amount: 20,000,000,000 ERD
Soft cap: 1,900, 000 $
Hard cap: 5,150,000 $
Total amount of tokens sold: 8,800,000,000 ERD
Percentage of sold (Private + IEO): 44.00%
As a result, Elrond is a highly scalable, secure and efficient blockchain project that delivers a 1000-fold improvement in efficiency and application speed. The project will be the solution to the scalability problem. It had a successful public sale, with a record number of participating tickets (97,817). The project is listed in Coinmarketcap , Coingecko , Blockfolio , Delta, Blockccve Feixiaohao. If you want to get more detailed information about the project, you can visit the following pages.
Web site: https://elrond.com/
Elrond username: nazlidonmez