Elrond is a public blockchain that intends to use Adaptive State Sharding and a Secure Proof of Stake (SPoS) consensus mechanism to furnish effectiveness, efficiency, interoperability, security, and scalability on the blockchain.
As a high-throughput blockchain, Elrond is built by a diverse team that comprises of engineers, entrepreneurs, and researchers. Elrond is a total redesign of blockchain architecture. It combines various innovations in order to actualize the goal of near instant transaction speed and global scalability. Some of these key features and innovations include state sharding (adaptivity through shard merges and splits), solid arbitrary beacon with Boneh-Lynn-Shacham (BLS) signing, consensus with improved BLS multi-signatures, fast completeness for cross shard transactions, resilience to malicious attacks, and smart contracts on state sharded architecture.
These unique features enable Elrond to be a high-throughput, easy deployment of dApps and programmable money, low transaction cost, and fast transaction speed platform. Elrond is an apt platform for machine to machine transactions, efficient dApp user experiences, and the overall IoT economy. Already in the testnet phase, Elrond has the capacity to process upwards of 10K TPS with 5-second latency and minimal cost (based on 5 shards).
The Elrond blockchain has low system requirements; hence, it is able to run on a variety of systems such as an ordinary computer and T2 medium AWS machines. Elrond aims to become the backbone of a borderless, open, permissionless, and globally accessible internet economy. Currently, the Elrond team has thirty private and public Elrond repositories.
The Elrond token (ERD) is intended to be used for payment for transaction fees, payment for the cost of deploying dApps, and rewards for staking and contributions to the network. Nonetheless, ERD is not limited to only these three uses. In the future, ERD tokens will be used for voting and on-chain governance once on-chain governance is enabled and established. While there are numerous plans for the future of Elrond, the main focus and drive during the first few years will be on establishing Elrond as a global public utility.
The ERD token supply is already distributed among several areas. Of the total supply of ERD tokens, Binance Launchpad Sale tokens constitutes 25%, Private Sale tokens constitutes 19%, Team tokens constitutes 19%, Reserve tokens constitutes 17%, Marketing tokens constitutes 8.5%, Ecosystem Rewards tokens constitutes 7%, Advisors tokens constitutes 2.5%, and Community tokens constitutes 2%. Private Sale was conducted in April and May 2019, and Binance Launchpad Sale was conducted in June 2019. ERD tokens are scheduled to be released into circulation on a monthly basis; the ERD token release schedule goes as far as November 2022.
Elrond has enormous plans in the upcoming months and has partnered with several blockchain projects and companies in order to promote adoption and build a vigorous ecosystem. The partnerships include collaboration with Netopia, TypingDNA, SmartBill, NASH, and Distributed Systems Research Laboratory (DSRL). Netopia and Elrond are looking into possibly integrating the ERD token into Netopia’s payment platform. TypingDNA and Elrond are exploring security improvement through the integration of TypingDNA biometrics solutions into the Elrond platform. SmartBill and Elrond are considering the amalgamation of both platforms in order to provide clients and users blockchain-based features for transparency or traceability. NASH and Elrond are examining the assimilation of ERD into the NASH payment platform, so users and clients are able to acquire and trade ERD tokens across multiple platforms. DSRL and Elrond plan to work together on Blockchain Research and educational initiatives. Elrond aims to grow the Elrond ecosystem.
Consequently, Elrond leverages social mining through its community platform, formulates campaigns to consolidate the community, participates in conferences and technical events, collaborates with pivotal opinion leaders from various countries, and more. Elrond has a lot of plans for the future; Elrond is expected to continuously flourish, improve, and expand.
Official Links:
Elrond Announcements: https://t.me/ElrondNetworkAnn
Elrond Website: https://elrond.com
Subreddit: https://www.reddit.com/r/elrondnetwork/
Medium: https://medium.com/elrondnetwork
Twitter: https://twitter.com/ElrondNetwork
Facebook: https://facebook.com/ElrondNetwork
Bitcointalk: https://bitcointalk.org/index.php?topic=4430681.0
Community platform: https://community.elrond.com
Email address: contact@elrond.com
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