Full description of Elrond
Elrond (ERD) is a utility
Token (?) that was issued on the
Binance exchange (?) IEO Launchpad in July 2019. Elrond presents itself as an Asset Transfer Protocol for the digital economy. This is a public
Blockchain (?) that was devised to deliver high-level scalability, high throughput, and interoperability that is needed for the direct connection between different blockchains without the necessity to attract the third party to make it possible.
Elrond appeared in 2017 after the company raised 5 million USD in funding. The successful pre-sale is explained by the project’s clear laid-out plan. The team is focused on scalability, which is the main concern of the largest blockchains.
The goals of the project
The Elrond project aims to solve the basic blockchain trilemma that includes scalability, security, and decentralization. Solving these problems, the team of the company is developing a
Decentralized (?) network. The system is designed to become an instrument of value transfer for IoT and contemporary digital technology. The company tries to bring up the performance levels of a decentralized network to make the platform compete with its centralized analogies equally.
Elrond Network
Validators are incentivized to provide security to the system by locking ERD in the stake, processing transactions, running a node, producing blocks, and reaching consensus. The contribution of validators is rewarded. Those who can’t run a validator’s
Node (?) can still earn rewards by locking ERD in a smart contract.
The team always tries to improve its protocol trying to solve its imperfections and ensure that it is robust. It is easy to use the system, as it was one of the priorities when the platform was developed. The user-oriented approach was applied to help users adapt even if they never dealt with blockchain before. Security is also the primary priority for the company. The platform protected efficiently, utilizing pBFT and SPoS
Consensus (?) mechanisms thus preventing Sybil and DDoS attacks.
Elrond Virtual Machine was implemented for the Elrond Network to enable unlimited communication between different external services. The system is highly efficient for those who want to minimize energy and computational requirements utilizing network services. A combination of decentralization with cross-chain interoperability creates unique possibilities for users. Full decentralization delivered by the company also helps to minimize the risk of exploitation of a single point of failure.
Elrond technologies
The Elrond Network has created a new blockchain architecture from scratch that is suitable for solving scalability problems with the help of Adaptive State Sharding and an innovative Secure Proof-of-Stake (SPoS) consensus mechanism.
Considering the architecture of the platform it’s important to point out its main components. These are nodes and users, which are the two key entities of the network, validators, who handle consensus building and
Block (?) generation, shards that validators are assigned to, and ERD tokens, which are the gateway for gaining access to the Elrond Network.
The virtual machine has proven to be the fastest in comparison with the platform’s competitors. Speed is the main differentiating factor that makes the resource stand out from its competitors. The platform is endlessly scalable thanks to its technologies. Each shard adds 3,000 more transactions per second, so the more nodes join the network, the more transaction volume the platform can handle.
Use of the Secure Proof-of-Stake consensus mechanism delivers eligibility via stake and rating. Random selection of validators on the first stage is followed by verification of a new block and then the transaction is processed. The platform also uses such technologies as pBFT consensus mentioned above already.
ERD token
The company has issued ERD token, the total supply of which is 20 billion ERD. The pre-staking process included 10 successful ways with the final wave unfolded at the beginning of 2020. The goal was to accept 5 billion ERD. The company promised the reward rate between 17% and 32% annually.
Being a utility token, ERD token is used as a payment method and a reward for validators. It is also required for voting in a decentralized governance system. There are low transaction costs on the
Exchange (or Cryptocurrency exchange) (?) thanks to the use of upgraded PoS consensus.
Elrond team
The company Elrond Ltd. is registered in Malta, but most of the team members work from Romania. The team includes about 20 members with different backgrounds in multiple startups and international corporations. The company also uses the services of 7 advisors.
The leadership team is highly professional. The co-founder and CEO Benjamin Mincu was previously the CEO of
ICO (Initial Coin Offering) (?) Market Data and Metachain Capital and also a member of the NEM Foundation.
Another co-founder of the company is Lucian Todea who takes the position of COO in the Elrond company. Being an experienced investor and entrepreneur, he is also the CEO of Soft 32, the company founded by him. This is an online software platform that makes the distribution of apps easier. One more co-founder of the exchange is Lucian Mincu, CIO, who also was the co-founder of ICO Market Data and Metachain Capital. He specializes in infrastructure engineering.
Also, the key figures of the company include Adrian Dobrita, Head of Engineering, who developed software for Samsung, Intel, Continental, etc. and Felix Crisan, Head of the Research, who is also the CTO and the co-founder of Netopia, a mobile solutions provider. Previously, he worked for IBM and Hewlett Packard. Felix was a co-founder of the first Bitcoin exchange platform in Romania.
The team of advisors includes rather famous personalities in the world of cryptocurrencies such as Alex Iskold, Managing Partner at 2048 Ventures, and Technical advisor Fabio C. Canesin, who co-founded City of Zion and NEX.
As for cooperation with other companies, the platform works with Netopia, a payment provider, and Nash, known as NEX, which is a decentralized finance platform. Also, a notable partnership developed with the integration of ERD tokens on Samsung’s blockchain wallet. The integration with fiat-to-crypto services provider MoonPay enabled direct access to ERD with Apple Pay, Samsung Pay, Visa, Mastercard as well as other payment processors and bank transfers.
- Exchange symbol (?): ERD
- Cryptocurrency type (?): Token (?)
Elrond for developers
Elrond social sites
Source: NOMICS
