Elrond Network — The Blockchain with new standards
The time has come to launch the Elrond-Mainnet. On 30 July 2020 15:00 CET the world will know what we have been working on.
Over the next 4 weeks we will continue to announce exciting new collaborations to increase Elrond’s visibility and momentum in preparation for the launch of Mainnet.
Here are a few basics:
Elrond is a new block chain architecture designed from the ground up to deliver 1000x cumulative improvement in throughput and execution speed. To accomplish this, Elrond introduces two key innovations:
A novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm that enables linear scalability with a fast, efficient and secure consensus mechanism. As a result, Elrond can process more than 10,000 transactions per second (TPS) with a latency of 5 seconds and at negligible cost, and is striving to become the backbone of a permission-free and borderless, globally accessible Internet economy.
In the Testnet environment, Elrond has already proven that this technology can effortlessly handle 263,000 transactions per second with over 1700 nodes distributed over 50 shards.
No other project has similar technology that allows for cross-sharding of intelligent contract execution, auto-sharding and regrouping of nodes by the code itself. Similar to Tesla, Elrond’s technology is 2 years ahead of all other known projects.
Elrond has a feature that is very different from all other blockchains because they have introduced a reward mechanism that helps the developers themselves.
When a developer uploads a new smart contract to the network, he introduces his own wallet and the system pays him 30% of the fees generated by the smart contract for an unlimited time.
This type of royalty allows developers to generate passive income when they create a smart contract for customers.
Many of these features were recognized early on by Elrond’s strong partners. As far as this is concerned, there are also some big names. companies who are securing their stakes for Elrond blockchain technology. Some names are Samsung, Dubai Smart City, Industrial Internet Consortium, IoT Alliance and many others.
Elrond is also well supported by major investors such as Binance Labs, Electric Capital, NGC Partners, Maven 11 and Woodstock.
The team is working day and night to expand the already extensive list of companies and partners that will benefit from Elrond’s technology, which in turn will lead to more use cases and higher fees, thus reducing circulating supply and further increasing demand for the token.