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Elrond is a blockchain protocol that offers extremely fast transactions using sharpening. The project is described as a technological ecosystem for the new Internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contract execution platform is reportedly capable of 15,000 transactions per second, six seconds of delay and a transaction cost of $0.001.
Blockchain has a source token known as eGold or EGLD, which is used to pay network fees, stakes and reward validators. Elrond was first announced in August 2019, and its main network was launched in July 2020.
Who are the founders of Elrond?
At the end of 2017, Elronda was founded together with Luciano Tode by brothers Beniamin and Lucian Mincu as a solution to the problem of scalability of the blockchain, which they considered to be the most difficult problem the industry is facing.
Prior to Elrond, Beniamin and Lucian Mincu founded MetaChain Capital, a digital investment fund, with Beniamin Mincu as CEO and Lucian Mincu as Chief Technology Officer. The two also founded ICO Market Data, an aggregator of information on the initial supply of coins.
Beniamin Mincu was also responsible for products, marketing and the community for the NEM blockchain platform from 2014 to 2015, in addition to being an early investor in projects such as Zillika (ZIL), Tezos (KSTZ), Brave and Binance. Lucian Mincu has additional experience as an information technology engineer and security specialist, working with Uhrenverk 24, Cetto and Liebl Systems.
Todea is a serial technology entrepreneur who previously founded and served as CEO of Soft32, a software review and download site, and partner with mobilePay, a mobile payment app. He is also an angel investor, investing in biometrics technology company TipingDNA and the SmartBill accounting platform.
What makes Elrond unique?
Elrond claims to be a blockchain platform for innovative internet economy, decentralized app and business needs.
Its main selling point is high scalability, stating that it is the first network of blocks in which all data on the state, network and transactions are implemented. According to his economic paper, he is trying to build his ecosystem and establish EGLD as a value-preserving asset.
To achieve this goal, the network operates 2,169 validation nodes divided into four fragments: three executable parts, capable of 5,400 transactions per second, and one coordinating part, Metachain. Elrond’s adaptive state sensitivity architecture completely breaks down state, transactions and network. It can be scaled by adding additional debris when the flow requirement is not met. It was tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries grouped into 50 debris.
To increase adoption, the project also supports developers building the platform, allowing them to earn 30% of smart contract fees as a fee.
The company maintains the delivery of EGLD tokens to invest in the network during the first year, with validator nodes receiving 36% percent annually.