The Elrond blockchain aims to provide efficiency, security, interoperability, and scalability. Its two main features are Adaptive State Sharding and the Secure Proof of Stake consensus mechanism.
Elrond (EGLD) was co-founded in 2017 in order to solve blockchain scalability. Lucia, Benjamin, and Lucian work together in order to present Elrond as the solution. The Mincu brothers have previously worked at a digital asset investment fund called MetaChain Capital.
The goal of the Elrond blockchain is to offer increased transaction speed through fragmentation. Information regarding its smart contracts shows that it has the capacity to execute about 15,000 transactions per second, a $0.001 transaction and a latency of 6 seconds.
The mission of the Elrond token (EGLD) is to power the blockchain, serving as an entry point and providing a means of payment for transactions. Moreover, the EGLD token helps in the development of dApps and the execution of smart contracts.
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Adaptive State Sharding is a database optimization technology that has recently been introduced in blockchain applications. By using this technology, Elrond maintains scalability without having any negative impact on network availability.
In addition, this technology facilitates the exact destination of transactions, as well as traceability and forwarding, and a balance between fragments is possible thanks to the adaptability of the network.
How does Elrond work?
The Elrond blockchain network supports non-fungible tokens (NFTs) and also features smart accounts, which work like any other account on a blockchain network, but unlike has support for storing key valuable data at the account level. For example, they allow users to store emails, Bitcoin addresses, etc.
Elrond also intends to deploy Elrond Standard Digital Tokens (ESDTs). Those tokenized stablecoins are synthetic assets and fiat currencies that operate on the network without the input of smart contract functionality.
In conclusion, enterprise solutions are in search of platforms that have the ability to meet their needs while continuing to explore the possibilities of blockchain technology. The emergence of Elrond provides an efficient, scalable, easy-to-develop, and inexpensive blockchain alternative capable of meeting the needs of large-scale enterprises.