Elrond is a platform created with the aim of guaranteeing a system of micropayments on blockchain with cryptolavute, a fast and secure network, in perfect competition with international systems such as PayPal. Its CEO is Beniamin Mincu, Previously Product & Business at Nem Core in 2014 and Founder & CEO MetaChain Capital, certainly a prominent figure in the crypto world.
The goal of the Elrond team is to provide individuals and businesses with the possibility of using an alternative method for sending money in an economical and fast, as well as secure way. We know well how the biggest problem related to the blockchain is scalability, that is the amount of transactions per second. An example is Bitcoin and Ethereum which have a very low limit of transactions, we are talking about tens of transactions per second, a system that is absolutely not compatible as a payment system. The result is high commissions and even sending small amounts of money becomes absolutely not convenient.
Elrond has definitely focused on scalability efficiency by introducing Adaptive State Sharding, a combination of the three types of sharding that dramatically increases speed on the network and guarantees around *25,000 transactions* per second with very low fees of $ 0.001. To achieve this, the network operates on 2,169 validation nodes divided into four fragments: three execution fragments, capacity of 5,400 transactions per second each, and a coordination fragment, the "Metachain". The number of transactions can be further improved with the addition of another fragment, ensuring a fast and fast payment system.
The security of the system is guaranteed by the Secure Proof of Stake, the transactions are validated by the numerous nodes, distributed in 50 countries, guaranteed the maximum decentralization of the blockchain. Validators receive rewards for their work but must continually prove that they are efficient otherwise the control system will penalize them, until they are removed from the network. A very accurate and unpredictable system will choose the validators, avoiding anomalies on the network or possible tampering.
Decentralized App Maiar is about to be released, the mobile wallet and global payments app that will use the internet-scale performance of the Elrond blockchain, reaching over 100,000 transactions per second. Simple and intuitive, it will be possible to send money as quickly and easily as sending a message. You can stake EGLD coins directly from the App, as well as numerous other features. To register, no username and password will be required but only the telephone number will be used, in order also to check the veracity of the data and it will be possible to send money simply by entering the beneficiary's telephone number or alternatively using the herotag, special nicknames created by the network in a secure and anonymous way.
EGLD, the official currency of the Elrond blockchain, has a maximum supply of 31,415,926 and currently the market value is around $ 64. Elrond has ample room for improvement but it is essential to push on mass adoption to enhance the project. Currently the Maiar App has been downloaded by 200k users and that's a good number but new use cases or business agreements need to be created to run the payment system at full power. An interesting project, to be followed carefully
