We want to take you on a short ride through the Elrond network and ecosystem in this post. We will give you a broad overview of Elrond, which illustrates why this is an exciting project.

What, When and Why?

First things first: what is the Elrond project? A (relatively) young Blockchain project launched in July 2020. Nothing exhilarating. What’s more interesting is the Why part! The Elrond team tried to overcome the limitations of existing Blockchains; you name it: high transaction fees, poor scalability, low throughput… and the list goes on.  

But there is one thing that stands out at Elrond: Accessibility. And this is a big one. If you have been around for some time, you know how cumbersome it can be to set up a new wallet (again), interact with the Blockchain and let alone pay your friend back for a beer (don’t try this on Ethereum!).

And that’s where Elrond’s Maiar App comes in. 

Now under an intuitive UI, you’ll find all features you need. This includes quickly and securely setting up a new wallet and managing multiple assets, EGLD, BTC, ETH and BNB (also MEX and USDC to make the list complete).

Moreover, you can assign a herotag, which refers to your account instead of a long address that is hard to remember.

You can even use the ‘earn’ option to stake EGLD directly in the app. And you can connect to your Maiar wallet on websites that offer WalletConnect.

On top of that, you can transfer money with a tap, and more importantly, very quickly.

And that’s because of the intelligent design of the Blockchain, which enables really low fees and high speed.

What more?

But that’s just where the fun begins! Elrond recently launched a Decentralized Exchange (DEX) on-chain. As of today, the number of trading pairs is limited, but it is only a matter of time until there is an expansion.

All of that has been achieved with the support of a great community. This came, for example, in the form of Battle testing the DEX before the official launch on the Main network.

Launch it!

For once, this is not about the Token price (no financial advice anyway, you know...). With the launch of the DEX, Elrond published a Launchpad. Projects building on Elrond can use it to offer their own tokens and organize their launch while being supported by the Elrond team and the Elrond community. The first project to be featured on the launchpad is Holoride; an Audi backed project which aims to make car rides more entertaining by using Virtual Reality technology.

Partnerships and more

Whether in the Financial Industry, Artificial Intelligence, Sports, Blockchain Games or the Metaverse, Elrond has a great stack of partnerships that support the ecosystem built on the Elrond Blockchain.

Give me some numbers

So far, so good; it sounds a lot like a personal opinion, you might say. Let us give you some numbers to support the claims of easy to use, getting popular, cheap transactions, etc.

Currently, Elrond has more than 1 million addresses in use on the Blockchain and has registered more than 15 million transactions. And if you want to add a transaction to that by sending your friend that beer money, you’ll just have to pay around 0.02$ in fees. 

What we did not mention earlier: you can, of course, mint your own NFTs and Tokens on Elrond!

The Journey Ahead

You are right if you say that there are no crazy DApp projects and that the DEX lacks assets to trade (among others), but Elrond is in a phase where more and more projects start building on Elrond and are becoming part of the growing ecosystem.

Now, that’s just a comprehensive overview. What makes the past success and the rapid growth of Elrond possible is the underlying Blockchain tech. Feel free to read on and check out our follow-up post with an in-depth technical analysis of the Elrond Blockchain.

Feel free to leave us a comment with your thoughts on Elrond!

Find the tech blog post here.