Elrond (ERD) Network is a blockchain project that is developing several technical solutions to overcome scaling problems, reduce computational resource requirements and facilitate cross-chain communication. Founded in 2017 by Beniamin Mincu, Lucian Mincu and Lucian Todea.
There are three distinct features when it comes to the technical architecture of the platform: adaptive state sharding, Secure Proof-of-Stake (SPoS) and interoperability. Combined, the team says that these features enables 10,000 transactions per second, with minimal latency and fees.
The team has also listed several use cases for the Elrond blockchain: finance, gaming, the Internet of Things (IoT), healthcare, prediction markets, cross-border payments, interoperability and real estate.
The Elrond development team has spent 2019 making improvements to the testnet and prepping for the testnet launch, which successfully launched in June. The team described the performance, which stood at an impressive 10,000 transactions per second. This is set to increase with further improvements. Other Q2 goals were the Elrond block explorer and Elrond wallet.
Q3 and Q4 2019 will bring the testnet to the public, an Elrond game DApp, and a functional payment gateway. The mainnet is expected to launch in Q4 2019. Long-term goals are ambitious: the team will build an Elrond DEX and a digital identity management system.
In the long term, the team has roughly charted its course, and they will spend their time considering several machine learning and Artificial Intelligence (AI) related, among other things. The specific goals include reinforcement learning, AI supervision, reliability as a consensus factor, privacy preserving transactions using zk-SNARKs and cross-chain interoperability.