Elrond’s Key Features: The Future of Blockchain Technology
Technological advancements have paved the way for several innovative and efficient blockchain projects in the crypto space. The underlying factor of this future technology is comprised of a solid backbone that creates an efficient, innovative public blockchain solution based on distributed ledger technology.
Ethereum has currently been leading the charge in regards to traction and overall market share amongst prominent layer-1 blockchain networks. However, lack of scalability and high gas fees have become major issues preventing it from reaching its true global utility.
Therefore, the demand for scalable decentralized platforms that support more secure and efficient use-cases has led to the creation of Elrond. The Elrond blockchain is uniquely designed to be secure, scalable, efficient, and interoperable.
Elrond: The Ecosystem For The New Internet
Elrond’s main goal and objective is to build the backbone for a high bandwidth, low latency, and transparent financial ecosystem that is decentralized and accessible to anyone, anywhere. Its blockchain technology ensures that key features are made available by adopting two very important elements: Adaptive State Sharding and a new Secure Proof of Stake (SPoS) consensus mechanism.
Moreover, Elrond is not merely a blockchain protocol that facilitates high-throughput but can also be conceived as a complete Fintech, IoT, and DeFi (decentralized finance) and data ecosystem that offers a secure & scalable platform for developing dApps (decentralized applications).
Elrond combines the power of all the key attributes unique to blockchain: a digital asset with the power to store value due to scarcity, programmable network with scalability, and speed to support innovation.
Here’s a list of some of Elrond’s most important features that are turning heads in crypto communities:
1. Adaptive State Sharding
Elrond’s adaptive state-sharding approach facilitates transactions at unprecedented speeds, paving the way for more complex products and services leveraging blockchain technology and smart contracts. When the active usage grows and throughput starts to clog up, it can scale efficiently by adding additional shards to load balance efficiently. It was tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries grouped in 50 shards — sharding also allows for the facilitation of multiple transactions.
2. Minimal Transaction Costs
Yet another notable feature of the Elrond blockchain is its low transaction costs. This is a highly crucial element for making blockchain projects compatible for the mass market and to ensure competitiveness.
Elrond has thus positioned itself as the blockchain for the masses, with negligible transaction costs in comparison to any conventional payment solutions, ranging at around $0.001 per transaction.
3. Unprecedented Speed
The blazing speed with low transaction fees makes Elrond stand apart from any of its competitors. Its blockchain protocol for smart contracts and dApps can process over 15,000 transactions per second with a very low block time of around 5 seconds and fast finality for cross-shard transactions in a matter of seconds.
It also boasts six-second latency, providing minimal delays when engaging in transactions.
4. Unparalleled Scalability
The main selling point of Elrond blockchain is its high scalability. It is the first blockchain network in which state, network, and transaction sharding have all been implemented. This is a key requirement for project developers to scale blockchain projects globally. Moreover, users also benefit from an optimal user experience, a pivotal requirement for customer acceptance of the technology.
5. High Security
Along with speed and scalability, Elrond also ensures high network security with its Secure Proof-of-Stake consensus algorithm (SPoS). Here, nodes should stake their EGLD tokens (the native token of the Elrond blockchain) to participate in the validation process.
Each validator is assigned a rating score based on their past activity. Since validators are randomly selected, they can be neither predicted nor modified based on the previous round of validations. Moreover, nodes communicate using modified Boneh-Lynn-Shacham (or BLS) multi-signatures ensuring strong cryptographic protection.
6. Maiar Launchpad
The Maiar launchpad provides the ideal base for new startups, hoping to become a catalyst for promising projects, technologies, and unique products that use the launchpad and run on the Elrond blockchain. Projects that launch using the Maiar launchpad will have access to decentralized funding from the platform, while also gaining access to the Elrond community, investors and other partners.
Elrond already has a vibrant ecosystem and a strong community, and with the $ITHEUM IDO set to take place on the launchpad. In this way, Itheum will be able to access all the features of the Elrond blockchain, allowing both the project and the network to grow.
7. Elrond Ecosystem — Strategic Acquisitions
Elrond has been front and center in the blockchain space, as they’ve made great strides in their strategic technology acquisitions to increase real-world adoption of their web3 application.
They recently made global headlines through an acquisition of Twispay, a Romanian payments firm, granting it approval to issue e-money from the National Bank of Romania. In addition, Elrond acquired Utrust, a popular crypto payments platform, in January 2022. This will help Elrond grow its services for customers using both crypto and fiat while allowing them to provide quick payment settlements at virtually no cost to their users.
Itheum will derive additional benefits and value from being a part of Elrond’s greater ecosystem, helping set the stage for greater innovation, technology, and strategy moving forward.
A Final Word
Elrond has a rapidly growing ecosystem that allows developers, validators, DeFi exchanges, and businesses to build a new internet economy. The project thus describes itself as a technology ecosystem for the new internet. Moreover, the blockchain strives to build an innovative, decentralized, and efficient platform where every user in the network can benefit from it in some or the other way.
Itheum empowers data ownership in the Web3 and Metaverse ecosystems and creates new market value for your data. It enables this by providing “decentralized data brokerage” technology. It’s a suite of tools that enable high-value data to be bridged from web2 to web3 and then be traded via peer-to-peer sales. It allows for “viral adoption” via our creative “Data NFTs” (provide “inner value” to NFTs and enable royalties / limited supply) and “NFMe ID” technology (a living Metaverse avatar representation of you — wrapped as an NFT and backed by personal data) and our innovative Data Coalition DAOs (which bulk trades your data). It also aims to be fully privacy-preserving, regulation-friendly and cross-chain; making it the most comprehensive core blockchain data infrastructure available in the market with use-cases in both the enterprise and retail space.