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Elrond is the first Romanian blockchain company to make it to the top 50 in terms of global market capitalization. The project developed by a very talented team from Sibiu became known worldwide in the spring and summer of 2020, more precisely between mid-March and early July 2020. At that time, the virtual currency saw a fabulous increase in value of over 5000%.
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Elrond was created by Beniamin Mincu, Lucian Mincu, and Lucian Todea in 2017 in Sibiu, even though the owner company is based in Malta, probably due to lower taxes. In June 2019, the project receives its first rounds of funding, managing to attract over $1.9 million from several private investors and another $3.25 million in exchange for 25% of the total existing coins.
A high-performance blockchain like Bitcoin or Ethereum, Elrond can support up to 15,000 transactions per second and offers extremely fast network speeds. As a comparison, BTC supports 4.6 transactions per second, ETH 15, and DOT 1000. (I won't compare here Elrond to Hive, to me Hive is something different and I can happily be involved with both)
The Elrond network is a public blockchain that was created from the ground up to provide scalability (in the crypto world, scalability refers to the number of transactions that can be supported in real-time) at a high level, interoperability, and high throughput. The goal from the start was to build a decentralized network that could offer at least similar, if not better performance compared to centralized systems, with an additional focus on user privacy.
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So, here are some of the most important features and advantages of the Elrond blockchain that differentiate it from other similar networks:
- Adaptive State Sharding - high scalability
Sharding is a technique whereby data is divided (or broken up, if you like, hence the term "shard") into several smaller pieces and distributed across several areas of the network, each consisting of a number of nodes that process transactions. As such, there is an impressive increase in performance through parallel processing, resulting in a 1000x increase in the number of transactions that can be supported, if we were to compare with older blockchains.
- Secure Proof of Stake - security and efficiency
Elrond comes with a new consensus called Secure Proof of Stake or SPsO, a mechanism that keeps all the computers running the network blockchain in sync. This ensures a much-reduced latency of processes taking place between members of the group participating in the blockchain, but also much better security of the whole system.
- Elrond VM
It is a virtual contract execution artificial intelligence engine that helps users write smart contracts in any programming language they are familiar with.
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Why is Elrond so special?
It may seem to you from reading the list of characteristics above that I speak in a foreign language. Know that you're not alone and even I had to do quite a bit of research to understand exactly what this is all about. So you can't help but wonder "Okay, well, out of the thousands of cryptocurrencies that currently exist on the market, what does Elrond crypto do that is so special?". [Beniamin Mincu](Beniamin Mincu)'s answer to the same question was that the technology used by Elrond is to old blockchains what today's high-speed internet is to dial-up connections of 20 years ago.
In other words, Elrond can offer much higher bandwidth, useful for handling much higher volumes of transactions, but also for more demanding decentralized applications. In addition, Elrond coin has been designed to be very user-friendly and can be used by anyone who wants to, via the company's website and/or their platform, Maiar. All this while the blockchain system was originally intended as one specifically dedicated to dApp developers (those who deal with the backend code of peer-to-peer networks).
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EGLD(Elrond's main coin) is already being used on a lot of networks for trade execution, as validation rewards, or for smart contracts. The blockchain has launched its own Maiar app, which aims to make online payments in a secure manner, thanks to the cryptographic security system used. At the same time, the company's management announced partnerships with a lot of companies and even municipalities in Romania and several other Western countries. (If this article finds enough interest I might write another one about their current partnerships, about the exchange they are running, and about other projects that have been launched already on their blockchain).
I'm not paid or rewarded in any way by Elrond, I'm passionate about this project almost the same way I am about Hive. I am invested financially and emotionally in this project and wanted to let other people know about it.
If you reached the end of this post by reading, Thank You so much! If you don't agree with something I wrote here, please drop a comment down below.
The above screenshot is taken from @heartbeatonhive's Alive Tribe curation post which you can find here! Thank you @bradleyarrow !
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I tested Elrond and Maiar and report about my tests in the 3rd course on Decentralized Finance (in English and French)
The big difference I see with Hive is that it puts technology first (like most other blockchains), rather than people and communities. In other words, it's a blockchain "by geeks, for geeks". A good blockchain, but far to complex for a normie.
Here's my post
https://ecency.com/hive-167922/@sorin.cristescu/defi-finance-decentralisee-3eme-partie
WOW it shows that you put a lot of work into that article but I think you should have split it into a few parts to make it more accessible to us ordinary people 😁
Are you still active on the Elrond blockchain? If the answer is yes, what future do you see for the Mex and especially the LockedMex?
No, I'm not active anymore there. Precisely because it's a purely technological project. It has no social dimension, no "soul". There is nothing I feel is radically different as end-user experience from Solana, Cosmos, Polkadot, Avalanche, Algorand and other such blockchains which aim for technical excellence
thanks for your valuable feedback
glad you found it useful
The social part might be slower to realize but I think it's still there. It takes just one good social platform/app to be launched successfully on the chain and everything can change, especially in Romania they have a huge follow-up, young people mostly. I was a huge fan of Solana, but not so much right now and I'm not the only one, they were/are to cocky without a solid backup, their network went offline several hours multiple times. We'll see who stands taller out of those 5 in 2-3 years time.
I don't see it the same way. If a good social platform launches, the team behind that social platform will look after its own best interests. They are not going to tie their hands to one blockchain platform, it would be stupid. Whatever "killer social platform / app" emerges, it will be "blockchain agnostic", built in such a way as to be able to work on more than one blockchain. And thus the blockchain back-end will be commoditized, like the hardware servers are now, and the users who provide value will not know nor care what blockchain is behind.
The only way for a blockchain platform (a back-end) to stand its ground in the upcoming race is to be built from the ground up for social, NOT for smart contracts.
Only Hive is designed for that
You wrote the entire essence of a full article in a simple reply, thank you!
"social platform - blockchain agnostic" sounds too perfect, one day it will happen but my count is in years, and many.
Dar e romanesc ;)
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It seems it is going from strength to strength and considering the state of crypto that is very encouraging! I need to do some more investigating:)
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IF you check their website you'll see that they have a lot more projects launched than what I described in this post, there's an exchange, games, and other cool apps. If you have a quick look at the ecosystem map you'll understand what I'm trying to say.
Link here: https://elrond.com/assets/files/elrond-ecosystem.pdf
Thanks for stopping by!
Love EGLD, it´s my 3rd biggest bag and should kick butt next bull! !CTP
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Wow, wasn't expecting that, it's really nice to hear. People have no idea what coming in the next bull run with Elrond! Thanks for stopping by!
Thanks for this useful information.
!Gif
I'm highly invested in it.
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I know you are, I've read some of your past articles, it's nice to hear that more and more people are interested, I can't wait to see where we stand in two years' time or so.
Thanks for stopping by!
I've heard of it, but this was the first time I actually read about it. Thanks for sharing!
!CTP
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Thanks for stopping by. They are a lot more advanced today than they were last year and have already launched many projects of their own but other projects as well are being built on this blockchain, like apps, games and more...
Nice! Gonna do some research about it!
Awesome info on Elrond. I didn't really look into the project although I traded the coin sometime ago hehe. Thanks to this, I have learned a bit more.
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Thank you for the reply. I do see Elrond as a big part of the crypto future, they build and grow every day even in this broken market.
You're welcome :) That is really good to know. The devs are building while the whole lot of people are worried about the market, prices and stuff.
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Great post @drlobes this sounds like an interesting project make sure you keep people updated about the benefits you aquire from this.
Thanks for mentioning @heartbeatonhive
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I certainly will, but one thing at a time! 😁 Thank you for stopping by.
Absolutely have the best one wishing much success 👍
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Good post, well written =)
Thank you so much!
As a Tolkien fan, I admit I was intrigued from the word Elrond !CTP !BEER
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It happened before, sorry to disappoint. I did it even worse, first I heard about Elrond I was confusing them with ENRON 😁
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BEER.Well... I've heard about Elrond before, but it was in the Middle-Earth... AFAIK, he runs a pretty homely house in the middle of the forests 😂
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😆😆😆 You are not the first one to say that, but that's still much better than my reaction. When I first heard about Elrond I confused them with ex ENRON which is a lot worse if you know who they were.
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I had not heard of Elrond before. I appreciate the information, I will have to research it some more. Thank you for sharing.
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@drlobes I'm barely trying to catchup with the growth on HIVE lol, but it still blows my mind how much is out there regarding blockchains and crypto. Great to know there are a few worth keeping an eye on.
!CTP
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This was an easy one for me as it's so close to home but right now Elrond has a big follow-up not only in Europe but US and Asia as well, I have big hopes for the next bull run. Thanks for stopping by!
I had already heard of this blockchain, but I have never been interested in it. I didn't know it was a Romanian blockchain, thanks for the information.