Elrond Blockchain’s Mainnet, Boasting 260,000 TPS, Goes Live
The mainnet of Elrond, which touts to be a high performance blockchain venture, is scheduled to go live today, in addition to a unique DeFI application, staking and a stack of distinct features.
Its ERD token skyrocketed in July in anticipation of the much anticipated rollout.
The launch tracks triumphant testnet with over 1,500 nodes in 29 nations and 50 shards, operating in an ultra-fast manner, with a top transaction speed of over 260,000 per second.
Elrond intends to attain worldwide scalability for currency markets.
The rollout modifies the economic model of the token by substantially minimizing the token supply to 20 million, from 20 billion. In the next decade, the token issuance rate will step by step decline from roughly 10% in the initial year, until no further tokens are delivered.
A rough assessment indicates that 40,000 users have already signed up to receive the mobile and web app named “Maiar” that will be incorporated in the DeFi covenants with a wallet, lending and staking characteristics.
With only a mobile phone number, users can enroll to benefit from advanced safety features, including naming “guardians” to administer multi-signature wallets. Elrond, being a high security, huge bandwidth, and extremely low latency blockchain ecosystem, is boasted as a substitute to prevailing worldwide economic framework.
It asserts to be the initial venture to deploy flexible sharding and safe proof-of-stake (SPOS) technologies to attain both swiftness and protection.
It is created using normal sharding technology, a phrase used to refer horizontal scaling, to cover three kinds of sharding, namely transaction/processing, network/communication, and state/storage, in what it refers as “adaptive state” to attain remarkably large output. Elrond’s native token ERD, has surged in July on hopes of successful mainnet launch.
In July, so far ERD token has appreciated by roughly 350% to reach a record high level of $0.029, reflecting a market cap of about $340 million.
— elrond (@ElrondNetwork) July 30, 2020
After the token supply gets reduced by a multiplier of 10, prices may receive a boost, particularly when stakers start getting rewarded. Major cryptocurrency exchanges are backing the staking program and Crypto.com has announced a scheme to pay 6% interest on short duration deposits.
Bitfinex to support Elrond Staking
Bitfinex will open Elrond ($ERD) deposits at 9:00AM UTC on 17/08/2020 and support staking soon thereafter.
— Bitfinex (@bitfinex) July 29, 2020