Elrond is a blockchain platform with an aim to offer faster transactions speeds by sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, De-Fi, and IoT. The smart contracts execution platform is capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost.
The ecosystem executes the processing from all three sharding types: State, Transactions, and Network. The three sharding types help in increasing the throughput. Each shard is responsible for a portion of the state and transaction processing so that every shard can process only a fraction of the transactions in parallel with other shards, hence reducing the time for transactions.
The platform runs on the Proof-of-Stake (PoS) mechanism. The Elrond VM that stands for Elrond Virtual Machine is a smart contract execution machine built on WASM. It is expanded from the family of programming languages available for smart contracts developers that include C/C++, C#, Typescript, and Rust. Consequently, this means that smart contracts can be written in any language, and compiled with WASM, and debug its WAT human-readable format.
The network roles are designed to be carried out efficiently in segments, with an aim of reducing the time period to a greater extent. According to Elrond’s official website, the following are the various roles a contributor can have in the ecosystem.
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Elrond has a pretty long way to go and has just started with its development offlet. The road map of the platform for 2021 and Q1 of 2022 is as listed below:
Maiar is basically a wallet aiming to manage EGLD payments, staking and the network’s DeFi products.
Phase 3 of EGLD staking that rolled out earlier this year increased the number of validators to 3200 and also more than 2500 EGLD tokens can also be staked per validator node.
The Maiar DEX is scheduled to be launched on or before 30 September 2021.
Summing up, Elrond is built with an aim of executing transactions at a faster rate, and the technology is designed considering the goal of the platform. The ecosystem is energy efficient and eliminates computational waste, which gives it an upper hand over its rivals.
Elrond(EGLD) price is at $253.97, the trading volume for 24-hours stands at $285,181,033 at the press timeElrond is built with an aim of executing transactions at a faster rate. Moreover, the return on investment is a staggering 1378.13%. The upcoming events and upgrades could fuel the EGLD price rally towards $500 probably by the fourth quarter of 2021.
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