Elrond intends to lead a decentralized communications network to use a smart contract substrate that prioritizes scalability and low transaction costs.
In 2017, Lucian Todea, Beniamin and Lucian Mincu developed and released Elrond. The Mincu brothers also launched a digital asset investment firm and ICO Market Data information aggregator, MetaChain Investments.
Elrond Use Cases
Elrond’s blockchain is specifically designed for the exchange, validation, and documentation of data produced during contracts, rights transfers, and other financial assets.
Elrond sets new benchmarks for user experience, scalability, security, and transaction speed.
- Decentralized finance
- Internet of Things
- FinTech
- Big Data
- Cybersecurity
Using a simple and convenient way, Elrond’s blockchain will help in quick and convenient transfers, Elrond will assist the community in generating returns. Elrond’s blockchain offers accurate information about the status and ownership of their assets to operators, regulators, investors and insurers. Big Data can be shared with other stakeholders without security risks thanks to Elrond’s blockchain. Also, since every data analysis is recorded in the blockchain, you don’t need to run the same study twice.
How is Elrond different from others?
- The use of Adaptive State Sharding, a type of horizontal partitioning that divides the network into smaller segments so that nodes can validate transactions and network activities by resolving one division at a time, makes Elrond special. As a result, the network can handle countless transactions per second by charging only small fees.
- Users can create new resources, decentralized applications, and low-cost transactions using Elrond. The project also stands out in that it allows scaling, three programming languages and enterprise-level Dapp.
Who are Elrond’s competitors?
Elrond’s competitors based on its use cases, differences, and also the reliability of blockchain and ease of use of blockchain. Some of Elrond’s main competitors are:
- Armoni
- glow
- Klaytn
