Posted 1 year ago | by Ben Armstrong
Elrond's Growth Continues as its Mainnet Launch Gets Closer
Now that the Bull run appears to have started and the crypto world is looking at higher prices, there is a project that has shown incredible resilience to the downward trend of other DeFi projects: Elrond.
To learn more about the different reasons behind the current bull run, what to expect in the next days, Elrond, and Bitboy’s predictions for all of these, make sure to watch the latest youtube video:
The Bull run May be Here!
Bitcoin’s value skyrocketed on July the 26th by surpassing the $10k while Ether did the same with the $300 mark, which seems to indicate the start of the bull race that the crypto community has been expecting for a while.
With Bitcoin going further than expected and surpassing the $11k mark briefly and still being pretty close to it, most Decentralized Finance (DeFi) projects took a hard hit as a result of BTC’s pump with MakerDao being the most notable exception.
One of the DeFi projects who did not experience such a hit but thrived under the turmoil caused by the current conditions was Elrond.
Elrond is Aiming to Bring Scalability on Blockchain to a Whole New Level
The incredible growth and adoption this altcoin has experienced is the result of the massive potential and variety of uses cases the blockchain has to offer the crypto ecosystem.
Launched in July of 2019, Elrond was conceived as a public blockchain focused on providing great scalability, interoperability, and high throughput to create an alternative to centralized networks with better performance and privacy.
Elrond operates by using a combination of Shards, MetaChains, and Nodes, all of the components of the network’s structures that provide versatility and advantages at different levels.
In combination with the 3 different roles existing within the network (Validator, Observer, and Fisherman), the network provides a solution that eliminates energy and computational waste, scaling limitations, and security vulnerabilities.
Elrond’s Most Important Milestone Yet is Almost Here
As the launch of its mainnet approaches after 2.5 years of hard work from its development team, Elrond has been gaining increasing attention and support from investors which have reflected in its value ad market capitalization gains.
This milestone will mark the platform’s transition from experimental technology to a revolutionary and iconic technological advancement that Elrond’s team describes as “from Zero to One”.
The mainnet will be ready for launch on July 30th of 2020, with the last 4 weeks seeing the announcement of important partnerships that have boosted the platform's exposure and growth.
The Elrond team announced the launch of the Genesis event in preparation for the mainnet release, which aims to attract validators by offering them rewards in by reopening the stacking program.
True Innovation Requires Creation
Elrond developed its own technology with this purpose in mind and called it Adaptive State Sharding, which in combination with a Secure Proof of Stake consensus algorithm provides users with the speed necessary to execute transactions efficiently.
Adaptive State Sharding takes into consideration the advantages of different sharding types: State, Transactions & Network. By combining these 3 types of sharding in an intelligent and adaptable manner, Elrond can improve communication between shards and increase performance by using parallel processing.
Secure Proof of Stake removes the necessity of using miners as in the case of Proof of Work algorithms, reducing the waste of computational power and increasing security by reshuffling nodes into other shards randomly.
Elrond also uses a dedicated smart contract execution engine known as Elrond Virtual Machine (Elrond VM). Build on WebAssembly (WASM), it allows developers to interact with it by using different languages such as Rust, C/C++, C#, and Typescript, providing ease of adoption and integration with other projects.
One Token to Rule the Network
Elrond is a project that has obliterated charts over the last month with the incredible growth of its native token: ERD.
The token goes beyond a mere medium of exchange between users and developers by allowing holders to participate in the governance of the network, staking, completing transactions, creating smart contracts, and receiving validator rewards.
ERD’s value experienced a massive increase in value with a gain of 1773% and a market cap gain of 2250% in the last 3 months.
The coin is currently in rank #37 by market capitalization according to CoinGecko just 180 days after being in the top 200, a climb backed by multiple events such as the Initial Exchange Offering in Binance and its listing in Crypto.com.
With ERD being listed in major exchanges and enabling users to trade, buy, and sell the native token in them, the ease of acquisition Elrond has been trying to provide users with was successfully achieved.
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