Why Elrond Could Be Better Than The Other Blockchains
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.
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How Are The Network Roles Carried Out?
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.
- Validator: They are nodes on the network that execute transactions and secure the network by participating in the consensus mechanism. Validators earn rewards from the protocol and transaction fees. They need to put EGLD tokens as collateral in order to become part of the network.
- Observer: They either valuate the entire blockchain or only particular blocks of the chain.
- Fisherman: They are responsible for challenging invalid blocks if any, as a result of malicious actors. However, they also receive rewards for the same.
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Road Map That Could Impact Elrond (EGLD) Price
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:
- Q1 2021: Launch of Maiar and staking
Maiar is basically a wallet aiming to manage EGLD payments, staking and the network’s DeFi products.
- Q2 2021: ESDT tokens, core components of dApps, Maiar login, and phase 3.5 of staking.
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.
- Q3 2021: DEX, De-Fi, and bridges.
The Maiar DEX is scheduled to be launched on or before 30 September 2021.
- Q4 2021: New features for Maiar app and launchpad, De-Fi 2.0
- Q1 2022: Onchain Governance, and fourth phase of staking.
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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