Elrond’s Innovative Expansion for a Fast and Scalable Network
Elrond Networkwas founded by the Mincu brothers, Benjamin and Lucian, together with Lucian Todea, in 2019. A blockchain protocol that aims to offer breakneck transaction speed through sharding, is the first project that focuses on the new internet, including fintech and decentralized finance (DeFi). Elrond’s Layer 1 blockchain network has already reached carbon-negativity and low fees, even in the most congested intervals, running 100,000+ transactions per second (TPS) at a cost of $0.001. Elrond’s native token, eGold, or EGLD, is used for network transaction fees, staking and rewards.
To further secure a faster, scalable and secured blockchain, Elrond has launched innovative strategies, including Adaptive State Sharding and Secure Pos algorithms that propose linear scalability plus an adequate consensus mechanism. The company has also entered into a partnership with Cardano bridge by Ardana, to enable cross-chain smart contract functionality. And to extend its goal of maintaining a positive impact on the environment, Elrond has also partnered with Offsetra to reduce carbon emissions on the blockchain.
What’s new on Elrond?
The latest addition to Elrond’s expansion is Capital Financial Services S.A., which is the first e-money licensed firm in Romania. This company is accredited to operate an Electonic Money Institution (EMI) across Europe, and it is a principal member of Visa and Mastercard. The firm caters to payment solution services for over 300 dealers, like the Romanian airline, Blue Air. The company can also offer user accounts with IBANs, e-payments and debit cards. This acquisition will provide Elrond with broader access to monetary services, while fully complying with the current regulations. The final step for Elrond to acquire Capital Financial Services S.A. is to acquire permission from the National Bank of Romania.
E-money is one of the chosen options for fiat currency alternatives for payments and e-commerce. Elrond (EGLD/USD) seeks ways to improve the utility of this trusted and governed value transfer framework, by integrating it with a blockchain technology that is fast, scalable and cost-effective.
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