Recently, Elrond also announced the launch of its digital wallet and global payments app dubbed Maiar, scheduled for Jan. 31 2021.
Elrond is the internet-scale blockchain, designed from scratch
to bring a 1000-fold cumulative improvement in throughput and execution speed.
To achieve this, Elrond introduces two key innovations: a novel Adaptive State
Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling
linear scalability with a fast, efficient, and secure consensus mechanism.
Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with
6-second latency, and negligible cost, attempting to become the backbone of a
permissionless, borderless, globally accessible internet economy.
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Elrond is the internet-scale blockchain designed to bring a
1000x improvement in throughput and execution speed over existing decentralized
networks.
Elrond is
a public blockchain that has delivered the first truly scalable sharding
architecture solution, which is able to deliver more than 15,000 transactions
per second and can scale even further, having achieved 263,000 transactions per
second in public tests.
Compared to the 7 transactions per second of Bitcoin and 14
transactions per second of Ethereum, the top two cryptocurrencies at this time,
Elrond is akin to what broadband internet was to the early days of slow
internet connections.
Maiar, the digital wallet app for iOS and
Android devices, provides financial services such as payments, investments, and
passive earning. The application does not require any subscription or
paperwork, does not collect any personal information, and uses Elrond's high throughput
and inexpensive blockchain technology to provide near-instant transfers all
over the world.
Maiar stands out from other blockchain-based wallets, which
require writing down complex 24 words passwords, and other un-intuitive sign-up
procedures, that are unappealing for non-technical users and dissuade
newcomers.
By contrast, Maiar creates a unique and secure account on the Elrond blockchain using a cryptographic
hash of the user's phone number, without the phone number leaving the device.
At the end of a few seconds, the user has a usable blockchain wallet for
sending and receiving money using their phone address book.
Through gamification and progressive security, the user is
further encouraged to strengthen security, add a pin, biometric authentication,
and encrypted backups. Maiar will also implement social recovery, allowing
users to restore their wallets on a new device using their trusted contacts.
Maiar thus becomes the decentralized version of popular apps
such as PayPal, Venmo, Revolut, and Google Pay, offering the same features but
without collecting any personal information, and charging negligible fixed fees
instead of a percentage of the transacted value.
The first killer app running on Elrond is the spearhead of the
network's accelerated expansion. Touting the first fully sharded blockchain
architecture that can operate at internet scale, Elrond thus positions itself
for accelerated user acquisition at the height of what is expected to be the
most impressive bull market since 2017.
Through Maiar, Elrond is positioned for an accelerated growth
period, aiming to gain widespread mainstream adoption because in addition to
crypto, the app aims to gradually provide the same features as PayPal, Venmo,
and Google Pay but without collecting any personal information and at much
lower fixed fees.
Beniamin Mincu, CEO & Founder of Elrond Network said: "In its 10 years of
existence Bitcoin has proven that cryptocurrencies are secure and can serve an
important purpose in the internet economy. Elrond opens up a new frontier
offering internet-scale blockchain performance, and an intuitive application
called Maiar, through which we aim to bring the next billion people to the
blockchain space."
To find out more, visit the Elrond website at www.elrond.com
Join Elrond on Telegram: https://t.me/ElrondNetwork
Keep up with Elrond on Twitter: https://twitter.com/elrondnetwork
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