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.
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
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