Elrond builds the internet-scale blockchain right now
It all started with Ethereum. Vitalik Buterin was the first to create a platform that can automate transactions on the blockchain through smart contracts. This would allow companies to simplify business processes and reduce costs. But in practice, it turned out that the platform is not able to cope with a high load, and the cost of transactions can reach several dollars. Therefore, the financial sector requires more flexible, scalable and productive smart contracts — thus companies’ profits and efficiency will be increased.
More and more companies demand DeFi products to optimize their business, thanks to fast and cheap transactions, as well as technologies based on true ownership. Elrond introduced its own solution based on smart contracts and Adaptive State Sharding technology. The platform divides the network into independent segments (shards) that can interact with each other. This increases transaction security.
Read our article on Elrond if you want to learn more.
Why Elrond is the future of the internet-scale blockchain
We have highlighted several key features of the Elrond platform:
- High throughput — the Elrond network can process up to 16,200 transactions per second;
- Minimum fees — users will pay only $1 for 1,000 transactions. This is about 1,000 times less than average Ethereum fees.
- Updatable and portable smart contracts — developers can improve contracts and fix errors in the source code. In addition, smart contracts can interact with each other: transactions can be conducted between shards.
- High performance — the Elrond network operates on the Arwen WASM virtual machine — the most advanced one in the blockchain ecosystem.
- Royalty — smart contracts creators receive 30% of the gas that is spent on transactions related to their contracts.
“The next Google or Amazon may be one smart contract away”
Smart contracts can do everything accountants and brokers do, but much, much faster. Operating costs will also be reduced manyfolds. As soon as the internet-scale blockchain is ready, new brands will enter the arena to compete with the current tech giants. They will be able to provide fast and cheap payments, which will ultimately reduce the cost of goods and services.
Quick comparison of ETH and Elrond
The Elrond’s advantage is quite obvious. It is this platform that is best suited for creating the internet-scale blockchain. Elrond provides many different frameworks and tools for DeFi applications developers — all this helps to improve the Internet and bring it to a fundamentally new level.
Note. We compared Elrond with the original Ethereum blockchain. ETH 2.0 is coming, we talked about it in our blog, and even compared it Ethereum 2.0 and Elrond.
Elrond presented its Dev Toolkit, which includes a whole set of libraries, frameworks, applications, and programming languages that provide great flexibility for blockchain developers and ecosystem users.
The updated Dev Toolkit components will facilitate development of smart contracts and applications, as well as interaction with the Elrond blockchain. Developers will have access to a variety of API keys and tools for products debugging and testing.
The project is currently being prepared for the ecosystem launch, after which all the platform features and developer tools will be available. After successful integration of all DevToolkit components, the Elrond team will present them to the community. It will happen in a few weeks.
The Everstake team actively works on the development of the Elrond network and participates in marketing events, as well as develops products that improve the platform. Everstake has launched its Elrond validator, to which tokenholders can delegate their $eGLD tokens, receiving up to 36% per annum.
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