Elrond Brings its High Throughput and Fully Sharded Blockchain Infrastructure to the Trusted IoT Alliance
SANTA CLARA, CALIF., AUGUST 12, 2019 — Elrond, the technology company developing a new, scalable and more efficient blockchain platform, supporting negligible fees and a finality of just a few seconds, today announced that it has joined the the Trusted IoT Alliance (TIoTA), an ecosystem of more than 50 companies working together to build open source trusted systems for IoT with blockchain and related technologies.
TIoTA works to bring together Fortune 500 companies with innovators such as Elrond to develop standards, certification, technical advancements, and business opportunities for an IoT ecosystem.
Elrond network offers TIoTA members a high throughput, fast transaction speed and low transaction cost platform allowing the development of better user experience applications in real world use cases. Elrond believes that its high scalability, fast transaction speed and low transaction cost makes it well-suited for machine-to-machine transactions and the IoT economy.
Through its innovations in Secure Proof of Stake and Adaptive State Sharding, Elrond offers a high degree of scalability without sacrificing security. Elrond uses a number of Virtual Machines, supporting an unprecedented number of languages in which smart contracts can be deployed.
Elrond also offers a solution to compile and deploy Ethereum Smart Contracts to its platform. Smart contracts on Elrond are more bug-free as they are formally verified making the automation of transactions between IoT devices less prone to bugs or external attacks. Altogether Elrond is a blockchain that possesses the throughput capacity needed to support the massive volume of interactions that take place between IoT devices.
Beniamin Mincu, Elrond Founder and CEO commented: “Our immersion with the Trusted IoT Alliance is a significant step forward for realizing the practical and real-world applications of what Elrond Network can achieve. Alongside the likes of TIoTA’s enterprise, IoT and blockchain members, Elrond’s public, sharded blockchain can provide the infrastructure that is necessary for the digital economy to blossom.”
“Elrond provides a scalable value transfer protocol for the digital economy,” said Anoop Nannra, Chairman of the Trusted IoT Alliance and Head of Blockchain at Cisco. “We are thrilled to have Elrond join our organization and contribute to our collective goals to establish best practices for the market and to commercialize trusted initiatives.”
Together with enterprises and other technology enabling partners Elrond will participate in challenges, design and implementation of innovative technological solutions to real world problems.
About Elrond
Elrond is a new blockchain architecture, 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 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Elrond is built by a team of experienced entrepreneurs along with 13 engineers and researchers with significant blockchain backgrounds and technical experience at Microsoft, Google, Intel, and NTT DATA. The team includes two PhDs in CS & AI, multiple math, CS, and AI Olympiad champions, and a former member of the NEM core team. For more information, visit: https://elrond.com
About the Trusted IoT Alliance
TIoTA is a result of the collaboration amongst passionate technologists working to leverage blockchain infrastructure to secure and scale IoT ecosystems. TIoTA seeks to enable trust in the data produced by such IoT systems in a distributed ledger/blockchain agnostic fashion, thereby enabling a decentralized trust model for interoperable digitized identities of physical goods, documents, immobilized assets, sensors, and machines. Visit trusted-iot.org and search #tiotachallenges and #tiotamobility to learn more.
Evan Birkhead for Trusted IoT Alliance
evan@trusted-iot.org
+1–908–910–6988
Lucian Todea for Elrond
lucian.todea@elrond.com
+356–277–820–24
