Elrond Q3 Report

Beniamin Mincu
Oct 4 · 4 min read
Elrond Q3 Report

Dear friends,

Please find the latest information about the progress of Elrond in Q3 2019.

Main highlights:

  • TechTechnical development is going very well. We’ve implemented State sharding and Secure proof of stake. Several VM’s are integrated and we’ve reached unprecedented results for smart contract transactions. We continue to push on this front, and are excited to be on track for launching mainnet targeted for December
  • Validators & dev — Number of validators have been growing steadily in preparation for the Battle of Nodes competition, first economics proposal has been presented, and staking calculator released by the community. Several dev tools have been in the works, and will be released in the coming weeks
  • Biz — We secured 9 partnerships with relevant crypto projects, like Chainlink and Holochain, and blockchain alliances, like IoT Alliance & Binance Chain Alliance. Additionally we have been working with a few large renowned enterprises on some substantial collaborations we intend to announce in the coming period
  • PR & Exposure — Elrond has increased presence at the top blockchain events, strengthened its reputation, and has been featured in top technical and crypto press outlets
  • Community — Elrond has seen significant growth on all relevant community channels, with tens of extremely passionate members going the extra mile, and supporting Elrond on all fronts — big shoutout to them
  • dApp — The first dApp built on a sharded architecture called CryptoBubbles.io has been very well received by the community. We had several gaming tournaments, and will continue to do others in preparation for the mainnet when the game will be played with real money

General outlook:
The Elrond project has earned a strong reputation in the crypto community. We have launched several testnet versions, discovered hundreds of improvements, and have moved fast to implement them. Consistent effort put in by the entire team have helped us implement a state sharded proof of stake architecture that can process cross shard transactions, as well as smart contract transactions, something that has not been achieved before.

Elrond’s public testnet has hundreds of external validators and active community members that speed up and contribute to this process. We’ve put forth an exciting Battle of Nodes public testnet competition, with a $50k prize pool, which will attract even more attention, help us strengthen the network, gather a large validator set and bootstrap a robust mainnet.

After benchmarking Elrond’s virtual machine against all other major VMs — our latest WASM implementation achieved the highest results. Further more Elrond reached a peak of 65.000 transactions per second in a lab environment with more than 1.000.000.000 (billion!) transactions processed in 96 hours. For perspective, Bitcoin processed 455 million transactions in 10 years.

Furthermore, Elrond has made significant progress on the business development side preparing several collaborations with major enterprises from around the world. We have also been invited to join several high profile alliances such as the Binance Chain Alliance and IoT Alliance, and has entered into several partnerships with reputable projects like Chainlink, Matic and Holochain.

Complementing the above, Elrond has been featured in the industry press, independent blogs and social media with overwhelming positive sentiment. Elrond’s community is not only growing on all relevant channels and meetups, but we are also grateful for a few very passionate community members who have gone the extra mile, and have supported Elrond on many fronts.

The promising launch on the Binance IEO platform, the positive returns & trading volume in spite of recent market downturn, coupled with consistent efforts on technical, business development, marketing and community fronts, are all adding up and suggest a very promising outlook for Elrond.

Last but not least, a small 2.93% token supply will be unlocked for the strategic investor’s round today & and we are very excited to explore a pre-mainnet staking program about which more news will be released soon.

Bonus challenge for our key supporters: we need your help to spread the news about the Battle of Nodes competition!

Thank you for your continuous support!

Q3 Report slide

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

For more information, please visit us:

Elrond Network

A scalable value transfer protocol for the digital economy

Beniamin Mincu

Written by

CEO, Elrond Network

Elrond Network

A scalable value transfer protocol for the digital economy

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