Elrond Network
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Elrond Network

Our Q1 2020 Report is here

Dear Elrond Friends,

The Elrond quarterly report for Q1 2020 is here. We have performed several audits, refined our ecosystem growth strategy, multiplied business partnerships, while maintaining laser focus on the Elrond architecture development, to the point where it is now ready to launch.

Main points:

  • Our mainnet bootstrapping process started with $ERD pre-staking, and 77% of our prestaking target has been filled at time of writing.
  • Trail of Bits, a high profile security firm with customers like Facebook & DARPA, performed two security audits. Additional security, architecture, economics & code audits were performed.
  • We shipped Battle of Elrond, the Samsung exclusive blockchain native mobile game which allows users to earn & cash out $ERD.
  • Our growth strategy includes 30% built-in royalties for smart contract devs and 40% APR for node operators. For more info on the latter you can check our Staking Calculator.
  • We have established partnerships with digital healthcare & computer vision providers.
  • Development of the Elrond architecture has progressed very well despite the Corona outbreak, and we have now reached a genesis feature complete version, processing above 11k TPS in the public testnet.

Next steps:

We will start building momentum in preparation for the mainnet launch outlining more about:

  • Minimalist wallet release
  • Genesis staking with attractive ROI
  • Publicly demonstrate performance & resilience in incentivized testnet

One more thing: Before minting the genesis block, we will also introduce a few exciting surprise features. More on that later.

Final note

Last milestone: For more than 2 years we have worked anticipating this moment, and cannot be more excited to say that the Elrond Genesis will start once the network will demonstrate 15 days of uninterrupted resilience in the last Battle of Nodes competition.

We trust this report has given you a good overview on the Elrond progress and future plans. We hope you and your families are safe during these difficult times.

Take care and remember, this too shall pass.

The Elrond team

About Elrond

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 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.

For more information, please visit us:

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A scalable value transfer protocol for the digital economy

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Beniamin Mincu

Beniamin Mincu

CEO, Elrond Network

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