Elrond Review: New & Notable Crypto by The Altcoin Agency
Reviewing coins recently brought into the mainstream crypto markets.
This article is the first in a series called “New & Notable Cryptocurrencies” as part of launch sprint by The Altcoin Agency to bring quality content from businesses to users, offering technical writing, translation, whitepapers, and more to blockchain companies. Follow @AltcoinAgency on Twitter to get future updates and business inquiries.
One of the most dominant recent memories of crypto is arguably the massive bull run of late 2017. This was the time that Bitcoin was at an all time high of $20,000. As memorable as that was, it’s challenging to recollect that this was 18 months ago. Time flies fast in the world of crypto where companies and projects have an uphill battle to maintain their shelf life where even good projects with use cases, funding, and marketing can go under. This was largely the case after 2017 with ICOs, where they received more money than anyone could ask for, but never capitalized. The same is true for other projects that couldn’t solve issues like scaling in their network. Fast forward to 2019, Elrond, a new and notable coin listed on Binance, is trying to solve exactly that.
The Latest IEO
On one sense, ICOs are still here but have relatively waned from the general scope of retail crypto investors. That being said, the newest lineup of investment opportunities is through Initial Exchange Offerings (IEOs). In many concepts of the phrase, we realize that these are basically ICOs attached to an exchange. However, having the full (assumed) faith of an exchange is much better that a random coin with a good marketing tactic for a token sale. This is where Elrond already has an upper hand.
The Elrond project is the latest of IEOs on none other than Binance, who most likely gets credit for hosting the first concepts of exchange based offerings. With that being the case, Elrond is very young in its mainstream visibility, coming out with a bang on the Fourth of July. Straight away, they have reached the top 200 coins. Checking social media and analytics, Elrond, under the ticker ERD, has generated the fanfare that most coins dream of so early in their launch.
What Makes Elrond Truly Different?
IEOs are still relatively new and generate a lot of hype, so much so that many tend to pass by what the offerings actually…well…offer. So what is Elrond exactly, what is special about them, and why were they chosen as The Altcoin Agency’s first “New & Notable” coin. Well two reasons: the first is that The Altcoin Agency gave a poll up for community vote of four coins considered for importance, of which Elrond received the most votes by a landslide (63%). This means it was popular among analysts and retail investors alike. The second reason is from its unique way to solve how blockchain technology works.
Elrond is a blockchain that tries to solve the issue of sharding, which has been problematic in Ethereum and goes beyond other sharing blockchains like Zilliqa. They have designed their blockchain to do this by adapting two different concepts: Adaptive State Sharding and Secure Proof of Stake.
What is Adaptive State Sharding? If you are unfamiliar with current issues with blockchains, the most significant one is the issue of scaling — working efficiently at a larger scale. This wasn’t an issue before but now that cryptocurrency and blockchains are more popular at their structures are typically not built for efficiency (but immutability), adapting to popularity is the next big hurdle. Adaptive State Sharding is taking the idea of sharding (the process of partitioning a blockchain into segments for faster processing) and creates the concept of changing the sharding rules based on population or demand changes. It takes a record of the state and operation of the Elrond blockchain and modifies itself based on what it sees to make itself more effective. This purpose is to solve the issue of scaling on multiple levels instead of just one.
So what is Secure Proof of Stake? You may have heard the term Proof of Stake (POS) before which is a common governance concept on popular blockchains. Elrond in a sense is an advanced type of POS, which uses block validation integrity that weighed by how many tokens a node is holding. Secure POS takes that another step further by adding additional factors that create validity. This secure layer functions in three ways:
- a reduction in latency that allows the nodes themselves to determine a consensus during a new “round” of validation
- a concept called “rating”
- uses a multisig during the signing stage
These theee concepts plus Adaptive State Sharding provide a great mix of scalability and security that’s built with the future in mind.
Plans & Roadmap
Some of their plans for 2019–2020 look promising and are as follows:
- Public Testnet Launch
- Game dApp
- Shard Adaptability
- Mainnet Launch
- Elrond DEX (Q1 2020)
I hope you enjoyed reading about Elrond as part of the “New & Notable Cryptocurrencies” from The Altcoin Agency. Look forward to more coins in the future.
To discover more about Elrond:
- Website: https://elrond.com/
- One Pager: https://elrond.com/files/Elrond_Onepager_EN.jpg
- Twitter: https://mobile.twitter.com/elrondnetwork
About Altcoin Agency
Crypto Otsukimi is a Writer and Analyst that is passionate about all things crypto and tech. His formal research experience made it possible to be a self-taught cryptocurrency trader.
Otsukimi focuses a lot on technical and fundamental analysis, with a practical emphasis on how crypto is an ethical step forward in finance and technology.
Some of his background includes professional photography, mobile development and trading bots, and planning humanitarian projects in Southeast Asia.
Follow Otsukimi on Twitter
For more Crypto Otsukimi articles like this Elrond Review, click here.
The Daily Chain – Inform. Educate. Succeed.