Itheum is now part of the Elrond Network ecosystem

Itheum announced this Friday, March 11, through its Twitter account, that it is now part of the Elrond Network ecosystem.

Image about Itheum’s Twitter post

“Elrond’s primary goal and objective is to build the backbone for a transparent, low-latency, high-bandwidth financial ecosystem that is decentralized and accessible to anyone, anywhere. Its blockchain technology ensures that key functions are available by adopting two very important elements: Adaptive State Fragmentation and a new Secure Proof-of-Stake (SPoS) consensus mechanism”, he said in an article published on the Medium platform.

According to the company, Elrond is not simply a blockchain protocol that facilitates high performance but can also be conceived as a complete ecosystem of Fintech, IoT and DeFi (decentralized finance) and data that offers a secure and scalable platform to develop dApps (decentralized applications).

Key features

The company explained Elrond combines the power of all the key attributes unique to blockchain: a digital asset with the power to store value due to scarcity, programmable network with scalability and speed to support innovation.

In addition, he shared some of the key features:

1. Adaptive State Fragmentation

Elrond’s adaptive state fragmentation approach facilitates transactions at unprecedented speeds, paving the way for more complex products and services leveraging blockchain technology and smart contracts. When active usage grows and performance starts to clog, you can scale efficiently by adding additional shards to balance the load efficiently. Tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries clustered into 50 shares; sharding also allows for the facilitation of multiple transactions.

2. Minimal transaction costs

Another notable feature of the Elrond blockchain is its low transaction costs. This is a very crucial element to make blockchain projects compatible with the mass market and to ensure competitiveness.

Elrond has positioned itself, as well as the blockchain for the masses, with negligible transaction costs compared to any conventional payment solution, hovering around $0.001 per transaction.

3. Unprecedented speed

Blazing speed with low transaction fees makes Elrond stand out from any of its competitors. Its blockchain protocol for smart contracts and dApps can process over 15,000 transactions per second with a very low block time of around 5 seconds and fast completion for cross-shard transactions within seconds.

It also features a six-second latency, which provides minimal delays when making transactions.

4. Unmatched scalability

The main selling point of the Elrond blockchain is its high scalability. It is the first blockchain network in which state, network, and transaction shards have been implemented. This is a key requirement for project developers to scale blockchain projects globally. In addition, users also benefit from an optimal user experience, a fundamental requirement for customer acceptance of the technology.

5. High security

Along with speed and scalability, Elrond also ensures high network security with its Secure Proof-of-Stake (SPoS) consensus algorithm. Here, the nodes must stake their EGLD tokens (the native token of the Elrond blockchain) to participate in the validation process.

Each validator is assigned a rating score based on their past activity. Since validators are randomly selected, they cannot be predicted or modified based on the previous round of validations. In addition, nodes communicate using modified Boneh-Lynn-Shacham (or BLS) multiple signatures, ensuring strong cryptographic protection.

Also read: Chainlink and Etherisc Launch Joint Grant Program

6. Maiar Launch Pad

The Maiar Launchpad provides the ideal foundation for startups, hoping to become a catalyst for promising unique projects, technologies, and products that use the Launchpad and run on the Elrond Blockchain. Projects that are launched using the Maiar launchpad will have access to decentralized funding from the platform, while also gaining access to the Elrond community, investors, and other partners.

Elrond already has a vibrant ecosystem and strong community, and $ITHEUM IDO will take place on the launch pad. In this way, Itheum will be able to access all the features of the Elrond blockchain, which will allow both the project and the network to grow.

7. Elrond Ecosystem — Strategic Acquisitions

Elrond has been front and center in the blockchain space as they have made great strides in their strategic technology acquisitions to increase real-world adoption of their web3 application.

They recently made global headlines through their acquisition of Twispay, a Romanian payment company, granting it approval to issue electronic money from the National Bank of Romania. Additionally, Elrond acquired Utrust, a popular crypto payment platform, in January 2022. This will help Elrond grow its services for customers who use both crypto and fiat, while allowing them to make quick payments at virtually no cost to its users.

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