We will give you a broad overview of Elrond which will illustrate why Elrond is a highly interesting project for us to build on.

Overview

First things first: what is the Elrond project? A (relatively) young Blockchain project, launched in July 2020. So far, so uninteresting. What’s more interesting is the Why part! The Elrond team tried to overcome the limitations of existing Blockchains, such as high transaction fees, poor scalability and low throughput amongst others. So they decided to build their own Blockchain.

But there is one thing that stands out at Elrond: the focus on AccessibilityAccessibilityMaiar App. If you have been around for some time you know how cumbersome it can be to set up a new wallet, interact with the Blockchain and let alone pay your friend back for a beer (don’t try this on Ethereum!). And that’s where Elrond's Maiar App comes in.

Under an intuitive UI, you’ll find all features you need when using a wallet. This includes quickly and securely setting up a new wallet and managing multiple assets, as of now EGLD, BTC, ETH and BNB (also MEX and WUSDC to make the list complete).

Moreover, you can assign a herotagherotag, which can then be used to refer to your account instead of a long address which is hard to remember.

You can even use the earnearn option in the app to stake EGLD directly in the app. Furthermore, you can connect to your Maiar wallet on websites that offer WalletConnect.

On top of that, you can transfer money with a tap, and more importantly very quickly. And that's because of the intelligent design of the Blockchain, which enables really low fees and high speed.

The Ecosystem

But that’s not half of it! Elrond recently launched a Decentralized Exchange (DEX)Decentralized Exchange (DEX) on their on Blockchain. For now, the number of trading pairs is limited but it is only a matter of time until there is an expansion.

All of that has been achieved with the support of a great community. This came, for example, in the form of Battle testing the DEX before the official launch on the Main network.

Launchpad

With the launch of the DEX, Elrond published a LaunchpadLaunchpad. Projects building on Elrond can use it to offer their own tokens and organize their launch while being supported by the Elrond team and the Elrond community. It is designed to bring new projects to the ecosystem and help them grow and get known by the community.

Partnerships

Whether it is in the Financial Industry, Artificial Intelligence, Sports, Blockchain Games or the Metaverse, Elrond has a great stack of partnerships that support the ecosystem that's built on the Elrond Blockchain.

Elrond In Numbers

So far so good, sounds a lot like a personal opinion, you might say. Let us give you some numbers to support the claims of easy to use, getting popular, cheap transactions, etc.

As of today, Elrond has more than 1 million addresses in use on the Blockchain, and has registered more than 15 million transactions. And if you want to add a transaction to that by sending your friend that beer money, you’ll just have to pay around 0.02$ in fees.

What we did not mention earlier: you can of course mint your own NFTs and (fungible) Tokens on Elrond!

The Journey Ahead

One downside of Elrond being a young project is the lack of DApp projects and that the DEX is lacking assets to trade, but Elrond is in a phase where more and more projects start building on Elrond and becoming part of the growing ecosystem.

That has been a very broad overview of some aspects, which made us choose Elrond as our base for the implementation of our project. However, what makes the past success and the rapid growth of Elrond possible is the underlying Blockchain technology. You can read all about that in our follow-up blog post, which is a deep dive into the innovative Blockchain technology behind Elrond.

With that being said, we are happy to be building on Elrond and becoming part of the ecosystem with its supportive community!

Gaupa Labs

Twitter    Telegram     Youtube    Instagram    Linkedin    Website