This Eastern European proof-of-stake upstart believes it has better technology than Cardano, EOS, & Algorand.
Elrond (ERD) believes it has what it takes to overcome the behemoths of the proof-of-stake, or PoS, world.
This Romanian PoS blockchain raised $3.25 million in an Initial Exchange Offering, or IEO, in July 2019. Elrond CEO, Beniamin Mincu, told Cointelegraph that Binance’s IEO process was very tough. He explained though that through perseverance, the project was able to raise the necessary funds, and receive significant exposure.
Ethereum 2.0 — ahead of schedule
Elrond’s technological stack reads very similar to what has been anticipated for Ethereum (ETH) 2.0 — sharding, secure PoS, a virtual machine; however, Mincu drew a number of distinctions between the two:
“It is similar. But the difference is essentially that Ethereum is trying to launch this in two years, where Elrond is launching this right now. So we have finished the whole technology. Everything is working. We can process 10,000 thousand transactions per second right now.”
Elrond claims to have better architecture than other PoS blockchains
When asked about how Elrond is going to compete with much bigger PoS projects such as Cardano (ADA), EOS (EOS) and Algorand (ALGO), Mincu said:
“I would think that compared to all the other ones, Elrond has a much more fundamentally performant architecture. So we beat them in any way you can measure, second, from a resource reward perspective for PoS architectures, we have a more competitive reward system right now for validators.”
Mincu believes that one of the keys to the success in this space is user experience, and he says that Elrond has a big advantage there. Not only to succeed against other blockchains, but to take adoption to the next level as well.
