Institutional grade token exchange eToroX will list Elrond’s eGLD token later this month, with the token going live for trade on December 23, 2020. eGLD will be traded with the largest tokens on the planet via the eToroX exchange, which will likely allow Elrond to continue its platform’s expansion.
Elrond is addressing some of the most important challenges in the crypto world. Its blockchain is able to achieve a transaction rate of 15,000 per second, and the blockchain has been demonstrated a transactions per second (TPS) rate of above 250,000 in public trials.
To put this in perspective, the Bitcoin blockchain can handle around seven TPS, and the current version of Ethereum is able to do 15 TPS. Needless to say, these transaction rates are far too slow, which is why Ethereum is currently working on a new Proof-of-Stake (PoS) based architecture in its ETH 2.0 development program.
Elrond is Fast – and Building a Solid Ecosystem
Elrond uses Secure Proof of Stake (PoS) and an Adaptive State Sharding mechanism to creates the kind of TPS rates that make it a stand-out platform for retail-level decentralized transactions. In fact, these two technologies are at the core of the ETH 2.0 development program, which is years away from yielding anything that can be used by the general public.
The CEO & Founder of Elrond Network, Beniamin Mincu, commented,
“In its 10 years of existence Bitcoin has proven that cryptocurrencies are secure and can serve an important purpose in the internet economy. Elrond opens up a new frontier offering internet-scale blockchain performance, and an intuitive application called Maiar, through which we aim to bring the next billion people to the blockchain space.”
Maiar was introduced to the public earlier in 2020 and is scheduled to go live by the end of January 2021. It is a wallet and payment app that could be compared to a platform like Google Pay, PayPal, or Venmo, although it offers some clear advantages over these centralized platforms.
Fast, Scalable and Secure
It is clear that Elrond has created a platform that is able to function as a global payments network, and has approached the design process with security and scalability in mind. The simple fact is that established payments systems are bound by numerous regulations, and new platforms like Diem (formerly Libra – still backed by Facebook) will face massive regulatory hurdles.
One of the things that Bitcoin got right was its level of accessibility. There aren’t gatekeepers on the Bitcoin blockchain, and this has been a major benefit for the platform. In theory, Bitcoin can address problems like the unbanked masses of poor who are excluded from the banking system, but from a practical perspective, Bitcoin is just too slow.
A payments platform that can help the masses access financial services needs to be easy to use, inexpensive, and extremely fast. With the listing of eGLD on eToroX, and the launch of Maiar early next year, Elrond is moving closer to offering an integrated payments ecosystem to the global economy.
Liquidity Options for eGLD
The numerous instruments that are listed on eToroX will help eGLD become a far more liquid token, as investors will be able to swap it for a number of deeply liquid assets, the major tokens like BTC and ETH included.
While Elrond and its eGLD token aren’t likely to unseat Bitcoin or Ethereum in the short term, the kinds of advantages that the company built into its ecosystem are exactly what a global payments platform would require, which makes paying attention to both the company and eGLD a good idea.
For more information on Elrond you can visit its website by clicking here!