Elrond (ERD) believes he has what it takes to beat the giants of the world of proof-of-stake, or PoS.
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This Romanian PoS blockchain raised USD 3.25 million in an initial exchange offer, or IEO, in July 2019. Elrond’s CEO, Beniamin Mincu, told Cointelegraph that the IEO process at Binance was very difficult. However, he explained that through perseverance, the project managed to raise the necessary funds and receive significant exposure.
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Elrond’s technology stack reads very similar to what had been anticipated for Ethereum (ETH) 2.0: sharding, secure PoS, a virtual machine; however, Mincu made a number of distinctions between the two:
„It’s similar. But the difference is essentially that Bitcoin Method is trying to launch this in two years, when Elrond is launching this immediately. We’ve finished all the technology. Everything is working. We can process 10,000 transactions per second right now.“
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Elrond claims to have a better architecture than other PoS blockchains
When asked about how Elrond plans to compete with much larger PoS projects such as Cardano (ADA), EOS (EOS) and Algorand (ALGO), Mincu said
„I think, compared to everyone else, Elrond has a fundamentally more efficient architecture. Therefore, we outperform them in any way that can be measured, secondly, 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 success in this space is the user experience, and says that Elrond has a big advantage there. Not only to succeed against other blockchains, but also to take adoption to the next level.