Why we chose Elrond Network? -Home of our ecosystem
Choosing the infrastructure on which you build your projects and your whole ecosystem is a detrimental point and should be carefully analysed from the beginning. As innovative and efficiency-oriented the Blockchain technology is, there are some solutions that are more state of the art compared to others. Thus, we have deeply analysed which solution we should build upon and after a long period of search: Elrond Network is home of our ecosystem.
We have not only thought about the current status of the L1s, but we have also taken a moment to envision the development in time. It’s not enough to only suit our tech needs for now, it’s a critical matter to be constantly evolving. In this way, our assessment has not only put the Elrond Network in the spotlight of our best suitable Blockchain infrastructure at the moment, but the highly motivated team, keen on delivering extreme loads of valuable improvements, has proven to us that it will be a means for fostering innovation for us.
What are the criteria where all the other Blockchain can’t compete with Elrond? This blog tackles three important points regarding this question.
1. The Ecosystem
By putting down numbers on the table, there’s one clear thing: some tremendous growth is happening on the Elrond chain. 850k accounts and 10,4M transactions — all achieved in approximately 1 year and a few months since the Mainnet has been launched. (Compare this with Avalanche, Near and NEO a few hundred thousands/year). The user metrics are there. Quite impressive, but what it’s even more than that is: its ecosystem engagement that’s truly through the roof.
The social media pages, telegram channels and posts engagement are a clear proof for that. Most often, Elrond reaches a 10x bigger engagement in whatever it does. On top of that, what we can disclose you here: look at the more technical announcements: the community seems to be delighted of the tech flavour and impressive technological integrations. So if you would like to kickstart an innovative project- this is the place to be.
Let’s take a look first on the Elrond tech applications regarding our NFT collection and then expand it over the use cases at a later stage. We all know the Ethereum prices and we all know the fact that they are expensive and pretty much everybody complains about them. However, there is some value too: projects start there because of the community. But wait: we have just reviewed the strong engagement and flourishing community of Elrond Network (For instance Picolo research has ranked the Elrond community second after Cardano by engagement rates).
The above means that only the Tech Aspect should be a differentiator here. Let’s dive straight into this topic. Sharding and Proof of Stake are concepts that are long ago debated. They have appeared in early Ethereum papers and in independent scientists paper like Nguyen et al., however Elrond has been the first layer 1 infrastructure that has managed to combine this two concepts live on the Mainnet. This architecture has not only proven itself viable and scalable (being able to process 15.000 TPS on the Mainnet), but it had also been safe and sound with 0 downtime, while running on 3200 validators across the world. Cost efficiency? Cost per transaction is 0.00005 $EGLD equivalent to $0,01500. Concluding here: Elrond has managed to combine economic efficiency with decentralisation on a highly potent and scalable architecture. Having a technical background, these matters have deeply impressed us!
3. Carbon Negative
It’s not a secret. Everybody blames the PoW architecture and its high consumption of energy — of course all of this doesn’t come without a reason. Fact: mind blowing but true: Bitcoin consumes more energy than Argentina. That means, whenever you are using a PoW network to execute a simple transaction on Bitcoin or to develop a product or to mint an NFT on Ethereum, you are contributing to this irreversible environmental damage. It’s such a pity that such an innovative technology comes with this drawback.
However, the last through years of hardcore work has also brought up solutions to this issue. In this way, Elrond not only off-sets all the CO2 emissions, but it actually has a positive impact on the environment: on top of its highly efficient network that has a tremendous small consumption the company buys green tickets from Offsetra. These funds are used to perform activities that have a positive impact on nature. Congrats on that, Elrond!
Thus, for us it is very important “to make an impact”, “to make a change” and our utmost desire is for this impact to be a positive one. Our work, being built on Elrond, reaches exactly this main goal of Evoluzion.
With this said, we have outlined 3 of the main reasons why we have chosen Elrond Network as home of our ecosystem, headquarters of our development. As mentioned, these are only a few reasons out of the multitude of value points. Further we have launched a challenge to the Elrond and Evoluzion communities to find reasons for why they love being on Elrond Network.
You can read the community answers in the Twitter thread here.
Join the #Evoluzion army
Evoluzion.Life is a next level NFT collection bridging Art and Tech. It offers the Evolutionist title, associated visionary traits, all together with perks and advantages across the vast Evoluzion universe. It represents not only the avatar but also the lifestyle of a like-minded group keen on evolving, delivering and improving. A dream being built in real time with an expanding roadmap and tremendous goals to attain: Together- we evolve.
About Elrond Network
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.