Maiar offers credit, stake, payment and fiat functions in a consumer-friendly app that demonstrates the capabilities of Elrond.
Elrond’s mainnet has started in a glitz of fame and public relations wave. The DPoS chain, whose high throughput is achieved through sharding, will compete with intelligent contract networks such as Ethereum and will receive significant support from the community. It is also crucial that there are the first signs of a development, since on the first day it launched its first app, which, in line with the defining theme of 2020, is about Defi.
Maiar offers credit, stake, payment and fiat functions in a consumer-friendly app that demonstrates the capabilities of Elrond. Native Elrond assets are supported, including ERD, whose tokenomics were updated in time for the mainnet launch. If the release curve for ERD is significantly reduced, no new coins will be issued after the 10th year and production will be reduced by 11% in the first year. Elrond’s native asset was in high demand ahead of its mainnet launch and is up 400% over the past month.
Elrond selects the inventory for ERD
Stock to Flow (S2F) is commonly used to model the impact of new raw material production on the price of current supply. Although designed for gold and oil, it can also be applied to cryptocurrencies. Divide all the assets in circulation by the annual output and you will get the number of years it would take to replenish the current supply. For gold, this number is 62 years; For ERD, an inventory flow of 275 by year five was estimated.
Elrond’s decision to adjust his token model was motivated by a desire to increase the token’s relative scarcity and encourage the community to view it more like digital gold – or at least slow its pace and incentivize hodling. Instead of spending another 20 billion ERD as originally planned, only 20 million tokens will be issued in the future.
According to Beniamin Mincu, founder and CEO of Elrond, the adjustment to the issuance plan was partly motivated by considerations of global events that saw unprecedented amounts of money being printed by central banks, leading to an escape into hard assets like bitcoin and gold. “A large world population is without bank details and has no access to the existing financial infrastructure. As a result, their opportunities to participate in wealth creation are extremely limited, ”explains Mincu.
He adds, “Furthermore, this biased distribution means that incentives and risks can remain hidden until they explode, which is a problem for everyone. We saw this during the 2008 financial crisis and see it again today. “
40,000 on Maiar’s waiting list
40,000 users have signed up for Elrond’s debut Maiar app. The mobile app is expected to be the primary starting point for people looking to access Elrond’s ecosystem from within the fiat world. The app supports more than 150 fiat currencies. Its features include a multisig option that allows users to designate friends as “guards” to keep their wallets secure and allow access in the event they are locked. With Maiar, funds can be sent to other app users and contacts with the push of a button.
Another innovative feature that comes with Maiar is the ability for users to set progressive levels of security based on the value of the funds they manage. This allows for seasoned users who have invested heavily in the Elrond economy with rigorous account protection, and provides newcomers with smaller holdings with more user-friendly options, lowering barriers to entry.
Elrond claims the title of the city’s newest blockchain
Elrond is officially the newest blockchain in the industry, although other blockchains may claim otherwise. Cardano has just completed its upgrade to Shelly, which took a tough turn. So it is not just a mainnet start, as the network was already operational. Likewise with the upcoming ETH 2.0, which will be more of an upgrade – albeit a large one – than a new network. After TRON recently upgraded its network and NEO plans to follow suit in the fourth quarter, Elrond will soon have a business, even if its revitalized competitors won’t be able to match the high throughput achieved through adaptive state-sharding.
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After graduating in intercultural communication, Julia continued her studies with a master’s degree in economics and management. Captivated by innovative technologies, Julia was passionate about researching emerging technicians who believe in their ability to transform all areas of our lives.
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