The level of complexity in building one of the most advanced blockchain architectures to date, and improving everything 1000x in throughput, execution speed, and transaction cost, compared to iterations like BTC or ETH, is painfully challenging yet immensely gratifying.
Attempting to simultaneously build an innovative, simple and delightful user interface, that seamlessly integrates with this architecture to offer global near-instant transfer of value at negligible cost, amplifies the difficulty level considerably.
Now, designing a new economic model on top, that elegantly connects the two, offering a superior and complementary digital economy to the current world economy, is a remarkable challenge in itself. Doing all 3 at once, is something only a ferociously resourceful team would attempt.
But Elrond would not be here today without the heroic contribution and support from our community. In fact, all progress we've made is a close collaboration between super passionate people aiming for the same goal. Thank you for being here every step of the way.
It's easy to get distracted and lose sight of the big picture with all the noise and impulsiveness in the crypto space. It's also hard to communicate in simple terms & deadlines when all pieces are interconnected moving parts that necessarily change on a daily basis.
The best we can do is push as hard as we can, adapt as fast as needed, and take time to constantly communicate and update our community as we make progress.
So today is a great day to zoom out, look at the big picture, see where we are, and clarify the immediate next steps.
Elrond's mission is to (1) create a global, transparent, near-instant, non-inflationary financial system, and (2) give anyone, anywhere, easy access to it.
For 3 years we've been building a powerful solution to address the first part of the mission. The solution is a high bandwidth, low latency, high security, low-cost blockchain network, that can accommodate transactions and value exchange at the internet scale.
The solution is LIVE NOW, and can process above 15.000 transactions per second, with 6-second latency, and $0.001 transaction cost. This will radically transform the way we exchange value, just as broadband internet transformed the way we communicate.
Adding value to that, we have announced more than 60 collaborations and partnerships to aggressively expand the Elrond ecosystem, adding significant utility, increasing outreach, and enabling applications to leverage the Elrond technology.
What's Next for Elrond Network
With all security parameters met, the Elrond wallets will be enabled next week and everyone will be able to start exchanging value, near-instantly and at a negligible cost, on the native Elrond mainnet.
Global staking for everyone is targeted to begin in September, once further security checks are put in place and the network is ready.
Tools and smart contracts are also ready and will be enabled starting in September, with several applications being developed already.
The Maiar Vision
For more than one year, we've been working on Maiar: the simplest and most powerful financial app, enabling easy, global, and inexpensive crypto & money transfers, to anyone with a mobile phone. With Maiar, we aim to open the digital economy to 1 Billion people.
What's Next for Maiar
Maiar alpha IS LIVE, and for the next 4-5 weeks, we're going through a rapid iteration cycle, with the most passionate Elrond supporters having received access, to provide valuable feedback and speed up dev process.
The Maiar waiting list has been causing problems, breaking due to overload. We've initially used an external waiting list service which proved unreliable. Thus we've stored registrations, and have built a new waiting list from scratch. New version going out in the next 2 days.
New releases of Maiar alpha will go out every week, with larger waves of passionate supporters receiving access to test it and provide rapid feedback. If you’re not in the first wave, don’t lose hope because the second wave will soon follow, and the third wave after that.
What’s important is that Maiar improves with each cycle. Once this rapid iteration is done, pending security audits, we will have the first public beta version of Maiar out for testing, targeted for September. Many people from the waiting list will get access to test earlier.
With Maiar launched, this will be the simplest, and most universally accessible way to buy, store, stake, lend, and spend eGold. All fiat onramps announced during the last period will be integrated into Maiar, radically simplifying onboarding to the Elrond’s ecosystem.
The eGold Vision
With eGold we've taken the most robust and universal store of value in existence, and improved its every aspect by making it digital. Whether it's fungibility, portability, durability, divisibility, impossibility to be counterfeited, seamless transferability, scarcity, or non-sovereignty, all of these take a superlative form in eGold.
But perhaps most important aspects when it comes to eGold, are global transferability at a negligible cost via any communication channel, infinite programmability, and digital scarcity.
So Why This Change Now?
For months we've been working on an innovative model that compresses everything we know into the simplest yet most powerful metaphor possible, one that billions of people can immediately understand and relate to. This is eGold.
Beyond the metaphor, Elrond's new economics presents the first complete model with built-in scarcity and limited supply, but also a sustainable growth model where adoption and fees further increase scarcity.
The difference between eGLD and ERD(or other economic models) is like the difference between a Shakespeare play and any random story. Just as there are huge implications in precise words and phrases, because combined they reveal subtle and profound new meanings, so there are huge implications in precise, fine-tuned economic parameters because together they can evoke strong economic attraction forces, which can effectively reshape the global economy.
eGold Model in a nutshell
- 20 Mil eGold at Genesis relative to 8 Billion people
- Max *theoretical* supply limit of 31.4M over 10 years
- Each transaction fee paid reduces the theoretical limit
- Adoption reduces inflation & increases scarcity, thus 31.4M will never be reached
We understand changes bring temporary friction, but when put together, these changes open a new path w/ profound and far reaching positive implications for the world. No one will remember the friction in a few months, but all will see the impact & value it brings to people's lives.
What's Next for eGold?
The first priority is clarification. We've been working on two papers, one presenting the breakthrough economic model, and a second one presenting it's technical implementation. We intend to publish both in the next 2 weeks.
All questions about economics will be clarified with these two documents that will be translated into several languages, followed by AMAs done with the Elrond community to cover everything in detail.
For security and coordination purposes, all exchange listings will be postponed to the 5th of September, to allow for things to be properly communicated, coordinated and executed on all fronts.
The first exchange to list the new eGold will be Binance, followed by several others from different parts of the world, to be announced soon.
A Breakthrough Moment
Elrond network, Maiar and eGold are each immensely valuable separately, but when put together, it’s like they’re the pieces that formed the printing press for the first time.
Through the powerful combination of Elrond network, Maiar, and eGold, a rapid reinforcing feedback loop is born, enabling an immediate and direct value creation mechanism, unlike any other seen before.
Given the fixed supply of eGold, combined with the global distribution and intuitive simplicity of Maiar, every new user joining the application will be directly reflected in the price of eGold. The only question becomes, how fast can users join?
True Zero to One innovation is rare. When it’s time has come, it’s like an avalanche that reshapes the surface of a mountain with one stroke.
Can you see the snowball on the verge of becoming an avalanche? The pieces are coming together. To give anyone, anywhere, easy access to this digital economy.
This will reshape the world.