Having passed the testnet through its paces, Elrond is now confident that the mainnet is ready to launch and powerful enough to start running the first application, Maiar, from day one. Maiar is a multifunctional finance application that allows users to spend, bet, or loan ERD tokens. Users can buy directly in the app for 150 different fiat currencies.
However, unlike many blockchain applications, Maiar is designed with user experience first. Participation takes place seamlessly anywhere in the world, requires only one phone number and is therefore completely inclusive even to those outside of the existing financial system. Users can set progressive levels of security depending on the value of their money, with every piece of data tied to their username and secured on the blockchain. You can even set up friends or family as a "guardian" fund under a multi-signature agreement, using details from users' contact list or with any Maiar global username. . Maiar will enable any form of transfer of value between colleagues anywhere in the world. This application has attracted 40,000 users on the waiting list.
Along with the launch of the mainnet and Maiar, Elrond is also introducing a new economic model designed to stimulate long-term value for ERD tokens. The current token issuance of 20 billion ERD will drop to 20 million. Over the next ten years, the issuance rate will gradually decrease from 10.8% in the first year, until no new ERDs are released in the eleventh year.
This move is designed to create added value through scarcity. By the fifth year the issue falls, Elrond predicts a stock-to-cash ratio of 275.
Talking about these latest developments, Elrond Co-Founder and CEO Beniamin Mincu said:
“Money is never money, it is always about time. Money is mankind's best attempt to create something fungible that is fundamentally not: our time. By improving every important aspect of money, we're helping you take control of your time.
Today marks the beginning of an era where the convenience of an interconnected digital world brings time to all of us. The entire internet can be relied on a layer of trust tailored to its needs, with an intuitive user experience for anyone with a mobile phone and driven by the new digital gold standard.
In recent weeks, Elrond has been actively preparing for the launch of its mainnet with an encouraged test network. It has proven to be a huge success with more than 1500 nodes from 29 countries running testnet in 50 segments. The network processes an increasing number of transactions, peaking out at 263,000 transactions per second.
Maiar is available immediately and will be rolled out in iterations over the next month.
Posted Using LeoFinance Beta