Elrond’s mainnet went live today with a running application named Maiar as the native cryptocurrency undergoes a change in the economic model to introduce scarcity and to increase value so let’s find out more in the upcoming altcoin news.
Elrond’s mainnet went live according to the latest announcement as the company informed that the blockchain project’s economic model will transform drastically by introducing deflation for the native cryptocurrency. According to a press release, the first application to be launched on the Elrond blockchain is called Maiar which is a user-focused decentralized application that enables seamless onboarding transactions between users. It also allows users to stake, spend, or lend ERD tokens as they can be purchased right from the app with more than 150 different fiat currencies.
— elrond (@ElrondNetwork) July 30, 2020
To start exploring it, the users require a phone number and they can set progressive security levels depending on the total fund’s value. Each piece of data is connected to the username and secured on the blockchain network. Maiar allows users to set up family or friends as “guardians” of the funds in the multi-signature arrangement. According to the statement, the app surpassed 40,000 waitlisted users but Maiar is also available now so it can be launched in various iterations in the upcoming weeks.
The Elrond mainnet release comes to a while after weeks of beta testing. The company outlined the success of the trials with more than 1500 nodes from 29 countries running the testnet in 50 shards. The transaction number increased and reached 263,000 transactions per second. Another major change coming from the blockchain platform is the ERD Economic model. The platform announced the token issuance of 20 billion ERD that will be reduced to 20 million, adding that “over the next ten years the issuance rate will gradually decrease from 10.8% in the first year until there are no new ERD issued in the eleventh year.”
The day has finally come.
A new blockchain, a new money, a new application to open decentralized finance to the world.
— Beniamin Mincu ⚡ (@beniaminmincu) July 30, 2020
Elrond aims to increase the value of the token this way by introducing scarcity and by the fifth year, the company is predicting a stock to flow ratio of 275, as the CEO Beniamin Mincu noted:
“Money was never about money; it was always about time. Money was humanity’s best attempt to make fungible something that fundamentally is not; our time. By improving every important aspect of money, we are giving you back control over your time.
Today marks the beginning of an age where the convenience of an interconnected digital world brings back time to us all. The entire internet can rely on a layer of trust that scales with its needs, with a user experience that is intuitive for anyone that has a mobile phone, and which is fueled by the new standard of digital gold.”
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