Binance Labs’ Launchpad, a platform that allows is designed to connect global players in the blockchain market, has announced the launch of its next project names Elrond.
Binance Launchpad, a token launch platform created by Binance, has announced that they will be launching a project that will allow developers to build and develop their DApps. The project, named Elrond, will give developers a public blockchain network that is sharding based. The announcement of this project comes as the 6th project that has been launched through Binance Launchpad this year.
The token sale for Elrond began on the 22nd of June and the tokens are being sold through a lottery format. The token sale came on the back of multiple investments in the project from Binance Labs themselves, Electric Capital, NGC, Authorito Capital and Maven11. The investments put together for the launch of Elrond show that there is significant confidence in Elrond and the potential that it has to affect the production of DApps for the blockchain industry. Prior to these investments, Elrond was self funded.
Investors who engage in crypto trading will certainly be keeping an eye on the developments around Binance and its addition of Elrond to its Launchpad. By adding Elrond to its portfolio, Binance has given extra incentive to those seeking to buy Binance tokens. This move also comes when the cryptocurrency market as a whole is strengthening and more investors are looking at their options on crypto exchanges. The possible boost that Elrond will provide makes Binance a good option for one’s investment portfolio.
The public blockchain network developed by Elrond is mainly focused on allowing decentralized networks and apps to compete with centralized ones in terms of speed and security. The Elrond testnet system also has low system requirements which allow it to run in virtually any machine that a user may have. It also offers increased security by employing randomly selected block proposers. The low computation requirements also mean that the system does not require a lot of energy to run. All these factors put together make Elrond a system that will find itself as one of the preferred ones for blockchain developers.
Benjamin Mincu, CEO of Elrond said Elrond will change the way DApps currently exist due to parallelization of transaction processing and a 1000x improvement in the throughput and execution speed of DApps. Such improvements are what Elrond brings to the table and this stressed the importance of this project to the blockchain industry.