Elrond: Past, Present and Future (Genesis and beyond)
Do you remember the Council of Elrond? During the council, how the brilliance of Elrond guided the leaders of the peoples who gathered from all over the Middle Earth? How convincingly he told everyone what needed to be done and what needed to be changed? Or at one of the most dramatic moments of the whole story, how he changed the fate of entire Middle Earth by coming out with Narsil, which he reforged? How convinced Aragorn to be the king he should be?
The name Elrond always reminds us of leadership, nobility and courage. He is one of the most impressive characters of Tolkien’s new literary genre that shaped today’s. When this glorious name is mentioned at any time and anywhere a blend of awe and smile always appears on everyone’s face. Because Elrond is such a character.
It is not a coincidence that Elrond, my favourite blockchain project, also chose this name for itself, considering that it has done and changed so far. Its motto for itself also tells how it wants to change our perspective on the internet and applications with internet content: A highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy means The Internet Scale Blockchain!
In this article, I’d like to tell you about what Elrond has done so far, but the main turning point is fast approaching: Genesis Block, or in other words, Elrond’s mainnet. Let’s talk a little bit about the ongoing period and then review what to expect after Genesis.
First of all, it is crucial to talk about the Elrond mainnet bootstrapping process run. An incredible campaign was launched to prove the capability of the Elrond project on 31 December 2019 and to praise its supporters. Elrond pre-staking campaign started to give an idea about the scope and potential of the project as well as the generosity offered to its participants. At this point, I should talk about what the pre-staking campaign offers and what are the figures one must acknowledge.
✪ Among the number of ERDs in circulation, 5 billion ERDs were targeted to be locked down in the campaign. So when the number of 5 billion is reached, the campaign is supposed to end.
✪ Of course, the number of awards is also clear: 400 million ERDs.
✪ There’s a reward rate that starts at 17% per year and reaches up to 32%. It’s annual but calculated according to the period of the lockdown of ERDs. This is, of course, related to the number of ERDs you locked and when you’re involved in the campaign as well.
✪ And finally, if the numbers I mentioned above cannot be reached somehow, the Elrond mainnet launch is set as the date the campaign will come to an end.
These are the numbers and rules for the campaign that were announced before. So how is the campaign going and what are the current numbers?
In the very first day, namely, on December 31, 2019, $ 1 million worth of ERD was locked and it was clear how high the interest would be as the campaign goes on. The first wave started great with 500 million ERDs in the lock. This happened in just 30 minutes straight! In the second wave after 3 days, 500 million ERDs were locked, reaching 20% of the target in just two rounds. This amount was completed in 2 hours in total. In the next wave, the total amount reached 1.5 billion ERD, and the elapsed time was only 2.5 hours. Binance, one of Elrond’s strong partners, has also announced that it will support the campaign and has created a very easy-to-use interface for the process.
At the current stage, the final numbers are as follows: In total, 2.7 billion ERDs were locked and the number is expected to reach 3.2 billion, with Binance’s announcement of support for the next round. In other words, 64% of 5 billion ERDs which is the main target to reach is about to be locked! In my opinion, this is a serious deal! With incredibly supportive followers on paper, Elrond has announced to the world that it is not only on paper but also a concrete reality. We still have a few weeks ahead for Genesis (Elrond mainnet launch) and this extraordinarily profitable campaign is still online. For your attention!
Now, let’s see what happens after Genesis. Or what we should expect from a wonderful project like Elrond. First of all, mainnet launch is a milestone for every blockchain project as every blockchainer knows. Having the project’s network also allows us to understand how serious the project is. In this respect, it will be a complete turning point for achieving perfection for a project that is already excellent, such as Elrond. Testnet carry on works going well and preparations are getting faster and more serious day by day.
Some improvements should be expected in the currently running explorer page as well. In my opinion, we can expect the colour scheme to be improved along with technical advances and developments. There is still a way to go for the wallet, but considering the momentum of the development of Elrond, it won’t take much time for these two items to reach perfection. Because both are in their first version.
Let’s come to the last section of the topics that interest me the most and which includes word Samsung: Battle of Elrond! First of all, it is useful to review the part of the game related to ERD from the following video.
This is a sneak peek as you can see and demonstrate how ERDs can be transferred within the game. But this is not just a game, see, this is a valid, solid milestone for the entire blockchain and crypto realm.
Firstly, it will be a game that will take place in Samsung’s app store as the product of a comprehensive blockchain project and a tech giant cooperation. Think about it, this game will be in the store of the world’s most important android phone manufacturer: Samsung! The game itself is not a dApp in the first place but a blockchain-involved mobile game, however, it still challenges my imagination how it might open a clear path for dApps created using blockchain. Not finished! The game will pay the effort of the players by making them earn ERD, and the ERDs earned will be easily transferred as seen in the video. Play games, win and spend as you wish! This is a very serious step in blockchain integration and its participation in our daily life! I’m looking forward to seeing it coming as a Samsung user and follower! Below, you can see the teaser of the game.
Obviously, 2020 will be a great year for Elrond. Because the project I’ve been following for a long time reveals that it is the project of the future from the beginning for it owns an incredibly hardworking team and CEO, loyal supporters and partners who are among the strongest in their area of expertise. First Genesis, then Battle of Elrond! We are ready to win the battle of blockchain and you are welcome to join us!
Thank you for reading my article. You can find another article here where I compared Elrond with other projects in its area. Hope you have a great day!
hopelivescr — Elrond Community Member
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