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In case you've missed it, here's the transcript of the answers given by Beniamin Mincu, CEO of Elrond, during the AMA session held on Binance's Telegram channel submitted by
- shivam kr, [26.07.19 19:08]
As we know there is already plenty of high-throughput blockchain project nowadays like QuarkChain, Zilliqa, Algorand and much more. How do you plan to compete with them and what is a competitive advantage of Elrond? What unique has Elrond beside its competitors? Beniamin Mincu | Elrond, [26.07.19 19:10]
Here's a comparrison: https://docs.elrond.com/#how-is-elrond-different
- cat cat, [26.07.19 19:09]
Beniamin Mincu | Elrond, [26.07.19 19:14]
- Is there a particular reason for choosing Binance's Launchpad program among the many exchanges?
- How does Secure PoS differ from existing PoS? For example, projects like QTUM and Algorand.
- Is Elrond VM compatible with Ethereum VM? Will many developers switch to the Elrond platform? What do you think?
- Elrond chose BEP2 from Binance Chain prior to the mainnet. Is there a particular reason why you chose the Binance Chain instead of starting from ERC20 or other platforms? Maybe any plan to support ERC20 for liquidity?
- Currently, many projects such as ETH, EOS, TRX, and IOST are competing in the dAPP market, and I wonder how Elrond will make a marketing strategy in this war.
- Binance is the largest and fastest growing exchange in the world - perfect place to launch Elrond on.
- Please check docs.elrond.com
- Elrond VM is compatible with EVM.
- Fineally, [26.07.19 19:09]
Many projects died after ICO during bear market/not going as per the plan that were promised during ICO.
How would ELROND overcome these after IEO and be one of the successful project?
What are the benefits of using Elrond's platform for creating dAPPS & smart contracts? and What languages will be supported for developers to build dAPPS on Elrond? Beniamin Mincu | Elrond, [26.07.19 19:15]
Benefits of using Elrond platform: fantastic performance, felixble tools, negligible costs and significant community audience.
- Renars Derrings, [26.07.19 19:09]
What would be evaluation of Elrond progress in terms of % for mainnet release, EVM? Beniamin Mincu | Elrond, [26.07.19 19:17]
I would say >70%. Lots of work right now is adding further implementation and doing stress testing with real world settings.
I know ELROND is POS but are there any plans for token burn for any reason? Beniamin Mincu | Elrond, [26.07.19 19:18]
There is a possiblity, but perhaps at a later stage.
The most important thing for Elrond is staking. Once staking starts, it's better then token burn, because tokens are locked out of circulations and you also receive rewards for staking.
- king of crypto, [26.07.19 19:17]
Your whitepaper potrays the differences between Elrond and other blockchains and Elrond seems to have more advantages. Technology will always get better over time and eventually someone will come up with something better than Elrond. How is Elrond going to face this challenge? @beniaminmincu Beniamin Mincu | Elrond, [26.07.19 19:19]
Real business adoption will be the differentiator.
Right now we have the testnet working, great focus on business onboarding.
- Jatin Kalra, [26.07.19 19:17]
Where do you think ELROND can bring the most change in real world scenarios? Beniamin Mincu | Elrond, [26.07.19 19:21]
Internet payments, machine to machine transactions and gaming. These are the verticals we are focusing on.
- Shin Chan, [26.07.19 19:17]
a. Whom do you think the competitors for Elrond Network in block chain industry?
b. How is Elrond different from other blockchains that uses sharding like Eth, Zil?
c. Why Elrond chose POS over SPOS(Secure Proof of Stake)?
d. How scalability issue is handled in Elrond?
e. How is cross shard communication is handled in Elrond?
f. What is Elrond Network focus on mass adoption and what would be the upcoming greatest challenge for Elrond Network?
g. How Elrond solve the single-shard takeover attack in an uncoordinated majority model? Beniamin Mincu | Elrond, [26.07.19 19:22]
Great difference is in tech, performance, and execution. Elrond is running the testnet right now.
Please check docs.elrond.com
for the precise difference.
How many TPS did you reach so far? And what is the aim? Beniamin Mincu | Elrond, [26.07.19 19:23]
We can process >10k TPS constantly, and have exceeded 65k TPS with 20 shards in the last test simualtion.
It seems Elrond targets the European market. Is it true? Will you promote Elrond in Asia, America? We know that some Asian countries like S. Korea among the best place for crypto community growing. Beniamin Mincu | Elrond, [26.07.19 19:24]
Yes, Asia is our specific target for the next month. We have just returned form Korea after a very productive week.
What are the advantages of Elrond Network compared to ETH? Beniamin Mincu | Elrond, [26.07.19 19:25]
1000x performance improvement with 10k TPS and 5 sec latency
Why do you chose Elrond, a character from LotR, as the name of your project? Beniamin Mincu | Elrond, [26.07.19 19:27]
Elrond is an aim we take for the team and project. He was immortal, very powerful and still bent on doing good. These are great aims for our project.
- Benz Barcelona, [26.07.19 19:25]
WHAT ELROND PLAN FOR THE COMMUNITY? Beniamin Mincu | Elrond, [26.07.19 19:28]
Join our telegram, and make sure you join social mining. Lots of competitions and engagement! 👌
- JDSlondon, [26.07.19 19:25]
What are the competitive advantages of ERD over its competitor? Beniamin Mincu | Elrond, [26.07.19 19:28]
Really high scalability, and fast execution. All this up and running right now on our testnet.elrond.com
- Andrew G, [26.07.19 19:25]
Will it be possible to make ICO on the Elrond Blockchain, @beniaminmincu Beniamin Mincu | Elrond, [26.07.19 19:29]
Yes, we will hopefully soon have some projects preparing to build on Elrond. Lots of excitement around these.
- Mickael, [26.07.19 19:25]
What are the most companies that you think will adopt your technology ?
(in the near future )
Is there any staking program with BNB Rewards ??! Beniamin Mincu | Elrond, [26.07.19 19:30]
We are focusing on large companies from tech infrastructure with verticals on internet payments, IoT and Gaming.
What do you think is the biggest problem Elrond network will solve and why is the problem important to solve? Beniamin Mincu | Elrond, [26.07.19 19:31]
Problems of high scalability and fast transactions execution.
- Fineally, [26.07.19 19:25]
I know that your team is 16 people.
Is it enough for ambitious blockchain project ?
Do you have plans for expanding? Beniamin Mincu | Elrond, [26.07.19 19:32]
Always expanding and looking for more great people to join. 🙂
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