Binance Labs-backed Elrond announced as next Launchpad project
Binance Launchpad––the token launch platform for transformative blockchain projects of Binance––today announced its next project: Elrond, a sharding-based public blockchain network. Elrond has recently raised investments from Binance Labs, Electric Capital, NGC, Maven11 and Authorito Capital among others. Elrond’s token sale will follow a lottery format and begin on June 22, 2019, at 00:00 AM UTC.
Sharding is a well-known concept for horizontal partitioning of databases, and several firms, including Elrond, are pushing the boundaries of applying sharding to public blockchains as a means to increase their throughput capacity. Elrond has developed a bleeding-edge form of state sharding, known as “Adaptive State Sharding,” which enables the network to rival centralized cloud networks without sacrificing the security and decentralization advantages of blockchains.
“At Binance Launchpad, we continue to support infrastructure projects aimed at solving problems associated with blockchain technology scaling and its readiness for mass adoption,” said Binance CEO and Founder, CZ (Changpeng Zhao). “The Elrond team addresses this issue in an extraordinary way by proposing the concept of ‘Adaptive State Sharding,’ which allows decentralized networks to compete in speed and security with centralized ones. We look forward to seeing this project contribute to our ecosystem in the long run.”
“We are setting new standards for performance in the blockchain space,” says Beniamin Mincu, CEO of Elrond. “Everything changes for decentralized applications when you can parallelize transaction processing and bring a 1000x improvement in throughput and execution speed. Binance Launchpad presents an unparalleled distribution channel, helping us connect with the global community and invite developers from around the world to build their dApps on Elrond today.”
As announced yesterday by Elrond, Binance Labs contributed to a $1.9 million private round alongside many other investors.
“Elrond’s outstanding contributions rest on two foundational building blocks: a novel scaling approach of Adaptive State Sharding and Secure Proof of Stake consensus, enabling fast and secure decentralized networks,” said Ella Zhang, Head of Binance Labs. “Having been self-funded for a long period to push out their testnet launch, the Elrond team impressed us with their strict product-first approach and clear go-to-market strategy––a great example of the type of capital-conscious, fast-executing team that Binance Labs looks for in startups to back. We're excited to be working together to push blockchain technology and crypto toward mass adoption.”
Earlier in 2019, five projects were successfully launched on the Binance Launchpad platform. Thus, Elrond will be the sixth project that will receive support from Binance in the field of raising capital, as well as benefit from Binance insights and experience.
Learn more about Elrond in Binance Research’s in-depth report here: https://info.binance.com/en/research/ERD-2019-06-20-d893c3.html.
To learn more about Binance Launchpad and pre-registration information for Elrond, visit: https://launchpad.binance.com/
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Elrond is built by a team of experienced entrepreneurs along with 13 engineers and researchers with significant blockchain backgrounds and technical experience at Microsoft, Google, Intel, and NTT DATA. The team includes two PhDs in CS & AI, multiple math, CS, and AI Olympiad champions, and a former member of the NEM core team. For more information, visit: https://elrond.com
About Binance Launchpad
Binance Launchpad is the exclusive token launch platform for entrepreneurs to bring the most transformative crypto projects to life, with the help of Binance users around the world. Projects accepted to launch on Binance Launchpad will have greater access to resources and support from across the Binance ecosystem.
About Binance Labs
Binance Labs is an infrastructure impact fund and an initiative launched by Binance to incubate, invest in, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. The mission of Binance Labs is to solve the problems that matter most to the ecosystem and change the world for the better.
Binance is a blockchain ecosystem comprised of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity. Binance Exchange is the leading global cryptocurrency exchange, with users from over 190 countries and regions. Capable of processing more than 1.4 million orders per second, Binance is the largest crypto exchange by trade volume and one of the fastest in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike. For more information, visit: https://www.binance.com