The promising blockchain technology caused tremendous excitement and euphoria, peaking in December 2017. What happened is quite natural, given that people easily get into the excitement and overestimate the short-term impact of technology. The next 2018 year was a year of correction, billing and cleaning ranks. By the end of the year, many cryptocurrency projects were already one step away from bankruptcy — and these are dozens of previously promising teams.
While the rates of almost all cryptocurrencies were destroyed by correction, “easy money” practically evaporated as well. The market has not only changed, but also destroyed dreams of a bright future.
However, while most people lose hope, stumble and hesitate, great opportunities for the future may arise. Night once passes through its darkest state, after which dawn sets in. Fast growth takes time for a solid foundation.
The Elrond path began at the end of 2017, reinforced by a passion for resolving, in our opinion, the most pressing problems of cryptocurrencies: scalability, efficiency and compatibility.
In our understanding, Elrond should become a value transfer protocol and at the same time be extensible, fast and relatively efficient. In the process of developing the project, it became clear to us that the digital economy contains two important components: programmable money and non-stop working applications. Elrond can fully function both of them, because unlike previous versions of the blockchain, it does not compromise on speed to achieve security and decentralization.
As our understanding of what the process should be developed, the product also changed. As a result, we got a platform that allows its users anywhere to access the digital economy.
At the same time, we also well understood that it was necessary to overcome current obstacles — relatively slow speed and throughput, uncompetitive costs and unsatisfied user experience.
Elrond will be launched in real mode very soon. This major achievement towards the goal will provide a fast, scalable and efficient architecture, with tools and a competitive service in its field. The initial download will begin with the launch, allowing the possibility of exchanging tokens, a mechanism for placing and promoting healthy participation of nodes in the network. During this stage, we expect that a useful payment gateway will also be raised and launched, mobile wallets will be released, and integration with hardware wallets will be completed.