The popular blockchain project designed for value transfers Elrond has announced that its mainnet is now live. The company also informed that Elrond’s economic model will transform by introducing deflation for its native cryptocurrency.
According to a press release shared with CryptoPotato, the first application to launch on the Elrond blockchain is called Maiar. It’s a “user-focused decentralized financial application enabling seamless onboarding and multiple transaction types between participants.” It allows users to spend, stake, or lend ERD tokens, and they can purchase within the app directly with over 150 different fiat currencies.
To begin exploring it, users require only a phone number. They can set progressive security levels depending on the value of the total funds. Every piece of data is tied to their username and secured on the blockchain network. Maiar also allows users to set up friends or family as fund “guardians” in a multi-signature arrangement.
Per the statement, the app has already “amassed a following of 40,000 waitlisted users.” Although Maiar is available immediately, it will also be launched in various iterations over the coming month.
The Elrond mainnet release comes after several weeks of beta testing. The company outlined the success of the trials as it had over “1,500 nodes from 29 countries running the testnet in 50 shards.” The number of transactions was gradually increasing and peaked at over 263,000 transactions per second.
Another significant change coming from Elrond involves the so-called ERD economic model. The company announced that the current token issuance of 20 billion ERD will be substantially reduced to 20 million. The statement added that “over the next ten years, the issuance rate will gradually decrease from 10.8% in the first year until there are no new ERD issued in the eleventh year.”
Elrond intends to increase the value of its token this way by introducing scarcity. By the fifth year of decreased issuance, the blockchain firm “is forecasting a stock-to-flow ratio of 275.”
“Money was never about money; it was always about time. Money was humanity’s best attempt to make fungible something that fundamentally is not; our time. By improving every important aspect of money, we are giving you back control over your time.
Today marks the beginning of an age where the convenience of an interconnected digital world brings back time to us all. The entire internet can rely on a layer of trust that scales with its needs, with a user experience that is intuitive for anyone that has a mobile phone, and which is fueled by the new standard of digital gold.” – commented Elrond co-founder and CEO Beniamin Mincu.