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Elrond to Hackers: Test the Blockchain Network

Elrond's mainnet launches today with a new DeFi app and betting feature.

Elrond Invites Hackers to Put Its Blockchain Network to the Test iBase Trading.
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Elrond’s mainnet launches today with a new DeFi app and betting feature.

Elrond is known to be a high-performance blockchain. The blockchain recently launched its network on July 30, introducing a new DeFi app. This has new features for staking and hosting. ERD tokens have ignited this month ahead of a highly anticipated launch.


The launch follows the results of a successful testnet of 50+ shards operating at their top speed. At this time, the maximum rate was over 1,500 nodes and over 260,000 transactions per second in 29 countries. At this instant, Elrond commits in achieving global scalability for moving money markets.

New tokenomics and DeFi app

The issuance for the next 10 years will plummet by about 10% in the first year. At the sinking point, the company no longer circulate tokens. The launch changed the token’s economic model, significantly reducing the token supply from 20 billion to 20 million.

About 40,000 users are already lined up on a waitlist for a new mobile and web application called Maiar. The DeFi protocol integrates this with wallet, staking, and lending capabilities.

Users can sign up for membership only with their mobile phone number.This can also provide advanced security features such as the designation of a “guardian” for multi-signature wallet management.

Elrond Defined

It is known for having a high-bandwidth, high-security, low latency blockchain network. In addition, it is being endorsed as an alternative to the global economic infrastructure. On top of that, it claims to be the first project to use Adaptive State Segmentation and Secure Authorization (SPoS) technology to achieve speed and safety.

The creators construct it on existing sharding or scale-out techniques that encompass three types of sharding. Thes ethree are: network/communications, transaction/processing, and state/store. They have called this an adaptive state for it to be able to achieve very high throughput.

Price reaction of ERD

Elrond’s own token, ERD, surged as the mainnet launch approached this month. ERD has skyrocketed by about 350% since early July. Additionally, it hit an all-time high of $0.029 on Monday. The current market cap of ERD is $340 million.

Even after the token supply reduces by a factor of 1,000. However, the price continues to rise. Especially when the creators introduce the incentives for betting. More importantly, major exchanges like Bitfinex have already committed to supporting betting services, along with Crypto.com. Having said that, it is already offering 6% per annum for short-term deposits.

The blockchain company wanted to prove its capabilities by inviting hackers to try and enter the network’s upcoming incentivized stress test.

Elrond CEO Beniamin Minku told Cointelegraph, anyone can strategize to sabotage the network as long as it does not violate the law or the social privacy of the other parties. Therefore, DDoSing give rewards. They steal coin, double spend, issue new coins, and other similar situations. Having said that, the company rewards anyone who successfully tries any of these.

A blockchain into a cyber battleground

According to the announcement, the stress test “will transform Elrond’s testnet into a virtual battlefield.” The event will feature a $40,000 prize pool to encourage participation in stress tests ahead of the mainnet launch.

When the test has ended, participants will receive $20,000 in their ERD network tokens. Additionally, the company allocates an additional $20,000 for the remuneration of key network operators. Furthermore, they distribute this for the next five years.

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Tanya Smith is an editor at iBaseTrading. With M.A. in Journalism and Mass Communication, she is pursuing her dream of creating a positive difference in the media industry. She also enjoys Fashion and Travelling.