We are proud to announce that Matic Network and Elrond have partnered to collaborate on creating more scalable, robust, and secure blockchains for the Web 3.0 frontier. We envision a collaborative future between different blockchains, as opposed to a zero-sum game ridden with excessive competition. Both projects intend to accelerate adoption of blockchain technology, helping to create new economic paradigms, deter corruption amongst legacy institutions, and empower individuals with unprecedented socioeconomic and political influence. Matic Network is majorly interested in Random Block Producer selection approach of Elrond and both teams will work together on further research on this front. Also, to advance this mission, Matic Network and Elrond will jointly devote resources towards research and development of some of the most pressing blockchain limitations, like scalability and efficiency.
“Both Matic and Elrond share the same core vision of facilitating the widespread mainstream adoption of blockchain. As two of the most promising performance-focused platforms on the market, together we can provide the superior blockchain infrastructure required for the acceleration of the decentralized movement. Matic is honored to be working shoulder-to-shoulder with Elrond to make the decentralized future a reality sooner.“
–Jaynti Kanani – Matic Network CEO
Thus Matic Network & Elrond could not be more excited to announce a research-based partnership. Through this, Elrond intends to share some of its fundamental research with Matic in areas such as optimization of network security and randomness generation in secure Proof-of-Stake consensus algorithm. Matic also intends to support Elrond’s ecosystem by exploring integration to further amplify its scalability capacity. In terms of project life cycle, Elrond is in heavy testing mode, gearing up for their mainnet scheduled for Q4 after successfully launching their public testnet and boasting records of >10k TPS with only 5 shards and 5 seconds latency.
“Elrond offers perhaps the most advanced state sharded proof of stake architecture and a compelling way toward large scale blockchain adoption. We are excited to partner with Matic Network, who has done a great work and is the leading layer 2 scalability solution. Through our combined research and collaboration we intend to strengthen both projects and accelerate the advent of a truly decentralized and scalable internet.“
– Beniamin Mincu – CEO of Elrond
About Matic Network
Matic Network is a Layer-2 scaling solution that utilizes sidechains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. With a more robust framework to facilitate a higher throughput of transactions per second, Matic Network aims to provide the resources necessary for blockchain developers to build world-class dapps spanning multiple industries (such as decentralized finance, gaming, enterprise software, etc.)
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