Elrond Network, the European startup building the internet-scale blockchain which brings 1.000x improvements over existing similar implementations, and Global Digital Assets Corporation (GDAC), the professional services company engaging with high growth economies and regions to enable innovation, have today started an agreement for research & development.
The Dubai Blockchain Strategy aims to make Dubai the first city fully powered by blockchain. It tackles three strategic pillars of Government Efficiency, Industry Creation and International Leadership. The implementation of the use cases for each of the pillars will be made after a rigorous selection of technologies and implementation partners.
“The blockchain space knows Elrond for its significant performance and scalability, but in addition to this our enterprise partners also recognize the implications of other noteworthy contributions in the areas of smart accounts & contracts. Together, these components make the Elrond blockchain uniquely equipped for real use-cases that go far beyond what we have seen so far.” said Beniamin Mincu, Elrond CEO.
Elrond Ltd. and GDA Corporation are exploring the implementation of fast payments & clearance networks, as well as the definition and implementation of smart contract frameworks. The partnership is working off of Elrond’s scalable infrastructure and multiple innovations around smart contracts & smart accounts to define a fitting working model for Dubai and deploy it on the Elrond blockchain.
“Our focus on fostering efficiency through digitization is made so much easier when innovative companies bring clear solutions to some of our roadblocks. We are excited to collaborate with Elrond Network and hack at modern problems in exciting new ways”, says Ashton Hettiarachi, Partner at GDAC.
**Article published by Elrond through; https://medium.com/elrondnetwork/dubai-blockchain-elrond-gda-corporation-exploring-fast-payments-smart-contract-frameworks-599952c45e35
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.
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For more information, visit: www.elrond.com