Elrond Founder Plans to Make Cryptocurrency Accessible to 1 Billion People
Elrond CEO, Beniamin Mincu, says the company is on track to spread the industry far and wide by enhancing the user experience. The company’s team is to bolster the bandwidth, introduce the low latency into the fintech ecosystem and ensure that the crypto services reach every nook and cranny in the world.
The team will start by building a financial network of blockchain that helps users make transactions seamlessly and make and receive payments anywhere. According to the CEO, sending and receiving money should also be as easy and sensing and receiving information today. Elrond CEO sees the proposed blockchain’s improvement as a better alternative to the current slower and more difficult-to-use blockchains. First, the Elrond blockchain will save users the effort and time spent trying to remember private keys. What users only need is their usernames.
Elrond is creating a simple and easy-to-use blockchain
Elrond is banking on a unique user interface that will make the plan implementable. Hence, the company has created a new blockchain system capable of processing at least 15,000 transactions in a second at the cost of 0.001% for every transaction. If this feat is achieved, it will surpass the Bitcoin system’s capacity that could only execute five and Ethereum that could process only 30 transactions in a second, even with huge transaction costs. In addition to being fast to process transactions, Elrond blockchain will be easy for people to use.
The company will achieve this by first withdrawing from the use of public keys, which are too complex and difficult to remember. Instead, Elrond will use simple usernames, which users will find easy to recollect. Doing so will make the cryptosystem attractive and easy to use for everybody. The CEO submits that while people admit that blockchain is fantastic and very useful, the horrible experience users encounter while using the system is worrisome.
Mincu reiterates that user experience should be the top priority of a blockchain. He maintains that the right technology that is devoid of excellent user experience is unwelcome. “A bad user experience will attract only a few people to your system, and this has been happening in the blockchain ecosystem for the past ten years,” he said.
Sending and receiving money worldwide has not been so easy
Apart from replacing private keys with names that are easily readable by users, the Elrond blockchain will also work on our mode of interaction with money. Mincu insists that sending and receiving money should be seamless and easy, like sending and receiving information. Hence, Elron also introduced Maiar to the networks.
Maiar utilizes a digital layer of identification that links users’ numbers to wallet addresses to protect its users. Hence, users will send and receive money only using their address book, unlike the complicated wallet address. The CEO added that this is the blockchain era where software now controls virtually every segment of our life. He concluded that the company aims to build the blockchain and make it accessible anywhere and anytime.
Elron operates using a distributed name service that enables users to get sophisticated information to attach it to “herotag,” which is humanly-readable. So, the proposed Elrond blockchain will send BTC, ETHER, Gold, etc., directly to just a single recipient to distribute to others. This will be an improvement from what is obtainable at the moment.