Hi guys. I'm totally newbie to crypto/blockchain and whatnot but

Question

Hi guys. I'm totally newbie to crypto/blockchain and whatnot but

I have investement in some. So my question is basically what is elrond trying to do or solve? I'm not a techie guy, please explain it with a simple words. Thanks

#blockchain #cryptocurrency #elrond #english

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23.05.2022

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smoltower꭛小白屎 (multi, versX) · Accepted Answer

Elrond is trying to solve the blockchain trillema -Security (through secure proof of stake consensus mechanism) -Scalability (through adaptive state sharding) -Decentralisation (by having large number of nodes all over the world validating the network txns) Elrond comes in the category of Layer-1 Smart contract platform, like Ethereum. However because of the design flaws of ethereum (example: slow network throughput, high transaction fees, it is not feasible to on board users on an Internet-scale) Elrond also solved the issue of Ethereum NFTs draining user funds because the NFT tokens were designed to be stored in a smart contract. Unlike ethereum, elrond NFTs are stored in non custodial user wallets. TLDR Fast, Cheap transaction, NO single point of failure, designed to on board users on an Internet scale.

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