The Elrond blockchain has attracted a lot of attention since its inception. Scalability on an internet level will unlock many new potential use cases, services and products. Morningstar ventures, the blockchain accelerator, will contribute $15 million to Elrond Network project development and bring the technology to the UAE and MENA regions. 

Elrond Keeps Growing Rapidly

There are many different approaches to achieving scalability in the cryptocurrency and blockchain industry. Whether it is through consensus mechanisms or bigger blocks, there is more than one solution. For Elrond Network, the goal is to scale as quickly as the internet. Doing so will introduce a transaction throughput of over 100,000 TPS — currently 15,000 TPS — and present a higher efficiency grade than any other blockchain on the market.

The Elrond Network trucks along, thanks to the various network validators. As 3,200 validators help to validate transactions and other activities on the network — including smart contract interactions — the overall network scalability will become more critical. Additionally, its Adaptive State Sharding technology allows for processing high amounts of data in parallel, creating many opportunities in the real world and the digital realm.

All of that power and scaling will only be as useful as the number of projects tapping into Elrond's potential. So far, there have been numerous partnerships and native projects that have attracted attention. However, it is always crucial to keep pushing the boundaries and explore new opportunities. With the help of Morningstar Ventures, one can expect development on Elrond to pick up significantly over the coming months. 

Moreover, Morningstar Ventures acknowledges Elrond's potential for DeFi, NFTs, IoT, and internet economy development. All of these solutions can bring blockchain technology to a mainstream audience. In addition, this network's transparent and efficient nature — which is carbon-negative thanks to offsetting 25% more CO2 than being generated — can support many different disruptive projects, services and protocols. 

Morningstar Ventures Bets Big on Elrond

The renowned dynamic accelerator of early-stage blockchain projects will commit $15 million to current and future Elrond-based development. Holoride is the first project to receive a strategic placement from Morningstar Ventures. Holoride aims to enhance car rides through VR, in-motion sensors and haptic feedback. Its native content economy will run on the Elrond blockchain, benefiting from the high throughput and efficiency. 

Elrond Network CEO Benjamin Mincu adds:

“The explosive growth of the Elrond ecosystem happened with an unstoppable team building internet-scale technology and an amazing community supporting them. Now, major players such as Morningstar Ventures are making significant long-term commitments aimed at the rapid adoption of our tech. This signals the start of the next explosive growth phase for the Elrond ecosystem, where driven builders will leverage powerful devkits to innovate at the forefront of the blockchain Supercycle.” 

Additionally, Morningstar Ventures is setting up a Dubai incubator for Elrond. There are multiple strategic opportunities to seize in the Middle East and North Africa regions. Blockchain technology is gaining rapid momentum among institutional and government players, creating many new opportunities for the Elrond Network.