Beniamin Mincu And Elrond Token Wiki

Beniamin Mincu.
Courtesy of Mincu’s Facebook profile.

 

Who Is Beniamin Mincu?

Beniamin (also spelled Benjamin) Mincu is a Romanian tech entrepreneur and co-founder & CEO of Elrond. Mincu’s co-founders at Elrond are his brother Lucian Mincu and Lucian Todea. Mincu’s entrepreneurial activities have primarily been focused on blockchain and cryptocurrency, with Elrond being his latest project in the industry.

 

Beniamin Mincu Background/Bio

According to his LinkedIn profile, Beniamin Mincu graduated from the German University of Sibiu, Romania, with a Bachelor’s degree in Economics, Management in 2011.

In May 2014, Mincu assumed the position of Business, Marketing, and Community Lead at NEM.io Foundation – the first Smart Asset blockchain in the world.

In September 2016, Mincu co-founded Metachain Capital – a digital asset investment fund focused on supporting ambitious teams and technologies in the blockchain industry. Mincu served as Metachain Capital’s CEO until December 2017.

In September 2017, Mincu co-founded Elrond Network – which the Elrond team hails as:

A highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy.

The technical paper detailing Elrond’s inner workings was released in Q2 2018, while the platform itself was launched in prototype form in Q3 2018. Over the next two years, the platform would undergo a series of updates, test launches, and receive a number of additional features, such as the DeFi (Decentralized Finance) 2.0 module with liquidity pools, automated swaps, borrowing, lending, and synthetic assets.

In 2019, Elrond raised a total of $1.9 million in funding over 1 round. According to Crunchbase, Elrond has six primary investors:

Elrond's six investors.
Courtesy of Crunchbase.

 

Beniamin Mincu Videos/Interviews

 

Beniamin Mincu Net Worth

As with many well-known entrepreneurs, there are many searches online regarding Beniamin Mincu’s net worth.

Unfortunately at this time no concrete info is available on this subject.

The total market cap of the Elrond network was over two billion dollars as of early 2021, however.

 

The Elrond Blockchain Network

Elrond's headline.
Courtesy of Elrond.com.

 

Elrond is intended to deliver scalability and high performance at a low cost.

More precisely, the Elrond network is claimed to be able to process 15,000 transactions per second (as of March 13, 2021) and scale beyond 100,000 TPS (263,000 transactions per second achieved in a test network). In contrast, the approximate average TPS of the Bitcoin blockchain is about 5, while Ethereum can handle about 10.

Additionally, Elrond has a block time of 6 seconds and transaction costs of $0.001.

This overview from the Elrond docs summarizes the benefits and the future of the platform:

Elrond is a distributed transactional computation protocol which relies on a sharded state architecture and a secure Proof of Stake consensus mechanism. While most other blockchain networks require custom hardware and high energy consumption, Elrond runs on average computers.

By employing sharding, a method of parallelizing data & transactions processing, Elrond’s performance will scale up with the number of computers joining the network, reaching more than 100.000 transactions per second while growing increasingly decentralized.

CoinGecko.com describes it in the following manner:

Recognizing that most scalability efforts by other projects are not sufficient in that the efforts are merely “kicking the can down the road”, Elrond set out to create a blockchain that is capable of 1000x throughput than most existing blockchains. This improvement of transaction throughput allows Elrond to handle even the most aggressive wave of user adoption.

Elrond is also the first network to employ all three aspects of sharding – state, network, and transactions. Such an approach allows for a dynamic, scalable, and secure network architecture that is intended to perform better as more and more users join Elrond.

For security, Elrond also relies on the Secure Proof of Stake Mechanism:

In addition to scaling through sharding, Elrond also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.

By solving some of the hardest consensus and sharding problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, Elrond also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.

Elrond supports popular programming languages – including C, C++, and Rust – to allow online businesses to base their applications on the Elrond blockchain platform.

 

The Structure Of Elrond, And The EGLD Token

An outline of how the Elrond blockchain platform works.
Courtesy of Elrond.com.

 

To ensure security, performance, and scalability, Elrond’s network structure is built upon three components – shards, the metachain, and nodes. Below are their explanations provided by Elrond.

The Shards are smaller partitions of the Elrond network and are used for scaling: each shard is responsible for a portion of the state (accounts, smart contracts, blockchain) and transaction processing, so that every shard can process only a fraction of the transactions in parallel with other shards.

The Metachain is the blockchain that runs in a special shard, where the main responsibilities are not processing of transactions, but notarizing and finalizing the processed shard block headers, facilitating communication between shards, storing and maintaining a registry of validators, triggering new epochs, processing fisherman challenges, rewarding and slashing.

The Node is a computer, smartphone or server, running the Elrond client and relaying messages received from its peers. Nodes can fulfill roles of Validators, Observers or Fisherman providing different support levels to the network and earning proportional rewards.

Elrond nodes are assigned one of these three roles:

  • Validator. Validators process transactions and participate in the consensus mechanism to secure the network. Validators are required to put up collateral in the form of Elrond tokens. Elrond tokens are staked to align the incentives between validators and network goals. Validators are rewarded for staking tokens.
  • Observer. Being passive members of the network, observer nodes act as read & relay interfaces. Observers may store the entire history of the blockchain or only 2 blockchain epochs.
  • Fisherman. Fishermen verify the validity of proposed blocks and challenge invalid ones. These nodes are rewarded for their service. Validators that are not part of the current consensus and observers may perform the role of fishermen.

 

The token of the Elrond ecosystem is EGLD.

As CoinBureau.com explains:

The eGLD token is what powers the network, acting as the entry point for the network, and providing the means to pay for transactions, dApp deployment, storage, smart contract execution and rewards to validators. Transaction fees are split between validators and the Elrond Community Fund.

Elrond staking rewards

Validators are incentivized to support the Elrond network by staking on Elrond eGold (EGLD). In return, Validators are rewarded with part of the transaction fees or a new emission of EGLD.

Rewards for validator EGLD staking.
Courtesy of Elrond.com.

 

Rewards for delegator EGLD staking.
Courtesy of Elrond.com.

 

As of March 13, 2021, the yearly return against EGLD stakes was 36% for validators. For delegators, it was 29%. Elrond docs define delegation as follows:

staking pool is defined as a custom delegation smart contract, the associated nodes and the funds staked in the pool by participants. Node operators may wish to set up a staking pool for their nodes, which can then be funded by anyone in exchange for a proportion of the validator rewards. This form of funding the stake for validators is called delegation.

Staking pools bridge the gap between node operators, who need funds to stake for their nodes, and fund holders who wish to earn rewards by staking their funds, but are not interested in managing validator nodes.

Elrond EGLD Price

Here is current price of EGLD:

 

Elrond EGLD Price Predictions

As noted above, Elrond eGold (EGLD) is the native cryptocurrency of the Elrond platform. EGLD was preceded by the Elrond token, or ERD. Since September 3, 2020, ERD officially began to be swapped to EGLD at a rate of 1,000 ERD to 1 EGLD.

The value of EGLD has more or less steadily increased since its introduction, reaching $196.71 on February 10, 2021 – an about 11x increase compared to September 3, 2020, when EGLD was $17.59. As of March 13, 2021, $196.71 was at the high end of values achieved by Elrond eGold.

Elrond growth trends as of March 13, 2021.
EGLD growth trends as of March 13, 2021. Courtesy of CoinGecko.

 

Elrond price history as of March 13, 2021.
EGLD price history from September 3, 2020, to March 13, 2021. Courtesy of CoinGecko.

 

As of March 13, 2021, DigitalCoinPrice predicts that EGLD will reach $205.79 in 2021 and $645.23 in 2028.

EGLD price forecast from 2021 to 2028.
EGLD forecast for 2021 to 2028 as of March 13, 2021. Courtesy of DigitalCoinPrice.

 

The Elrond App – Maiar digital wallet

The main goal of Maiar is to make sending money as easy as sending a message.
Courtesy of Maiar.com.

 

Launched in January 2021, Maiar is a digital wallet based on the Elrond blockchain. The app allows users to exchange, send, and receive cryptocurrency from their mobile phones, among other things. Transaction fees on Maiar are as low as $0.001.

The main features of Maiar.
Features of Maiar. Courtesy of Maiar.com.

 

Maiar is available in all countries around the world, with the exception of those that have specific restrictions against cryptocurrencies.

As of March 13, 2021, Maiar supported EGLD, Elrond (ERD ERC20 and ERD BEP2), Binance (BNB), and Ethereum (ETH). Support for other digital currencies is in the works.

 

Conclusion

You can find out more about Beniamin Mincu on his LinkedIn page. Mincu regularly posts on Twitter and Facebook too.

For more info specifically about the Elrond platform, visit its website. Elrond also has a YouTube channel with videos introducing viewers to the Elrond ecosystem.

 

 

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