In the last couple of years, blockchain technology has taken big strides when it comes to products and services. The Decentralization strategy seems to be taken a good effect because of the distaste of technology users towards big tech companies these days.
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Whether it’s metaverse or cryptocurrency or even traditional blockchain apps, we can assume that the interest that’s there at the moment is not going away anytime soon and only going to increase further. In this article, we will talk about one of those initiatives called Elrond and some of the biggest projects built under the Elrond platform.
What is Elrond?
Elrond is a highly fast and scalable and secure blockchain platform for apps, enterprise use, and even retail products and services. The platform has been live since 2018 and has been proven to be highly performing with about 15,000 current TPS and about 6 seconds of block time. The transaction cost is about $0.001 tx cost and Elrond can scale more than 100,000 nodes (263,000 TPS in testnet).
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It’s a great thing to see so many products on the Elrond platform especially focusing on solving so many real-life problems in the world like parking, electric mobility and charging stations, etc.,
In 2022, we have so many blockchain platforms that serve the purpose of distribution apps and it is believed that Elrond is so different from other platforms that are currently on the market at the moment.
All aspects of sharding like state, network, and transactions have been implemented altogether in the Elrond platform. With its adaptive component, Elrond architecture allows a stronger level of security when the apps and services built-in are scaled beyond the limit.
The consensus problem in the blockchain is approached by Elrond with a mechanism called Secure Proof of Stake which allows you to stop attach vectors when compared to the traditional Proof of Work.
Elrond focuses on solving these problems like sharding and consensus so that they could provide a high level of performance and even low cost per transaction. The quality of developer experience alongside the usability of the interfaces in Elrond Platforms makes it a joy to build and manage large-scale blockchain applications.
I have made a list of 8 different Elrond projects that are very popular and from different sectors in the scalable blockchain platform. In addition to this, there are so many more that don’t. Before reading further, this post is not financial advice, please Do your own research before investing.
Upark is the 1st Decentralized Solution for Parking Spots reservations which is built in the Elrond decentralized platform. This might seem like a small app but the scope of the project is all across Europe so that’s about 44 countries.
Upark addresses the Time, hustle, and frustration that comes along with finding a good parking spot in the city. With this tool, you Upark addresses the Time, hustle, and frustration that comes along with finding a good parking spot in the city center. With the use of the mobile app, you can park in any available spot in the city center and get away from the hassle of finding one. As proved it takes an average of 15 minutes for a person to find a spot in the city center and let’s not forget the ecological impact because of the emission due to driving around looking for a spot. Here uPark aims to reduce CO2 emissions by the whole 97%. Integrating solution into Elrond blockchain it builds utility for $UPARK token that aims to introduce NFT’s availability in uPark app connected to parking spots, spreading NFTs through everyday life use cases and allowing multiple revenue streams too early adopters.
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Qowatt Network is focused on facilitating the global adoption of electric mobility with the first green energy charging solution initially starting in Europe in the Elrond platform.
QoWatt will have two different e-charging models. They are
- e-City: slow with a max delivery of 22kW per vehicle/user.
- e-Fast: fast charger with a max delivery of 250kW per vehicle/user
The major advantages of the Qowatt network are Innovation, robustness, security, growth, liquidity, scalability, sustainability, and even community. This network even has NFT seats to become owners in the Qowatt.
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Another great product that is built in the Elrond blockchain platform is the UTRUST payment system. It’s a secure and decentralized payment system that is built purely on the Blockchain. Utrust allows its users to pay anything using any approved cryptocurrency.
The problem that this solves is the bridge between traditional payment methods like banks and credits to the latest ones like cryptocurrencies etc.,
Increasingly the payment for goods and services using cryptocurrencies is increasing exponentially and the fact that governments across the world have started approving crypto as valid payments enables this as well. The transaction fee is less than 1% of any transaction of any amount.
The advantages of Utrust are:
-> A robust protection and risk mitigation for both parties of the transaction.
-> Pay using any of your personal favorite cryptocurrencies and receive in whatever currency you want.
-> Utrust has a token of exchange built-in which can be used to manage transaction fees.
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Itheum is the very first data brokerage platform that is built in the decentralized space. The purpose of iTheum is to transform your personal data into tradable assets. Itheum provides tools and services that let your move your personal data from web2 to web3 with a well-designed UX without any central control of power.
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iTheum has two core products in it. It is the Data Collection & Analytics Toolkit and Decentralized Data Exchange. The Analysis Toolkit can use Itheum’s Data CAT to build apps and programs which can be focused on personal data from users to create trends and visual patterns for analysis.
Now, the Decentralized Data Exchange will enable you to own and trade personal data collected by organizations to build apps. So, you can take advantage of these tools to ensure to built great apps and services in the Elrond platform.
Holoride is a Virtual Reality product that is built on the Elrond Platform which lets you turn your car rides into theme park rides. In addition to that, the product is built in such a way that the movements during your car ride are considered part of the VR experience so it’s exactly how a theme park ride would be.
Verge called this “A perfectly-synchronized journey through virtual worlds.“. So, it’s clear that this product is getting a lot of attention in that narrow space.
In the in-car entertainment section, this is definitely a big boost compared to the traditional music and video type of entertainment systems.
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This is another fintech product in the Elrond platform. Hatom Protocol is a decentralized, algorithmic protocol that focuses on the lending and borrowing of assets, especially in the Elrond Network. This is similar to how people provide liquid assets to the market and earn interest and people who borrow can take loans for a certain interest amount.
Hatom protocol is open-source, and all smart contracts will be publicly available. But it’s not available to be commercially used. You can read more about it here.
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Aerovak Aviation is a social platform designed to be the one-stop-shop for anything and everything that is related to aviation in the decentralized, blockchain platform, especially in Elrond.
Aerovak is not just a product but it serves as a place to build a community in the aviation space in web3. Let’s see what are the products and services in the aviation space.
What you can do in Aerovek?
- Buy, sell and even trade aircraft parts and even large planes.
- You could also find local flights, pilots, passengers, and even flight school reservations.
- It’s also a learning platform where you can learn about aviation, DEFI, web3, and how the products in the web3 work in the new internet era.
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Zoid Pay is another fintech product in the Elrond platform which provides instant card insurance for any merchant purchases at the lowest transaction fees.
It’s available as a Google Chrome extension which obviously enables crypto users to complete payments in about 100 Million merchants all across the world. This extension is focused mainly on retail users.
When it comes for Defi innovators, ZoidPay is providing an API and SDK to build apps and financial services in the blockchain platform. In the case of Blockchains, wallets, and even exchanges, Zoid enables you to integrate crypto liquidity into their platforms.
In addition to these 8 apps, there are so many other apps like Black Hat Network, Landboard etc., on Elrond Blockchain.