[PRESS RELEASE Dubai, UAE, 13 October 2021]
Morningstar Ventures is a dynamic accelerator of innovative ideas in the blockchain space. They have announced a $15 million investment fund that will be used to invest in projects using Elrond technology.
Morningstar Ventures, a blockchain innovation company, drives decentralized technology proliferation through strategic placements in startups. It also supports ecosystem building and advisory with funding.
Elrond Network, an internet-scale blockchain, is capable of processing 15,000 transactions per seconds and can scale beyond 100,000 TPS thanks to its innovative Adaptive State Sharding technology. This allows it to scale to meet demand by adding new shards when necessary.
Smart contracts execution platform is carbon negative by offsetting 25% more CO2 that its network of 3,200 Validators around the globe. The Elrond Network is a highly sustainable, decentralized, and performant blockchain infrastructure that supports DeFi, NFTs and the new internet economy.
“Elrond’s rapidly evolving, internet-scale blockchain technology may be the most advanced in this space. This creates an asymmetric chance for Elrond – and possibly surpass – the largest blockchain ecosystems.” Danilo S., Morningstar Ventures Chief Investment Officer and Co-Founder, stated Danilo S. Carlucci. We are thrilled to be able to work alongside the most hardworking team and engaged community.
Morningstar Ventures has the resources and willingness to spread awareness about Elrond opportunities. They will invest $15 Million USD in disruptive, decentralized projects that use internet-scale technology.
Holoride is the first project to be awarded a strategic placement by the Morningstar fund. This Audi-backed extended reality media platform seeks to bring new dimensions to every car ride using Virtual Reality, in motion sensors and haptic feedback devices. It also runs on the Elrond blockchain and has a fair, transparent, and sustainable content economy.
Morningstar Ventures’ Elrond Dubai incubator is focused on securing strategic opportunities for Elrond ecosystems in the UAE and the Middle East and North Africa region (MENA), where blockchain technology is rapidly growing interest at both institutional and government levels.
The Elrond ecosystem’s explosive growth was possible because of an unstoppable team that built internet-scale technology, and a supportive community. Major players like Morningstar Ventures have made significant commitments to the rapid adoption and growth of our technology,” said Beniamin Mincu (Elrond Network CEO). “This is the beginning of an explosive growth phase in Elrond’s ecosystem. This will see driven builders leverage powerful devkits and innovate at the forefront the blockchain Supercycle.”
Elrond, an internet-scale blockchain designed from scratch, promises a 1000-fold increase in throughput and execution speeds. Elrond has two innovations to achieve this: a novel Adaptive state Sharding mechanism and a Secure Proof of Stake algorithm. This allows linear scaling with a fast and efficient consensus mechanism. Elrond is capable of processing upwards of 15,000 transactions per seconds (TPS), with a 6-second latency and negligible costs. It aims to be the backbone for a permissionless, global, borderless internet economy.
Marla Brooks – Financial Analysis
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