Unicrypt integrates the Elrond network to introduce an enhanced level of interoperability | By Capital | Capital | July 2021
Single passwordIt is a powerful platform that provides multi-chain decentralized encryption services, and will begin integration with Elrond Network in the third quarter of 2021.
The development will enable Unicrypt to deploy its current and future extensive applications on the Elrond chain, which currently has 639,000 mainnet wallets, 6.2 million transactions, and approximately $11.4 million in mortgages.
Why is Elrond integration important!
First, Unicrypt plans to deploy its liquidity locker on top of Elrond’s intuitive end-user application to protect DeFi investors from exit scams, as well as the Unicrypt browser, exchange.
Maiar is revolutionizing DeFi services by similarly promoting the critical mass adoption of Internet browser inventions. The exchange currently has more than $1.72 million in EGLD pledged by more than 59,000 users.
The deployment of the Unicrypt liquidity locker is hailed as the pioneering liquidity locker on the Uniswap pool, introducing an additional layer of trust and security to the newly launched DeFi project that utilizes the Maiar liquidity pool. The Unicrypt team hired one rust Developers will oversee this process.
The second step is to deploy the Unicrpyt token attribution option, which strengthens the confidence of potential participants in the token product. This service enables new project teams to define their trust-free long-term token economic plan and set a lock-up period (usually one or two years).
Token attribution can also be used for other purposes, such as airdrops, community competitions, or to provide supporters of upcoming crypto projects with a fully decentralized linear token distribution.
Finally, the Unicrypt team will review the usage of the above deployments and let the community vote to decide which services should be deployed on the platform in the next step. The public opinion survey will determine whether the above-mentioned services are prioritized over other products currently in preparation, including the improvement and iteration of Unicrypt agricultural and mortgage tools and the enhancement of self-incubation areas.
What are the challenges of integration?
Unicrypt must first determine which technical resources to deploy for services deployed on the Elrond chain, because it was specifically built in the past Robustness.
The next challenge will be to introduce Unicrypt technical services to Elrond audiences and users, such as migration, liquidity lock-in, and trustless DeFi tools that require documentation. Unicrypt plans to mobilize technical and community support to help Elrond users understand these concepts that may not be clear to BSC audiences.
Elrond: The most energy-efficient POS consensus mechanism
Elrond is a potential future smart blockchain, designed to accelerate the adoption of global development teams through its simple and powerful features tatum.io Blockchain infrastructure. Any user can use Elrond’s free API to develop applications without any specific blockchain knowledge.
The highly scalable, fast and secure Internet-scale blockchain deploys a Proof of Stake (PoS) algorithm and a new adaptive state sharding mechanism, which can cumulatively increase performance by 1,000 times. Elrond is the first and only third-generation chain that can be scaled infinitely, up to 100,000 TPS.
The Elrond project, led by CEO Beniamin Mincu, provides impetus for the construction of distributed applications, enterprise use cases, and the new Internet economy. The innovative blockchain project introduces the most important development for the energy-saving POS algorithm, which promotes unprecedented fairness for all participants while circumventing network resources.