Elrond Network is building a linearly scalable decentralized network. However, the intent is to achieve it with minimal computational and energy requirements. As an internet-scale blockchain, it will support blazing transaction speeds, nearly 1,000 times faster than what it currently is.
Undoubtedly, this makes Elrond uniquely equipped to support the Dubai Blockchain Strategy mission. Essentially, the objective of this mission is to become the first fully blockchain-powered city. And on April 30, Elrond partnered with Global Digital Assets Corporation (GDAC) to take the mission one step closer to reality.
According to the details shared in a press release, this alliance will conduct research. And together, they will then develop fast payment and smart contract frameworks for Dubai.
By engaging with GDAC, Elrond will also focus on developing use-case based solutions and execution plans for Dubai’s blockchain-powered smart city. Moreover, GDAC will help the regulators of the Dubai Blockchain Strategy experiment with emerging and innovative technology.
And it seems the team is already working towards it as evidenced by Elrond CEO’s tweet.
What is the focus of the partnership?
At the core of the partnership is Elrond’s scalable infrastructure. The network has the right capability to develop a working model. Especially, the one that fits Dubai. This is because Elrond has a track record of multiple innovations in smart contracts and smart accounts.
According to Ashton Hettiarachi, partner at GDAC, the corporation was excited to partner with Elrond. Moreover, the complete focus would be to bring efficiency via digitization. And this would help resolve modern problems with an innovative approach.
Moreover, the partnership aims to focus on developing use-cases to support government efficiency. Additionally, industry creation and international leadership would be the key focal points. With the partner selection process for technology implementation likely to be rigorous, neither Elrond nor GDAC wanted to miss out on the opportunity.
Speaking on the occasion, Elrond CEO, Beniamin Mincu, stated, “The blockchain space knows Elrond for its significant performance and scalability. But in addition to this our enterprise partners also recognize the implications of other noteworthy contributions in the areas of smart accounts & contracts. Together, these components make the Elrond blockchain uniquely equipped for real use-cases that go far beyond what we have seen so far.”
Recently, the network had partnered with Binance
to support BUSD transactions at blazing fast speed and low cost.