Morningstar invests $15M in project development on Elrond
- Elrond blockchain can process 15,000 transactions per second and offers scalability beyond 100,000 TPS
- Elrond network offsets 25% more CO2 than its global validator network is accountable for
- First funded project improves car rides using haptic feedback devices, in-motion sensors, and VR
Morningstar Ventures, a blockchain innovation firm driving decentralized technology, will invest $15 million USD through a fund to develop projects on the Elrond (EGLD/USD) blockchain and a new strategic Elrond Incubator in Dubai, Invezz learned from a press release.
Elrond impresses with high transaction processing speed and scalability
Elrond blockchain can process 15,000 transactions per second and offers scalability beyond 100,000 TPS. This is possible through cutting-edge tech known as Adaptive State Sharding, which adds new shards to scale the blockchain with demand.
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Elrond network offsets 25% more CO2 than its global validator network is accountable for. This makes it a top-performing and highly sustainable blockchain infrastructure for a number of dynamically developing niches such as DeFi, NFTs, and IoT.
Danilo S. Carlucci, Morningstar Ventures Co-Founder and Chief Investment Officer, commented:
Elrond’s rapidly evolving internet-scale blockchain technology is perhaps the most advanced in the space, which creates an asymmetric opportunity for Elrond to rapidly catch up with – and perhaps even surpass – the biggest blockchain ecosystems. We’re thrilled to take this opportunity and build alongside the hardest working team and most engaged community.
Morningstar Ventures is prepared to invest significant resources to publicize the opportunities Elrond offers. Beniamin Mincu, Elrond Network CEO, said:
The explosive growth of the Elrond ecosystem happened with an unstoppable team building internet-scale technology and an amazing community supporting them. Now, major players such as Morningstar Ventures are making significant long term commitments aimed at the rapid adoption of our tech. This signals the start of the next explosive growth phase for the Elrond ecosystem, where driven builders will leverage powerful devkits to innovate at the forefront of the blockchain Supercycle.
Holoride media platform becomes first to receive funding
The flagship project to enjoy strategic placement from the $15 million fund is holoride, an extended reality media platform backed by Audi, which aims to add new dimensions to car trips. They will achieve this by using haptic feedback devices, in-motion sensors, and VR.
Morningstar’s Elrond Dubai incubator will hone in on opportunities for Elrond ecosystem in the Middle East and North Africa (MENA) region.