Elrond will use the new Bitfinex Token Sales platform
Bitfinex announced today that Elrond will conduct a Catalyst sale using the new Bitfinex Token Sales (BTS) distribution model.
This will be the first pro-rata distribution through BTS, which will ensure participation to all eligible users. The sale will commence on September 23rd.
Elrond is a technological ecosystem for a new Internet, and EGLD tokens purchased during this sale will be used for staking, governance, transactions, smart contracts and validation rewards on the network.
The new pro-rata distribution introduced by Bitfinex Token Sales serves to meet the high demand during a token sale, and allows projects to expand the opportunity to include every interested and verified participant.
In fact, thanks to this pro-rata model, tokens are not distributed to buyers according to their order of arrival, but on a proportional basis, so as to ensure a large number of participants, guarantee a wider distribution, and reduce the inevitable frustrations generated by sales that run out in a very short time.
The Elrond Catalyst Sale will start at 10:00 UTC on September 23rd, 2020. When sales will open, a limited quantity of eGold (EGLD) tokens will be sold by Elrond Inc. at a price calculated based on spot prices at the start of the sale, and successful contributors will receive an additional 25% EGLD bonus. These bonuses will be distributed in four equal rounds on September 28th, October 3rd, October 8th and October 13th, 2020.
The CTO of BTS, Paolo Ardoino, said:
“Bitfinex Token Sales is dedicated to building quality technology and will continue to update our platforms in the interest of our users. We look forward to seeing the technology seamlessly facilitate the Elrond Catalyst Sale so that the Elrond team can focus on growing the community and acquiring new users”.
The CEO of Elrond, Beniamin Mincu, added:
“We are very enthusiastic about the prospects of using the Bitfinex Token Sales technology to grow our community. It provides us an opportunity to focus on acquiring new users. We’re excited to be able to onboard them via the Catalyst sale and ensure wider distribution via the new pro rata token distribution model”.
Elrond is a new blockchain architecture that aims to make the system a thousand times better in terms of throughput and speed of execution. To achieve this goal two key innovations have been introduced, a new Adaptive State Sharding mechanism and a Secure Proof of Stake algorithm that allows linear scalability with a fast, efficient and secure consensus mechanism.
Thus Elrond can process up to 10,000 transactions per second (TPS), with a latency of 5 seconds and a negligible cost.