Thread by @beniaminmincu

1/ For the last 3 years the Elrond team has been pushing hard to deliver an internet scale blockchain -- the most scalable blockchain architecture in the world.

The network is LIVE, and we've gathered one of the strongest communities in the ecosystem.

Here's a context thread 👇

2/ - NOT INVESTMENT ADVICE -

TECHNOLOGIES WITH MASSIVE IMPACT

Truly groundbreaking technology is rare, and it usually takes one working killer application to reveal its utility and drive massive adoption. Then, it gradually reshapes the world around us.

3/ Electric current powers all technology today, but it was the lightbulb that paved the way for its immediate adoption; the internet made all information accessible and enabled instant global communication, but it was the browser that brought millions of users to the internet.

4/ In a similar way, blockchain will reshape the world economy, but it needs a particular killer application to reveal its meaning and value to billions of people around the world.

So where do we start? What is its most compelling application?

5/ FUNDAMENTAL ECONOMIC PROBLEMS

There are two fundamental problems that severely limit the growth of the current economy: (1) a systemic problem and (2) a distribution problem.

6/ (1) The systemic problem refers to the low bandwidth, non-transparent technology on which the current financial system is built, causing huge time and resource inefficiencies.

7/ (2) The distribution problem refers to a lack of basic financial infrastructure that still affects more than 1.7 billion people around the world, making it difficult to get minimal subsistence resources and threatening their life.

8/ AN INTERNET SCALE BLOCKCHAIN

We believe that in order to properly address these two problems, it's imperative to build (1) a high bandwidth, transparent, and non-inflationary complementary financial system, and (2) make it globally accessible.

9/ Such a solution would significantly improve the lives of billions of people around the world, and would likely be the most important GDP multiplier since the internet.

This is the reason why Elrond exists.

10/ ADOPTION - GRADUALLY THEN SUDDENLY

Having the Elrond network live is a major milestone; it means that apps built on the Elrond will operate at internet scale speeds.

Few understand these non-trivial implications, but with the first killer app, a paradigm shift will emerge.

11/ ADOPTION PATHS

To bring the first killer app to life we've focused on:
(a) Protocol updates & exchange integrations to validate network usage and maximize exposure; (b) Dev tools to simplify onboarding & accelerate integrations; (c) A global and rapid adoption path via Maiar

12/ PROTOCOL UPDATES

First priority is core protocol development: fixing bugs, releasing new features, and preparing the staking functions to go live. Such features have been in internal testing for the last 4-8 weeks, and were moved to a pre-mainnet testing phase yesterday.

13/ RESTAKING & CLAIMING REWARDS

To improve user experience, and prepare our tools for new feature compatibility, we've been working on a new web wallet.

This will allow people to claim rewards, and delegate tokens in a new staking round that will soon become available.

14/ TIMING: NEW WALLET & CLAIMING REWARDS

If everything works as planned, we are aiming to release the new wallet next week.

Claiming rewards will be enabled soon after.

A long awaited new staking round will also be announced during the next 2 week

Sneak peak of the wallet 👀

15/ EXCHANGES & EXPOSURE

To maximize exposure, community growth, healthy liquidity, and enable immediate usage of the network, we have prioritized integration with several global exchanges.

More exchanges will follow until we finally onboard all strategic partners.

16/ ECONOMICS SET IN MOTION

eGold is live, spreading to many people around the world and, pending the scarcity effect to kick in.

Expansion will continue to grow, and we're convinced the decisions to simplify, and adjust the model, will prove pivotal in the long term.

17/ DEV TOOLS & INTEGRATIONS

Dev tools are crucial for adoption, so we've spent a lot of time mapping what's needed to further simplify the dev process & onboard new partners.

The process has become clearer, and a few strategic tools are in the works(likely ready in 3-4 weeks).

18/ GROWTH ENGINES

With the tools ready, a significant website upgrade is planned, integrating the new flow and documentation.

That's when real adoption will shift to the second gear.

Elrond is the most robust architecture. With these tools, it becomes the most usable as well.

19/ RAPID GLOBAL ADOPTION VIA MAIAR

Maiar will be the ultimate financial interface, extending global access to the Elrond ecosystem.

We had 60+ releases already, and are rapidly advancing toward the first public version.

Wave 5 of invites will likely go out tomorrow.

20/ WHY MAIAR IS DIFFERENT

Maiar's most important advantage will be in its intuitive simplicity, doubled by its vertical integration with the fastest blockchain.

Building on this simplicity the world will discover a new set of applications impossible to be offered before:

21/ Money transfers, digital lending, synthetic assets, instagram-like NFT value feeds, and gradual tokenization of everything, will be the evolution of this instrumental integration.

Through Elrond & Maiar the above becomes high bandwidth, truly simple and globally accessible.

22/ ON BETS AND OPPORTUNITIES

The greatest wealth is created by building useful innovation or investing early in it.

Both decisions requires believing in something before the majority does.

You will be ridiculed for your non-consensus beliefs.

But it's totally worth it!

23/ TECHNOLOGIES WITH ∞ UPSIDE

People who invested $50k in Amazon’s 1995 round, would have made 5 Billion USD(!) in 2018.

But very few understand how painful it was to weather the times when Amazon shares temporarily lost 99% of their value during irrational market episodes.

24/ Bottom line: great value takes time to build, question is can you take the temporary pain? You can't get outsized rewards without outsized effort and pain.

So, zoom out, choose projects in which you strongly believe, and stick with them for the long term.

25/ Forget about markets for a few years & put energy in supporting the projects. If you choose right, at best a project will reshape the world and money will be a past problem. At worst, you will have lived a life worth living.

Your choices decide your results, make them count!