Elrond announced the launch of their wallet and global payments app called “Maiar.” According to the announcement, the launch will occur on January 21, 2021. The app will be launched for both Android and iOS devices. It will provide financial services such as investments, payments, and the ability to earn a passive income.
With the app, users will not need to subscribe or sign any paperwork. Additionally, the app will not collect any personal data. It will use Elrond’s high throughput and cost-effective blockchain network to offer users near-instant transfers globally.
About The Maiar Wallet
The Maiar wallet sets itself apart from other blockchain-based wallets that require users to write complex 24-word passwords and non-intuitive sign-ups. These apps are usually unappealing for non-technical users and they discourage new users from signing up.
Maiar is designed to be a unique and secure account that runs on the Elrond blockchain. It utilizes a cryptographic hash of a user’s phone number without the phone number being exposed. After just a few seconds, the users have a usable blockchain wallet they can leverage to send and receive funds using the phone’s address book.
Via gamification and ongoing security, the user is encouraged to strengthen the security of their account by taking advantage of features such as adding a pin, biometric authentication, and encrypted backups. If a user gets a new phone, the Maiar wallet will implement social recovery, which will allow users to restore their wallet on a new device.
Consequently, Maiar will be the decentralized version of popular apps such as Venmo, PayPal, Revolut, and Google Pay. It will offer the same features as these apps but without gathering personal data. Also, Maiar will be offered at a fraction of the cost since the protocol will not be taking out fees on a transaction basis. Instead, users will pay a small fixed fee.
Maiar’s infrastructure is expected to fuel the accelerated expansion of the network. Elrond is touted as the first fully sharded blockchain architecture. It can operate on the same scale as the internet. Consequently, it will enable Elrond to spark user acquisition at the height of what is expected to be the most impressive Bull Run since December 2017.
Elrond Network is a project designed with “scalability during value transfer” in mind. It is a project that is capitalizing on the world’s transition into a digital economy. One of the main issues Elrond wants to solve is scalability, which has hindered the mainstream adoption of the blockchain.
To solve the scalability problem, Elrond had to rethink how blockchain infrastructures work. The Elrond solution entails the use of a shard pruning mechanism. It helps to ensure the sustainability of the architecture even when there is a throughput of tens of thousands of transactions per second. The result is that users can make quick and easy transactions.
Elrond is a project committed to the mass adoption of the blockchain. With the launch of its latest project at the height of a bull market, its products will no doubt receive the recognition and adoption they desire.
This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. This article was sourced by Visionary Financial