Blockchain-focused dynamic accelerator Morningstar Ventures is investing $15 million in the Elrond ecosystem. As a result, projects leveraging Elrond’s technology can be eligible for grants from the fund. Additionally, Morningstar’s new strategic Elrond incubator in Dubai is opening its doors soon.
One can find blockchain innovation across multiple ecosystems. Morningstar Ventures acknowledges the potential of various ecosystems, with a particular focus on the Elrond blockchain. The innovation firm aims to fuel the proliferation of decentralized technology by supporting startups with funding, advisory help, and building an encompassing ecosystem.
Elrond Network has become of interest to Morningstar Ventures through its potential to achieve internet scaling. In the current form, Elrond’s network can process 15,000 transactions per second. However, that number is expected to surpass 100,000 TPS in the future. Elrond achieves such a high throughput thanks to the Adaptive State Sharding technology, allowing the ecosystem to scale instantly and on-demand.
Another factor contributing to Elrond Network’s growth is the focus on climate change. Elrond Network, which supports smart contracts, is carbon-negative. More specifically, the ecosystem offsets 25% more carbon than the network validators consume. Pioneering this positive change through blockchain technology creates a sustainable and decentralized high-performance blockchain supporting decentralized finance, non-fungible tokens, the Internet of Things, and many other segments.
Morningstar Ventures Co-founder and CIO Danilo S. Calucci comments:
“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.”
The building opportunities presented by Elrond now receive an extra spotlight thanks to Morningstar Ventures contributing $15 million in funding. The main focus lies in building disruptive products and services.
Holoride is the first project to receive funding. The Audi-backed extended reality media platform wants to enhance the concept of car rides through VR, in-motion sensors, and haptic feedback hardware. The content economy for Holoride will run on the Elrond blockchain.
The Elrond Dubai incubator set up by Morningstar Ventures mainly prioritizes strategic opportunities for Elrond in the UAE, Middle East, and North Africa. Blockchain technology notes tremendous adoption and interest in all of these regions, from institutional and government participants.