Leading cryptocurrency exchange Binance has announced the next token sale on its IEO platform Binance Launchpad. The project, called Elrond (ERD), will again follow the lottery token sale format based on BNB balances with an important change – the exchange will now calculate the average daily BNB balance on each account over the holding period. The BNB balances will be recorded at a random time each day, over the 9-day period leading up to the Elrond token sale.
Elrond is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability through two key mechanisms – Adaptive State Sharing and Proof of Stake Consensus Mechanism. The team boasts of people with experience in leading tech companies such as Google, Microsoft and Intel. The testnet is already live and aims to become a platform for competitive dapp use cases. In addition, it is also aiming for M2M transactions in the IoT economy.
Binance will start recording BNB user balances from June 22, 2019, 12 AM UTC (5:30 AM IST) till July 1, 2019. The ticket claim will open at 6 AM UTC (11:30 AM IST) on July 1, 2019. The lottery draw and the winning tickets will be announced on July 2, 2019. The ERD token is priced at 0.00065 USD and its price in BNB will be determined prior to the lottery draw date. ERD will be issued on the native Binance Chain as a BEP2 asset.
More information about the Elrond token sale can be found here.
You can also read the Binance Research report about the Elrond project here.
(Image Credit: Binance)