SAN FRANCISCO, May 10, 2022 /PRNewswire/ -- Elrond Network, the developer of internet-scale blockchain infrastructure for Web3 payments, DeFi and the new Metaverse economy, has announced the completion of their integration with AnChain.AI, the AI-powered next-gen blockchain analytics platform.
This integration has strategic implications for Elrond's recent moves into traditional and blockchain-based digital payments infrastructure. Through consecutive acquisitions, Elrond has expanded its portfolio to include an e-money license, a Virtual Asset Service Provider (VASP) license, and the ability to issue debit cards, all valid throughout the entire European Economic Area.
"We are making decisive steps for the integration of blockchain technology into the global financial system," said Beniamin Mincu, Elrond Network CEO. "International financial institutions and national economies can operate and collaborate using our scalable architecture. It is therefore essential that they have access to the highest levels of compliance and fraud prevention. AnChain is a great enabler in this regard."
AnChain's industry leading blockchain analytics capabilities has made the AI-driven platform an indispensable tool for the forensics and compliance capabilities of major financial institutions such as the US SEC (Securities and Exchange Commission), governments, digital asset exchanges and other VASPs and financial institutions.
"We are at an inflection point where enterprises and governments are rapidly realizing that blockchain technology has become indispensable for efficiency increase and sustainable growth," said Dr Victor Fang, CEO & Co-founder of AnChain.AI. "The AnChain Web3 security suite will complement Elrond's promising technology and give it an important edge that will enable it to meet the influx of new institutional demand."
The AnChain toolset will provide applications using Elrond Network blockchain technology with the ability to quickly make sense of large data sets pertaining to on-chain transactions. This will bolster the ability of organizations to avoid interactions with addresses flagged for illicit activities, prevent fraud attempts and help with the tracking and recovery of misappropriated digital assets.
With the powerful AI-driven security toolkit deployed on top of its internet-scale infrastructure, the Elrond Network establishes itself as a leader in the push for the adoption of blockchain technology in organizations, nations and international institutions, and for the creation of a new digital financial system at a global scale.
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
AnChain.AI is an AI-powered cybersecurity company enhancing blockchain security, risk, and compliance strategies. AnChain.AI was founded in 2018 by cybersecurity and enterprise software veterans from FireEye and Mandiant. Backed by both Silicon Valley and Wall Street VCs, and selected in the Berkeley Blockchain Xcelerator, the company is trusted by 100+ customers from over 10+ countries in these sectors: VASPs, financial institutions, and government, including the U.S. SEC (Securities and Exchange Commission). Featured by CBS News, MIT Tech Review, Coindesk, and DEFCON, AnChain.AI's AML engine screens over $1 billion in daily crypto transactions.