Beniamin Mincu Of Elrond - Bio And Vision For The Future Of Money
A Visionary That Will Define The Next Wave Of The Internet Economy
Who Is Beniamin Mincu?
Beniamin Mincu is an entrepreneur, investor, and Blockchain pioneer born in Romania with a vision to reshape economies, opening an era of unparalleled opportunity on a global scale. Beniamin (also pronounced Benjamin) is a humanitarian with his heart in the right place and the Co-founder and CEO of the Elrond Network.
Beniamin undertakes to accelerate the onset of a high-bandwidth, open, permissionless, globally accessible financial system. The dedication of Elrond’s diverse team of engineers and researchers that have a wide range of technical experience and significant Blockchain expertise is bringing this vision to life.
Beniamin Mincu’s Background
Beniamin is from Sibiu County in Romania, where he attended the German University of Sibiu, Romania. He studied at the Faculty of Economic Sciences and graduated with a Bachelor's degree in Economics and Management in 2011. He was certified by the University of Toronto in the Learn to Program: The Fundamentals in 2013.
His accomplishments include courses in Business ethics, Finance, Logistics, Macroeconomics, Management, Marketing, Microeconomics, Production Management, Project Management, Quality Management, Statistics, Strategic Management.
Beniamin is fluent in three languages - English, German, and Romanian. He is celebrated for his critical thinking skills, creativity, leadership, pleasant disposition, and ability to deliver on his commitments. His passion for economic empowerment, education, poverty alleviation, science, and technology drives him to continue his project to reshape the economy gradually.
Beniamin’s First Encounter And Inspiration With Crypto
What inspired Beniamin Mincu to become involved in the cryptocurrency space? In 2012 he initially stumbled across Bitcoin. By 2013, he found the whole concept of Cryptocurrency extremely intriguing as he saw the economic aspect.
He started researching technologies he thought were capable of changing the dynamics of the economy and entire society. Once he understood the economics of Bitcoin, he could clearly see that it would reshape the economy.
Career And Noble Endeavors
In 2014, Beniamin joined the NEM.io core team to help solve the issues he saw in Bitcoin. Since then, he recognized ongoing problems with Bitcoin, specifically scalability, and set out to remedy these obstacles that would stifle any meaningful mainstream adoption.
Beniamin studied many different technologies that he thought would have a high impact on the future of humanity. He has been involved in several aspects of the Blockchain space building, supporting and investing in around 30 different startups, including Icon, Matrix, and Zilliqa.
In 2016, Beniamin founded MetaChain Capital along with his brother Lucian Mincu and took on the role of CEO. MetaChain Capital was an investment firm that supported several Blockchain projects, including Binance, BAT, Tezos, and Polkadot, when they were in the startup phase. They became very successful and are placed in the top 100 projects on coinmarketcap.
In 2017, his sole focus was Elrond, building a hard-core team who he says can “literally build rockets.” Elrond, an ambitious project that aims to solve some of the most pressing challenges in the Blockchain and crypto space.
Notably, the name of the company, Elrond, was inspired by the character in the book and movie, Lord Of The Rings, who is portrayed to be immortal, superpowerful, with a purpose to do good in the world, and was considered a great aspiration by the founders of Elrond to aim for and bring light into the Blockchain and crypto industry.
Image Source: Twitter
Elrond - The Next Wave Of The Internet
Beniamin’s diverse background in state-of-the-art technology, applied philosophy, engineering, and Blockchain has culminated in creating a company that could very well define the next wave of the internet.
The elegant and sophisticated technology developed by the Elrond team is targeted at developers, the broader public, and enterprises. Developers can create decentralized applications and run smart contracts on the Elrond blockchain network, and the wider public can use Elrond as a user-friendly gateway to the digital economy.
Also, businesses seeking an enterprise solution that can lower transactional costs with benefits such as speed, security, and scalability will find Elrond Blockchain particularly useful. Such as emerging Web 3 companies building ecosystems with their cryptocurrency in the social media and digital marketing sphere that need an internet-scale blockchain to accommodate its massive user-base and ecommerce.
Image source: https://elrond.com/
The whole basis of the Elrond Network is to build a global, transparent, non-inflationary financial system giving anyone, anywhere, easy access to this new economic system. In July 2020, we saw the launch of Elrond’s Mainnet, with Beniamin Mincu announcing;
“Years from now, we will look back at this moment, as the instrumental transition from a promising but experimental technology, to one of the most important technologies of the decades that followed.”
More recently, we had the release of Elrond’s Maiar DEX. “This represents a massive step toward pushing DeFi adoption beyond the current boundaries of the crypto space, into the mainstream,” said Beniamin.
With Elrond’s Adaptive Sharding, a method of parallelizing data and transactions processing, Elrond’s performance will scale up with the number of computers joining the network, reaching more than 100,000 transactions per second while growing increasingly decentralized.
Paraphrasing Beniamin’s comments in the video posted below, these performance measures and protocols are not promises for the future, like so many other projects. They are already processing 15,000 transactions per second, with 6 seconds block time at a transaction cost of $0.001. They can scale beyond 100,000 and have achieved 260,000 TPS in the testnet phase.
He explains that after ten years, the approximate average TPS of the Bitcoin blockchain is still about 5, while Ethereum can handle about 15. We need to move beyond this to change the course of humanity and the future of money.
Elrond, as described by Coingecko,
“Elrond aims to build a high-throughput blockchain that aspires to build the next internet-scale blockchain. Recognizing that most scalability efforts by other projects are not sufficient in that the efforts are merely “kicking the can down the road,” Elrond set out to create a blockchain that is capable of 1000x throughput than most existing blockchains. This improvement of transaction throughput allows Elrond to handle even the most aggressive wave of user adoption.”
Beniamin Mincu, CEO of Elrond on the Future of Money and Reinventing the Internet
Courtesy of Blockworks
Romanian Roots And Ethos
According to the Romanian Business Review, diversity, innovation, and enthusiasm are the most common ingredients of the Romanian entrepreneur and start-ups. Many businesses impressed the BR team, mainly because of their founders’ entrepreneurial behavior, vision, and strategy.
“Romanians are smart,” a caption made famous by an advertising agency and was a gift celebrating Romania’s National Day in 2011. Their contribution was awarded a Cannes Lion Trophy for the campaign in 2016.
The Romanians have a lot to be proud of and are renowned for their sports athletes, creativity, and hospitality. Adding to that, their presence in the technology space with a philosophical approach to go beyond and make a real impact on humanity.
Markethive has a robust presence in Romania and shares the same ethos. Markethive’s team of engineers is situated there, working tirelessly to bring Markethive’s vision to fruition. It is a vision that brings freedom, liberty, and financial sovereignty to all and transcends the evil that is overwhelming social media with its technocracy.
Beniamin Mincu and his team at Elrond, with their innovative, evolving technology, will make it possible for the Markethive community to thrive in this stagnant, if not devolving world. God speed to Beniamin Mincu, Elrond, and Markethive.
Also published @ Before It’s News https://beforeitsnews.com/science-and-technology/2021/12/beniamin-mincu-of-elrond-bio-and-vision-for-the-future-of-money-3003471.html