On 18th August 2020, our SVP, Head of Marketing, Maggie Ng had a Live AMA session with Beniamin Mincu, Founder and CEO of Elrond.


Maggie - Hi, everyone, thanks for joining Elrond Network and Crypto.com live video AMA today. Hi! It's me again, Maggie. I'm the Head of Marketing at Crypto.com, and I'll be hosting today's live stream. Joining us is Beniamin Mincu, the Founder and CEO of one of the hottest projects in blockchain, Elrond Network. He is going to be answering some of the questions that have been submitted by our communities in the past week. If by any chance that your question has been featured in the Q&A session, then you may have won a share of a 28,500 ERD prize pool which is going to be directly distributed to your Crypto.com App account. Welcome, Ben.

Beniamin - Hello Maggie! It's really great to be here, very much looking forward to this conversation.

Maggie - Yeah, thanks for joining us today, Ben, before we start, would you like to give yourself a quick introduction about yourself and also what Elrond Network is for our Crypto.com community?

Beniamin - Sure, sure. So I'm Beniamin Mincu, Founder and CEO of Elrond. I've actually been in the blockchain space since 2013. I've been involved in several projects really deeply. One of the projects has been NEM. I've also been investing in many projects, just to make sure that I get a very deep understanding of how things work. And then, since 2017-end of 2017, my focus has been solely on Elrond. And at Elrond, we've essentially built a team with which we can literally build rockets. And then with this team, we've been focusing on building a global, transparent, non-inflationary financial system, and then making sure that we give anyone anywhere easy access to it. This has been the goal of Elrond, and we've made huge progress. So I'm very happy to have a discussion about all of this progress today.

All about Elrond

1. With a very simple definition— something that a newcomer to the crypto industry would be able to understand, how are you going to define the project? And why do you think it is a revolution in the blockchain space?

Beniamin - Sure. The idea of Elrond is that... I'll discuss in a minute why we've built some of the components we've built. But it all boils down to creating this complimentary global economic system that is transparent, that is, like I said, global and then non-inflationary in nature. And then second, making sure that we give access to anyone anywhere in the world to this new economic network. And the way we're doing this is by building two very, very important components that are complemented by a third one.

So the first one is Elrond with the Elrond Network. We've built perhaps the most advanced blockchain architecture in the space that can essentially accommodate any kind of transactions of value at the Internet scale, which means that it's super fast and it's like broadband for the blockchain space in terms of performance.

And then the second component is this new, very, very simple application that we're trying to design for the end user to make everything we've built with the network available to end users all over the world in a super simple way. And by combining these two, we're basically putting on top the Elrond Gold token or currency, which is essentially the simplest and most powerful metaphor that we can come up with to make crypto very, very obvious and intuitive to everyone and anyone in the world. So this is what we are doing. And we've been making a lot of progress on it and I can dive into some of the details immediately.

2. Can you tell us about Elrond Gold? Elrond Gold, would you like to elaborate a little bit more of the design of this token? What was the rationale behind the swap? And what should users expect to happen during the swap and what do they need to do?

Beniamin - Indeed, we've seen really great support from Crypto.com users and great excitement within our community when we enabled listing on Crypto.com. So this is a great collaboration. What I think is very important to understand is first that users don't have to do anything at this point. And that once the swap is done, at the beginning of September, we'll find the solution to either have everything done in their Crypto.com wallet so that they again, don't have to do anything. Or if there is some change, we'll communicate it very clearly. But at this point, it's super important to note, nothing needs to be done. In fact, if we go a bit deeper on the reasoning and why this change has been done, we've put a lot of thought in designing the Elrond economic model in the same way we've put thought in the underlying network, and the Maiar application. And so we've tried to come up with a very simple and powerful metaphor that anyone in the world could understand really fast.

Whenever you try to explain Bitcoin, or any other currency, you have this super large problem of complexity that you need to explain in 10 minutes, what it is, how it relates, how it compares to other things. And the whole point is to make things simple from the beginning with Elrond Gold in a way where we say, for instance, you had books, and then you had ebooks, which are electronic books, you had mail, and then you had email, electronic mail, you had gold, and now you had you have e-Gold. This makes it clear to see what we're doing what we're building, and it also conveys something super powerful to the user, namely, that there's a large value here, that it's scarce, and that it is designed to become a very, very powerful store of value. So this is a bit of what we are doing.

There are some clarifications on Twitter, there are some blog posts, I encourage everyone to go over them. And we also have some papers that will come out, and some cool visuals to make things simple and allow the community to not only understand things very, very fast, but then share them as well. If they can understand and share them at that point, we know the information flows a lot freely.

3. What are your upcoming objectives and milestones that you are focusing to achieve for Elrond's ecosystem?

Beniamin - Hmm. The idea is that we've indeed had huge progress during the last couple of months. And especially during the last month, we've had the mainnet launch. The entire team has been putting in an effort that is almost inhuman and the community has done the same. So we've had a very, very good collaboration between our team, community, and people from all over the world. So we're super excited about this. We've especially made sure to clarify that the Elrond Network, the network that we've been working for more than two and a half years on, is finally live. Now we have a blockchain that can process more than 15,000 transactions per second, at a cost that is 1000 times lower than anything in Ethereum, or Bitcoin. This is extremely important to note, just because during the last few days, we've had a lot of discussion with respect to DeFi, how things would change, how you could scale things in Ethereum, especially with the increased demand. So this is one of the key points.

Secondly, we've unveiled Maiar, which is a breakthrough application that complements everything we've done with Elrond, and then the Elrond Gold part which we're continuing to communicate around. Now in addition to all that, We had more than 50 collaborations and partnerships that have been announced within the Elrond ecosystem. And we're very grateful and excited about all the progress that is being done this front.

Furthermore, we have now several milestones that are extremely important in front of us. While we've done some great things, up until this point, the future is even more exciting than what we've done in the past. So the first milestone will of course be several updates that are coming out even today regarding Maiar, the next wave of people that will receive access. Secondly, people in our community will finally receive access to the Elrond wallet And they'll be able to start playing with the native Elrond Gold currency. This is super exciting, and it will allow them to play with the currency in different ways. We'll also have some cool things on telegram like a telegram tipping bot that allows people to further play around with the currency. Furthermore, we intend to first have the swap at the beginning of September. This will be done with Binance.

Following this, we'll have a wave of super exciting things that have been prepared: collaborations, exchange listings and so forth, that are going to kick start a very, very high growth period for Elrond. In addition to this and maybe moving a bit further, we are first enabling all the features in the network. Second, we focus on exchanges, integrations and collaborations on this front. Then third, it will be staking, enabling global and general staking within the Elrond Network so that anyone can start staking or become a validator and this ideally will be done in September. We'll have several releases of the Maiar versions that will go out to everyone in the same month. And we will of course have some more really, really exciting things in the DeFi space.

But I won't go too much into detail right now, other than saying that our team is super hard at work to prepare some things that may really contribute a lot of value. So these are some of the things. We have a lot more. I could go on the whole hour just discussing this part.

4. Some people think that Elrond is considered the underdog. How do you feel about that? Do you think that you're competing with companies that are much bigger in scale? Do you consider it a disadvantage to you or not?

Beniamin - The idea with Elrond is that by now, I think we're sort of recognized in the space as being a fairly small team, which is super resourceful, and essentially unstoppable. Whenever we set our mind on something, we'll find a way to do it. And we can usually do this maybe 5 or 10 times faster than any other teams in the space. So the fact that we are an “underdog”, we really like that, it means that we can navigate things a lot faster, we can be a lot more agile.

It also speaks to the way that we're approaching things. But when you look at the results, I think they speak for themselves. And I would add, I always add this, that we're still super early. Elrond is not even 1% of what it will become. So this is why we're pushing hard to make all of our grand visions become the reality and set the new quality standard for the whole blockchain space.

5. Regarding the launch of eGLD, how do you plan to really uncover the potential of the new token on a grander scheme compared to where you guys are at right now?

Beniamin - I believe that every moment whether in business, history or life is unique. And the most important thing is to understand what's at stake at that particular moment and what can be done that's really new, that can really add value in a way that has never been done before. I think this is where, where Elrond stands out, because we really care about users, and put all our souls into building something that will be used, will be loved by our users and will be useful in a way that goes beyond the immediate utility, like making some transfers, which we already see applications doing, but rather, building new financial systems that could improve people's lives in a way that cannot be done with anything else.

So I'd say that what we will continue to do is exactly what we've done up until this point, show how much we care for the users, push super hard on shipping and delivering software and application products that solve problems, different key problems in people's lives. And do it with passion and love so that when people discover the applications or interact with us or with our community, they always see something different. They see that it's not only about the immediate transaction or profit, but it's much more about improving things. And I believe that if we understand what the user really wants, and can give him the application that will solve problems for him in a way that he has not received before. He will be with Elrond forever. So this, this is what we're trying to do.

6. What is your team's secret behind the scenes? If you're able to share, how has your team been so successful up to this point?

Beniamin - I will say that our team is super passionate, super hardcore. And like I said before, everyone is pouring their life into this. It's not like people come to work at Elrond. Elrond is the one thing that they do. Everyone on the team will look back on this and say, this is a great thing we've all been working on.

So I think this is what everything starts with. But then I do also believe that it's extremely important first, to make sure that things are feasible and viable in the short term. So we've seen a tremendous growth in Elrond not only in terms of vision, but also in terms of profits, I don't usually discuss too much on this side because people can hardly make a productive conversation when it comes to profits. But I do think that profits are healthy. And it's really great if you can play a non-zero sum game. So a game in which people win on all fronts. It's not necessary that some people lose in order for some to win. So Elrond is all about creating a non-zero sum game for the entire world.

This is one thing, and then the second thing, we always like to put a lot of thought into ideas within the team and then discuss things also outside the team in regards to the longer term aspects and implications which I believe are largely ignored when you look at other projects. If people understand the long term implications, I do think that they're a lot more open and a lot more willing to engage, contribute and so forth. Because at the end of the day, what we want to clarify is that a world in which Elrond has adoption is the world in which our entire world improves significantly. So at the end of the day, if you can do that, or show that, this is what everyone wants.

7. What are your top personal values, and how have you incorporated these personal values into the Elrond project?

Beniamin - Yeah, I think we have a very unique culture at Elrond. And we're trying to always nurture this culture. This starts with the people that come and form the Elrond team. Every one of the people that we have are super smart, super resourceful, but then also super willing to adapt and continue to learn. This is the one thing that has made Elrond special. There are many teams that start with great people, brilliant people, but if they cannot adapt as fast as needed, that's where everyone falls short. So if I were to sum this up, there are of course many things, but if I were to boil them down to a few things, we're always trying to think whenever possible from first principles to understand what's the most fundamental thing that we could do to improve things, whether it's in blockchain, in life, in startups, in business, and I think if you can reason from first principles, you'll always reach a much more robust conclusion. And then from that point, you can derive everything else as a natural consequence, sort of.

I think how this applies is that most people just look at what everyone else does, and then they just copy that or change a bit of the things they copied and they move forward. Instead, at Elrond, we're doing this hard exercise where when it becomes clear what we are building, how we are building it, and how this will change the space and hopefully, our environment, people will get super excited. But this excitement is of parallel effect to the thought and the energy we put in.

Second, I would say, it's a super hardcore effort. We've had this principle from the beginning, you either go super hard or go home. You cannot build technologies that you hope to influence society on a part time basis. It's extremely difficult. It's extremely challenging, everything will come as an obstacle in your way. But if you can put everything you have in it and have a team of people that are again, smart, resourceful, and so forth, and all of them put in the same strong effort. The result is incredible.

This is what we've experienced at Elrond and we'll continue to push for this kind of principle. And then the third thing I would say is oddly enough, I always believe that the problems we have are due to inherent entropy. So, whether you have problems in personal life, in the startup or business or in organizations, most of the problems are not due to what immediately seems obvious, but rather due to entropy. So, if you have a team of let's say three people and then you grow the team to 20 people, it will be super difficult to maintain the speed and the efficiency and so forth just because of overhead communication and different changes that you will need to adapt to. So, what we are trying to do is not fight other projects or fight other people but rather fight entropy at all levels because I believe that humans at their very best are entropy reversal agents. If we can do this we'll basically improve not only the towns we live in, the startups we tried to build, but simply everything around us.

The Maiar Project

8. Will the Maiar project also focus on the enterprise side of usage? If so, going from non-bank customers to enterprise adoption is quite a leap. How will you consider tackling that?

Beniamin - I believe that my Maiar will have such a large consequence on the space that it's hard to overstate right now. And what I'm referring to is, we're currently ranging to something like 50 million people that are in and out of the blockchain space. But I believe that during the next three to five years, we'll see a growth that is unparalleled to any other technology. Potentially reaching 1 billion people that will come to the blockchain space and then even exceeding the 1 billion people possibility. So, I believe that Maiar will be the key catalyst to bring all these people in, just because it will make things so simple that it will be incredible.

After you see it, you'll wonder why this has not been done before because it's so simple, intuitive and sort of obvious. So with this said, we want to touch not only end users, but will enable integration with enterprises in a way where they can become part of Maiar as a kind of dApp store that will become available, or by sharing different services that we will be able to integrate in Maiar. Maiar can be best seen as the simplest interface for a global financial ecosystem. You will not only have the ability of storing crypto or money, but then you'll have lending, you'll have savings, you'll have staking. But the critical part is that you'll have all of this in a way that you can easily interact with it, even if you're not an expert in crypto or have never interacted with crypto.

So by getting a lot of users into the platform, we will generate a lot of demand from enterprises or startups or companies. And then we'll enable them to integrate by offering super valuable services that we can offer to our users. At the end of the day, we only want to create the best application and experience possible for our users. If we find other companies that want to do the same and can contribute, we'd love to collaborate and partner with them.

9. Why do you guys think that using a phone number would be an appropriate replacement for private keys on Maiar?

Beniamin - So to clarify, the idea here is that the phone number is not a replacement, but rather what we want to do is make sure that we, from the start, build the experience of the user around something that he already understands. If you start the WhatsApp application. It's extremely easy. You just type in your phone number, and start chatting with your friends. We want the experience to be seamless.

You simply start the Maiar application, put in your phone number, and the next thing you know, you already can share crypto with your friends, contacts and so forth. But this will go far beyond that. Private keys still exist, but they're abstracted away in the back end, through a very, very interesting mechanism called progressive security, where at first, when you don't have money, you don't really need any security. This is again, one of the things that once you hear about it, it's super obvious. You start wondering why do the wallets in the crypto space require you institutional grade security, when you don't have anything in the app, you just want to explore the application and you go through all of this pain even before seeing how the first screen in the application looks, so we wanted to do the precise opposite where we build around something that the user understands but then prevent or preserve privacy. So we cannot store your phone number. We don't know your phone number. Then there's also an idea where this is not susceptible to the SIM swap attack, because again, there's a clear countermeasure to that.

And then moving forward, there are several user experience points that again simplify things like the username, where you have the public key built in behind this username. So all you need from your friend is either to have him in your contact, or you need a username from him, which we call a hero tag. So you'll ask just like you asked right now, and in a few years, you'll ask, what's your hero tag? And everyone will know what the hero tag is.

10. Once Maiar is out there for everybody to use as a delegator, will they be able to re-delegate their rewards automatically on a daily basis?

Beniamin - This is a great question. I believe we've had a lot of discussions around different variations of this question. What we'll do with Maiar is essentially create the simplest interface. But when working with the validators we will integrate some of the validators as options and we think the delegation service that you'll receive from different validators, you'll definitely have this option of re-delegating the rewards.

We'll make sure that we go through a process with validators where we help them see the benefits of this, help them, see how they can offer this to their users. But this will not be a feature that we can offer to Maiar, but rather, we'll make sure that validators that we promote in Maiar will be able to offer this to the user. So again, things become super simple and the user can benefit.

11. How is the Maiar browser app related to the Maiar dApp that is now in testing phase? Are they the same application? Is it only that the Maiar browser doesn't yet have the aApp functionality activated for most users?

Beniamin - No, they're not the same application. When we announced Maiar a lot of people started googling Maiar, they discovered that we actually built a browser. We've specifically announced that the browser is a kind of toy project that we're testing things with and exploring things with. But for now, the Maiar browser is just that. All of our focus at this point to make sure that the first version of the wallet is out. It works for everyone. It's super simple. And then, of course, we'll have some surprises down the road. But about this we'll probably discuss as soon as we have the first version of the Maiar app out.

DeFi Development

12. What are your views on what is the driving force behind the acceleration of the development of DeFi at the moment? And anything else in particular you'd like to add on to that to share with our communities.

Beniamin - I believe there are two strong forces that always drive things. First, there's this clear force of profits that had driven Bitcoin in its first phase, then Ethereum with the Icos and everything project became on Ethereum. Now, profit is driving DeFi and for as long as people will be able to build things and then make money, this is how progress moves forward. Some people build stuff, they offer it to their users, then a lot of users use it in different ways; some in ways that were not necessarily immediately intended, but they can build stuff. And this is one of the clear paths that the crypto market is moving towards right now. The second point is there's indeed a clear vision of how decentralized finance could become this complementary alternative to the current global economy. And I believe that it is specifically in this aspect that Elrond is uniquely, extremely well positioned because it not only reframes the game for the protocols, because of the super high scalability that we have, and because of the very, very low cost in transactions that we have.

But then moving forward, we have something that has not been explored yet in the blockchain space, namely 30% of royalties for any smart contract developer that develops things on Elrond. So if they would develop something like a Uniswap on Elrond, it's not only that you win on the exchange side, but you also win with any and every transaction that is done through the smart contracts built on Elrond, and they receive a 30% of every transaction which is extremely powerful. Once this is set in motion and they see a few examples, we believe this will be a very strong growth engine. Moving even further. I believe that not only the protocol side will be important But if you think about DeFi globally, user experience will become the most important deciding factor. Because at the end of the day, there are only so many people that can understand what Bitcoin is, and can relate to private keys. If you can abstract away anything, everything on that front and give the people E-gold. This is something they can easily understand. They can easily relate to, but then you'll discover that there's an entire ecosystem there that you can lend, stake or send to anyone in the world. There's something extremely powerful about decentralized finance, especially if you understand that, at some point, the decentralized part will become invisible.

Just like with the internet, people will not care that the protocol through which they send the email is somehow distributed, but rather what they care about is can I send this almost instantly at no cost? And it goes anywhere in the world? Okay, that's cool. This is what I would use right now, I don't really care too much about the technology, it's what the people will tell you. But again, we believe this will be a very, very fast and high growth stage for the crypto space. And we're happy that elrond is at the cutting edge.

13. How do you think DeFi will disrupt the mainstream or existing financial system? When do you think it will do so?

Beniamin - Like I said before, I believe that we will reach 1 billion people in the blockchain space, especially via DeFi in the next three to five years. This is a tremendous growth compared to what we have right now. And I believe that there's no other project like Elrond, which is extremely well positioned not to do things in 2 years, but in the next month and in the month after that, and then see a growth curve that is only limited by the pace with which we will be able to onboard users.

This is the one thing that I believe will be most fundamental and will drive a lot more progress because when people see a good example, I'm sure the other projects will not sit around and wait for Elrond to move forward. We encourage this. As long as the world wins, and there's a clear advance toward the system that is again global, transparent and non inflationary and that everyone in the world starts getting access to it. This is the most powerful thing we could achieve and if there's any other project that is moving in the same direction, we'll always try to encourage this.

Elrond Network & Applications

14. When can the community begin programming smart contracts on Elrond Network?

Beniamin - Smart contracts can already be programmed. In fact, we have several teams that are doing this as we speak, and we're super excited with what they're doing. One of the protocols, as the community may know, is the Orion Protocol. They're actually building a really cool DeFi tool that will provide liquidity within the blockchain space, but they're building it on Elrond. They're building it on Elrond specifically because we already have the tools.

The tools are really flexible, and they It's performant and inexpensive. What I would add is people can already use some integrations that we have, like a development environment and debugger that we've put out. They can develop the smart-contracts in a framework that we've designed in rust. So this is pretty cool. We have a Byton, CLI and SDK and then there's a lot of documentation, tutorials, but even more than that, a lot of passionate community members, developers, and the team which can always help, so feel free to if there's anyone that wants to build on Elrond, ping us and we'll, we'll be super happy to give you all the details and start helping you out.

15. As a developer, can you quickly summarize on building with Elrond Network, and how easy it is for Ethereum developers to switch to Elrond.

Beniamin - I believe again, this 30% royalty incentive is stronger than perhaps anything else. Developers find tools in many ecosystems. But we've put a lot of thought in building this out. Once it's tested and deployed. A lot of people will come in, but the first projects that will start building out will win a lot in Elrond because the community is super hungry. We are super willing to help. So this is the one thing I would start with. Second. It's very cheap to deploy smart-contracts. to test them out really fast.

Anyone that once helped will receive direct help from us or anyone in the community. So there's a very direct feedback loop that moves fast. We already have the BUSD contract that has been built on the Elrond Network. There's a very high throughput. So the performance limitations that exist in Ethereum do not exist in Elrond. Cheap transactions, and a lot of DeFi projects that we have integration with, which is six or seven right now, plus some Oracle integrations that we have with Band Protocol with ChainLink. And some more cool things that will kick start the DeFi party really soon. So yeah, we very much welcome developers to start building and playing with the Elrond tools.

16. At the moment transaction costs are advertised as $0.001. Is there any potential growth in transaction fees, especially after everything goes live? Or is that intention to keep this cost fixed?

Beniamin - No. So the idea is that we've thought about how things would play out in different scenarios. And there are some hypothetical scenarios where Elrond grows 100x in value from the point where it is right now. At that point it will not be 250 or 270 million but rather 27 billion. This is a really nice problem to have. First of all, but, we've already designed a way in which we can always update the feeds, so they don't grow in proportion to the growth of the entire network. So whenever we grow 100x, we'll have a community call. And we'll have a voting where we essentially put the fees back lower. And then again, we have a 100x growth space. And we can move toward that space. There's a high growth period in front of us, we have the solution to maintain the fees as really low and attractive. And there on the other hand, I very much look forward to having this problem.

17. I'm sure you do. And lately you guys have been launching a lot of partnerships with other crypto projects. You’ve partnered with Orion, care to elaborate more on the rationale behind this partnership and what you're expecting to get out of this?

Beniamin - Sure. So Orion is essentially a kind of decentralized exchange that seeks to aggregate liquidity into the entire blockchain space in a way which is decentralized. Second, the really important key is that Orion has chosen Elrond, because they've seen the architecture. They've seen how things work and have decided that Elrond is the one architecture that can really help them launch a project on a sustainable foundation. Third, what we're going to get out of it is first an Ethereum bridge so that projects can migrate their tokens and there will be Ethereum interoperability between Elrond tokens and Ethereum tokens. There will be an integration with MetaMask that is already in the works. A lot of code, open source code that will be able to be used by other projects that want to build something similar in the DeFi space.

There are several other projects that are already building. Some of them are still in stealth mode. And I think the next few months, we'll see a lot of projects just revealing what they have been thinking about, starting to test things out really quickly, and especially once they see a few key DeFi tools starting to roll out and do really well on Elrond. The growth and demand is already there. It just needs a spark, and then it will move really fast.

Another great thing about Elrond is that we've begun with 15,000 transactions per second, the great thing about Elrond is its adaptability which means that we can easily add more shards to exceed 50,000 transactions per second to exceed 100,000 transactions per second. In fact, we've exceeded in a test 260,000 transactions per second just before launching the mainnet. So while I do think that we're going to have a lot of adoption, just by comparison, if you look at Visa, which is processing somewhere between 5000 per second to maybe 10,000.

This gives you a very, very good overview of why we wanted to start above them. And also a very good overview of how much potential for growth there is. So yeah, I'm, I can't wait to see these kinds of boundaries being surpassed so that we need to improve further.

Maggie - So why don't we close out with a more casual question from our community. It's actually a question from our community member. What do you do when you're not in the offices working on Elrond? Which I highly doubt that that would be a lot of time.

Beniamin - Yeah, we were discussing with the team that the last few weeks, days and months have been extremely hectic. But one of the things that I want to do and try to strive to do is read a lot. There are a lot of super good books that I always learn a lot from. And if I were to say that there's one thing that has changed my life over the years, it's been books all the way. So yeah, I can't get enough time right now. But sometimes when I leave the office, even late in the night. Yeah, almost at midnight, I take my car and drive and listen, maybe to an audiobook and stuff like that just to think about some more interesting stuff that we can build and implement.

Maggie - Well, we are just around one hour. Spot on timing. Thanks so much, Beniamin for your insights and your time today. I personally really enjoyed your sharing. And also, huge thanks to our community who have submitted all these amazing questions and have joined us for the live AMA today. Before we have our final close off, Beniamin, is there anything else that you would like to share with the Crypto.com community?

Beniamin - Sure. Thanks a lot for the great discussion. Super happy to be here. Thanks to the community. I'd say the Elrond mainnet is live. This is a very, very important event for the blockchain space. I encourage everyone to start playing around with it. The wallet will go out tonight. Please take a look at Maiar. This is the application that will change the space and I encourage you to get a seat on the waiting list. There's a lot of people still waiting to get access to it. And yeah, there are many, many things that we have prepared. We take it one step at a time, try to communicate as much as we can. Thanks a lot for being part of the journey.

Maggie - Great. And once again, to any of you who's question has just been featured earlier on, that means you have won a share prize pool ELD. And we're going to directly distribute the prize into your Crpto.com App account within around two weeks. In the meantime, please make sure to follow Elrond Network on Twitter, and also our own social media to stay informed about upcoming events and updates available through our official Twitter and Telegram channels. Once again, thanks, everyone for joining us. And until next time,

Beniamin - Thank you. Thank you guys.