Electronic music and cryptocurrency enthusiasts will be able to purchase attendance tickets at UNTOLD using the EGLD cryptocurrency that powers the Elrond Network internet-scale blockchain and the viral crypto super app Maiar.
„The collaboration fees between the two partners will be settled in EGLD and will be kept as such on the Untold SRL balance sheets, marking an important precedent for cryptocurrency surging as a relevant financial instrument in the entertainment industry,” according to the press release.
Festival-goers who are new to crypto will be able to learn about blockchain technology, get the Maiar wallet and own their first cryptocurrency.
“Blockchain technology has immense potential for large gatherings of digital natives who for a brief period of time become part of a hyperlocal economy. This year we engage with EGLD tickets purchases and NFTs. We look forward to exploring additional use cases in the following editions, such as a festival economy running on semi-fungible tokens issued on the Elrond Network, or artists dropping NFTs live on stage, for all their Maiar fans to uniquely engage with.” said Beniamin Mincu, Elrond Network CEO.
„We are excited to work together with the Elrond Network and fuse the live and digital together in a series of unique moments and we are happy that thanks to this partnership our community will be able to interact with blockchain technology on the festival site.” said Bogdan Radulescu, Head of Partnerships and New Business at UNTOLD Festival.
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Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-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 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
