Friday, June 9, 2023

Elrond Network and Anchain.AI Integration


Elrond Network (EGLD) has stated that its integration with Anchain.AI has been successful.

This is in order to improve regulatory compliance and fraud protection across Web3 payments, DeFi, and the metaverse economy.

Live on Elrond

Elrond Network (EGLD), a blockchain infrastructure designed for Web3 payments, DeFi, and the future metaverse economy. Moreover, it has stated that its integration with Anchain.AI completed. This is a next-generation blockchain analytics tool that uses artificial intelligence to help prevent compliance fraud.

Elrond Network has recently expanded its services to include both traditional and blockchain-based digital payment infrastructure. In light of this, the team is confident that integrating Anchain.cutting-edge AI’s analytics tools into the Elrond ecosystem will be extremely useful.

Elrond’s portfolio now includes an e-money license thanks to a series of acquisitions. It also includes a VASP license and the capacity to issue debit cards, all of which are valid within the European Economic Area.

On the other hand, Elrond Network’s CEO is Benjamin Mincu. He stated that they are taking significant steps to incorporate blockchain technology into the global banking system. Their scalable design allows international financial institutions and national economies to function and collaborate. As a result, it’s vital to have access to the highest levels of compliance and fraud protection. In this aspect, Anchain.AI is a fantastic enabler.

Essential Blockchain Analytics Tool

Anchain.AI is a Web3 security, risk, and compliance company founded in 2018 by cybersecurity and enterprise software veterans from FireEye and Mandiant.

Furthermore, Anchain’s industry-leading blockchain analytics features have made it a vital tool for large financial institutions’ and regulators’ forensics and compliance skills. Governments, crypto exchanges, VASPs, and financial institutions are among those represented.

Anchain.AI claims to have received funding from both Silicon Valley and Wall Street venture capital firms. It chose for the Berkeley Blockchain Xcelerator and has over 100 customers from over ten countries.

On the other hand, its anti-money laundering (AML) engine can filter over $1 billion in crypto transactions per day. Users can now benefit from Anchain’s integration into Elrond to keep their solutions secure and compliant with regulations.

Additionally, Anchain’s Next-Gen Web3 Analytics Suite powered by machine learning and artificial intelligence, according to the team (AI). This will allow Elrond applications to process massive data sets related to on-chain transactions rapidly and seamlessly. It makes it easy for businesses to avoid dealing with addresses linked to illegal activity. It will also aid with fraud prevention and the tracking and recovery of misused digital assets.

Anchain.AI Complements EGLD

Anchain.CEO AI’s is Victor Fang, Ph.D. He stated that they are at a crossroads. Businesses and governments quickly understand that blockchain technology is essential for increased efficiency and long-term growth.

Furthermore, Elrond’s promising technology will complement by the Anchain.AI Next-Gen Web3 Analytics Suite. It gives it a significant competitive advantage, allowing it to fulfill the surge of new institutional demand.

The Elrond blockchain architecture builds from the bottom up to provide users with a 1,000-fold increase in throughput and execution speed.

Elrond does this using a secure Proof of Stake (PoS) consensus process and a new Adaptive State Sharding technique. It allows the network to perform over 10,000 transactions per second (TPS) while maintaining a five-second latency and near-zero expenses.

On the other hand, according to Elrond, the company commits to become the backbone of a permissionless, borderless, and globally accessible internet economy.

Anchain.AI integrates into Elrond’s internet-scale infrastructure. With this, the Elrond Network cements its position as a pioneer in the blockchain adoption movement. It would use to create a new digital financial system by companies, states, and international institutions around the world.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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