Elysium: an introduction

As with any blockchain, there are transaction costs. Our transaction cost for sending tokens is very low – approximately .006 LAVA. As covered in Elysium Protocols, the MAGMA protocol will convert any tokens used to LAVA, removing the need for manual conversion.

Current Average Gas Fees (July 2023):

• ERC20 transfer: 0.000074 LAVA

• LAVA Transfer: 0.0059 LAVA

• NFT Transfer: 2 LAVA

• For NFT minting: 6 LAVA

Speed

Elysium blockchain is fast – in fact, it’s as fast as we need it to be. Initially at 2,500 transactions per second (TPS), Elysium is fully scalable; with increased use, we can increase the speed to match. This section of the whitepaper outlines the scalability and TPS capabilities of Elysium Blockchain, built on the foundation of a Proof of Authority (PoA) consensus mechanism. It explains how the TPS of Elysium Blockchain can increase based on use, while highlighting the rationale for its initial TPS limit of 2,500.

Elysium Blockchain’s PoA Consensus

Elysium Blockchain employs the PoA consensus mechanism, wherein a set of 51 trusted and reputable nodes are responsible for validating transactions and securing the network. The PoA consensus ensures fast transaction finality and high network reliability, making it suitable for gaming and metaverse environments.

Scalability Architecture

Elysium Blockchain’s architecture is designed with scalability in mind. The network’s TPS can be increased based on demand and utilization. As the user base and transaction volume grow, the platform is equipped to scale dynamically to accommodate higher TPS requirements.

Initial TPS Limit of 2,500

During the early stages of Elysium Blockchain’s adoption, the decision to set the initial TPS limit at 2,500 is a deliberate strategy for resource optimization. The rationale behind this choice is as follows:

Resource Efficiency

With limited network usage in the early days, it would be inefficient to allocate excessive resources to cater to significantly higher TPS requirements. By starting with a reasonable TPS limit, resources can be utilized optimally, ensuring cost-effectiveness and avoiding unnecessary waste.

Strategic Scalability

Elysium Blockchain’s scalability strategy aims to align resource allocation with user demand and adoption. Setting an initial TPS limit of 2,500 allows for gradual scaling as the user base expands, ensuring a seamless and sustainable growth trajectory for the platform.

Scalability Roadmap:

Elysium Blockchain has a well-defined scalability roadmap that outlines the steps for increasing TPS as the platform evolves. The roadmap includes:

Monitoring and Analysis:

Continuous monitoring of network usage, transaction volume, and user demand allows the Elysium team to assess when scalability upgrades are required.

Demand-Driven Scaling:

As the user base and transaction volume reach predefined milestones, the Elysium team will incrementally increase the TPS limit, ensuring that network performance remains optimal without compromising on security or decentralization.

Efficient Resource Allocation:

Scalability upgrades will be accompanied by strategic resource allocation, leveraging technological advancements, infrastructure enhancements, and network optimizations to support higher TPS.

Elysium Blockchain’s scalability capabilities are designed to grow in tandem with user demand and utilization. The initial TPS limit of 2,500 is a deliberate choice to optimize resource allocation during the early stages. As the platform matures and user adoption expands, Elysium Blockchain will incrementally increase its TPS limit, ensuring a scalable and efficient infrastructure for gaming and metaverse applications.

This section provides an overview of Elysium Blockchain’s scalability strategy based on the information available at the time of publication. Actual scalability plans and TPS limits may be subject to change as the platform evolves and new considerations arise.

Burn

As Elysium is used, LAVA is burned. The LAVA supply is limited, in total there are 1 billion LAVA tokens – this is a recent change; initially, LAVA supply was unlimited. Burning LAVA through Elysium blockchain transactions is positive in several ways:

Market Cap Impact

Burning LAVA tokens reduces the total supply available in the market. As a result, if the demand for LAVA remains constant or increases, and the supply decreases, the scarcity of the token may potentially increase its value. It’s important to note that market cap, as a function of both token price and total supply, is not directly impacted by burning the LAVA token alone, but it can influence market dynamics and perception.

Supply and Demand Dynamics

By decreasing the supply of the LAVA token through burning, the ratio of available tokens to demand changes. This change in supply-demand dynamics can potentially create upward pressure on the token’s price, assuming the demand remains steady or increases. Market dynamics and token price are influenced by various factors beyond token burning alone.

Benefits for Holders

Burning LAVA can be viewed positively by token holders for a few reasons:

Scarcity and Potential Value Appreciation: As the LAVA supply decreases, the scarcity of the token may increase, potentially leading to price appreciation over time. This can benefit existing token holders who experience an increase in the value of their holdings.

Increased Confidence

LAVA burning is a tangible demonstration of the commitment of Vulcan Forged’s Elysium blockchain to manage and optimize the token’s ecosystem, enhancing the perception of the token’s long-term value and sustainability, and in turn instilling confidence in holders.

Network Health and Utility

By reducing the LAVA token supply, burning can help maintain a healthy token economy, aligning with the Vulcan Forged’s long term goals and ensuring LAVA’s utility is preserved or enhanced – beneficial for holders who rely on the token’s functionality within the ecosystem.

Circular Economy

Not all LAVA is burned – some flows back via node holders, incentive schemes and by being reintroduced to the LAVA pool for further distribution.