WHAT IS ELROND?
Elrond is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability. To do this thing, Elrond uses two main techniques: Adaptive State Sharding and Secure Proof-of-Stake (sPoS) algorithm.
Elrond’s testnet is already live and can process upwards of 12K TPS, with 5-second latency and minimal cost (based on 5 shards). The Project aims to be a platform for easy deployment of programmable money and dApps.
The impact of Elrond flux is impressive, this is an infrastructure designed for applications that can handle real world demand.
ADAPTIVE STATE SHARDING:
The optimal approach for blockchain sharding, needs to take into consideration advantages from all three sharding types (network/communication, transaction/processing, state/storage). Elrond’s approach to scalability and increased throughput, called “Adaptive State Sharding”, combines all three sharding types into a solution that will improve communication inside the shards, increase performance through parallel processing, reduce storage and scale almost linearly.
Allowing the number of shards to change dynamically according to the available resources (validator nodes) and network usage has a huge impact not only on the throughput, but also on efficiency. Elrond’s adaptive state sharding mechanism is based on a binary tree structure, once the number of shards has been computed; this number is used for a deterministic mapping of account addresses to shards. Transaction dispatching in shards is done also deterministically through the mapping of the sender and receiver account addresses to the designated shards. The almost linear scalability of Elrond’s solution provides the backbone for surpassing the throughput of centralized counterparts.
SECURE PROOF OF STAKE (SPOS):
Elrond has proposed a novel approach to consensus called “Secure Proof of Stake” combining eligibility through stake and rating, random validator selection and an optimal dimension for the consensus group.
The consensus protocol starts by randomly sampling a smaller consensus group out of all eligible validators in the shard (for reduced communication) using a randomness source derived from the previous block’s signature. The randomness source is unpredictable before the signing of the previous block. The sampling is deterministic, meaning that every node can compute the list of validators in the consensus group and the first node to be selected is the block proposer.
The block proposer aggregates transactions into a new block and sends this block to the validators in the consensus group for verification. Each validator will verify the validity of the block, process the transactions and if everything checks out will participate in the pBFT consensus. The voting in the pBFT is done for every validator by sending a signature for a multisignature scheme. If the proposer collects more than 2/3 + 1 signatures from the consensus group members, the block is considered validated, the aggregated signature can be added to the block and the block disseminated in the entire shard. The next consensus group will be randomly sampled using the new signature.
META VM:
Due to the importance of interoperability, Elrond has developed a Meta VM that is able to formally verify smart contracts and will support Solidity, IELE, and WASM. The Elrond VM offers a readily accessible solution to the scalability issues faced by many of the developments that already exist in the blockchain space.
Elrond had a livestream (HERE)
Elrond showed that with only five shards (plus metachain) and 126 nodes, which were run on AWS from six different geo-locations, Elrond achieved 10,000 TPS with a 6-second latency.
ELROND NETWORK IN COMPARSION:
Elrond marks Ethereum (2.0), Zilliqa, Dfinity, Algorand, Harmony… as their competitors, they have written a detailed comparison.
USE CASE ELROND:
There are limitless use cases for Elrond since at its core it is a platform to launch DApps:
+ Open Finance
+ Gaming
+ IoT
+ Healthcare
+ Prediction Markets
+ Cross-Border Payments
+ Interoperability
+ Real Estate ……
THE PARTNERS OF ELROND:
They have good partners. This list I see every few months they have a new partner, proving that Elrond is growing well.
MEET THE TEAM:
A strong team determined on making things happen. Over time, the team has increased from 13 members so far to 18 people. The former workplaces of the group include well-known companies such as NEM, IBM, Microsoft, Intel, Google …
Beniamin Mincu (CEO): Product & Business at NEM Core, co-founder & CEO at ICO Market Data and Metachain Capital, investor in 30+ startups.
Lucian Todea (COO): Founder & CEO Soft32, 10M users/month, Partner mobilPay, Angel investor.
Lucian Mincu (CIO): Engineer LIEBL SYSTEMS, co-founder & CTO at ICO Market Data and Metachain Capital, investor in 30+ startups.
Felix Crisan (Head of Research): CTO of Netopia, co-founder of BTKO, Romania’s first Bitcoin exchange platform.
ROAD MAP:
Until now Elrond is still on schedule as scheduled, this is a very good point.
TOKEN & DISTRIBUTION:
During its first few years, the Project’s main focus will be on establishing Elrond as a global public utility within the internet ecosystem, offering a scalable, efficient, and interoperable blockchain architecture, only accessible through ERD tokens. All activity within the network (i.e. making transactions, running smart contracts, providing services like staking, or running a validator node) will be fueled by the ERD token. Both startups and large-scale enterprises will be able to build decentralized applications on top of Elrond’s network and integrate Elrond as part of their infrastructure solution for products and services.
ERD Token Release Schedule:
The following chart represents the number and breakdown of all ERD tokens that are intended to be released into circulation on a monthly basis.
SUMMARY:
“Gartner forecasts that blockchain will generate an annual business value of more than US $3 trillion by 2030. It’s possible to imagine that 10% to 20% of global economic infrastructure will be running on blockchain-based systems by that same year.”
As ElrondNetwork wrote: “ Enable anyone, anywhere to access the digital economy. This is what Elrond was built for. All of this takes time, but we’re getting there. One step after another. Onwards!”
ME : “Our job now is to choose, trust and build ELROND together. I have chosen, and you? Have you chosen your team?
TRUST BLOCKCHAIN — MEET THE FUTURE ”
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Elrond’s official:
Official website: www.elrond.com
Elrond Community: https://community.elrond.com
Twitter: https://twitter.com/elrondnetwork
Elrond Github: https://github.com/ElrondNetwork
