WHAT ARE ELROND’S STRENGTHS? WHAT SHOULD ELROND FOCUS ON?
Firstly, I would like to state that Elrond is a special and unique project for Blockchain ecosystem. Also, I am happy to see that hard working Elrond team is unceasingly developing the protocol to be ready for the mainnet event. Elrond’s focus is on the cross-chain interoperability puts the project in a position to turn out a major force in blockchain development. As you know, Blockchain has some typical issues; that’s why Elrond team has highly been focusing on the technical aspects of the project before the launch of the mainnet to eliminate these problems, so tech side of Elrond is really powerful. The team behind Elrond is planning to support a large number of dApps and they commit a fast, secure, and highly scalable blockchain network that will be able to process a number of 10,000 tps. There is a hard competition in this space, all of the projects are aiming for high throughput networks. Unrealized tps values are the dream of every blockchain based project, in terms of this aspect, Elrond focuses on this issue to get higher values. Before the launch of mainnet, Elrond team has set up a sample testnet with the contribution of their awesome community members. I am super excited due to mentioning here that ‘The Battle of Nodes Testnet’ that is run with over 800 nodes and more than 300 people attendance has achieved 11k tps. From my point of view, this success is one of the massive strengths of Elrond team. Furthermore, according to me, Elrond has certainly more important, stronger sides and solutions compared to competitors such as novel consensus model, the adaptive state sharding mechanism, the cryptographic layer and so on. On the other hand, Elrond is using Secure Proof of Stake consensus mechanism which is an an improved variation of Proof of Stake (PoS) that ensures long term security and this help Elrond eliminate the need for energy-intensive PoW algorithms. Elrond has also be designed to be EVM and Ewasm compliant, supporting multiple smart contract languages and formal verification. In addition to all of those, they are revealing great solutions how security issues like Sybil attack, Rogue-key attack are tackled, how malicious behavior is prevented, and how privacy is achieved. I have no doubt about Elrond’s proposition can add considerable value to the blockchain infrastructure space.
Do you have any information about the vision of Elrond Network? In their sources, Elrond indicates that Elrond’s vision is to become the base of a borderless, permissionless, and globally accessible internet economy. Is it possible? Does Elrond have ability to come true this vision? I am asking these two questions myself, I can honestly express that the answer is absolutely yes, they can! To achieve this, they should focus on programmable money, and unstoppable applications on long term. It is quite clear digital economy consists of programmable money, and unstoppable applications which are two significant parts; that’s why I claim this idea. In my opinion, investigating the very core problems and areas of applicability of blockchain technology focusing on using the Elrond platform for decentralized management of demand response program in smart energy grids should be some of the things for the long term. Sure, this effort will help Elrond expand in the blockchain area. I strongly believe that reaching to the goals is easier with cooperations. Thus, Elrond team should search partnerships that they can benefit from, this activity is definetely mandatory on the long term. Also, their further efforts should focus on consolidating their previously mentioned efforts, while pushing hard to expand through an internal ecosystem fund; their aim should be focusing on building a novel stable coin mechanism for open finance.
To learn more about Elrond, please watch the explainer video that I prepared for Elrond Network.
