What is Elrond Network?
Elrond Network is a project that is finally able to solve the scalability trilemma of blockchain networks and strengthen the interaction of technology with real sectors of the economy. The main objective of the Elrond Network is to create a new blockchain architecture that goes beyond the modern level and is designed for practical scalability using adaptive state separation and secure transaction confirmation (SPoS). In an ecosystem that seeks interconnectivity, their smart contract solution offers an EVM-compatible mechanism for interoperability by design. This is a guarantee that Elrond Network will be relevant in the ever-growing blockchain environment.
Elrond Network is a complete rethinking of the open-source blockchain architecture specifically designed to provide overall overall improvement through scalability, efficiency, and security while maintaining a fairly decentralized setting. To achieve this goal, the team introduced a new adaptive state separation mechanism that provides scalability as more and more nodes join the network, paralyzing transaction processing. At the consensus level, Elrond offers a new mechanism called Secure Proof of Stake, introducing a random selection of the consensus group, a bet plus rate as a suitability function to prevent sibil attacks, and an almost instant pBFT-based finality. To provide decentralized applications, Elrond is designed to be compatible with EVM and Ewasm, supports multiple smart contract languages, and formal verification.
To date, Elrond has made significant progress in developing its product. Thanks to the latest iteration of their network, completely rewritten in the language of the GO code, the team was able to achieve 3750+ TPS in one segment, which is a significant improvement since their prototype. This shows that the team is committed to its roadmap, ensuring continuous progress even before raising funds, and investors know in advance what they are investing in. Testnet is up and running successfully, and the early Elrond blockchain also has a convenient UX that will be available to the public in the next few months.
