I want to start the Elrond Network project with your team to explain why I called it a storm. Indeed every member of the team who gave life to Elrond has had extremely brilliant careers. It is made up of the world’s most distinguished blockchain researchers and engineers. I don’t remember any other project where so many award-winning Olympic champions and PhD-winning IT specialists were brought together. A brilliant bunch of people is creating Elrond. I will try to limit each member of the team to only two sentences.
Beniamin Mincu (CEO): was head of Product Marketing and community work at the NEM team. And NEM Blockchain is a billion-dollar product today.
Lucian Todea: (COO) Engineer LIEBL SYSTEMS, co-founder & CTO at ICO Market Data and Metachain Capital. He is a technology entrepreneur, and angel investor, with more than 15 years of experience in technology-related businesses.
Adrian Dobrita: Head of Engineering
Engineer Intel, ST-Ericsson, Continental, AI Olympiad champion, MSc CS.
Developed industry-class embedded software in areas such as mobile and automotive
Lucian Mincu(CIO): Engineer LIEBL SYSTEMS, co-founder & CTO at ICO Market Data and Metachain Capital
Felix Crisan, Head of Research: CTO of Netopia, co-founder of BTKO, Romania’s first Bitcoin exchange platform.
Radu Chis, Head of Technology: Engineer NTT DATA, Olympiad champion, CS Teaching Assistant Lucian Blaga Sibiu, PhD CS
Sebastian Marian, Core Developer: Engineer Continental, Multiple world AI RoboCup Olympiad champion, RoboCup Executive & Technical Committee, CS Olympiad champion, BS CS.
Iulian Pascalau, Corcoveanu Cristian ve Andrei Marinica: Software Engineer:
Robert Sasu, Core Developer: Engineer Continental, Google summer code school, E-mobility startup, Math and CS Olympiad champion, 20 patents autonomous cars, BS CS, MSc Graphics VR.
Camil Ioan Banicioiu, Research Engineer: Freelance engineer, Ph.D. student AI & ML
Radu Paun, Software Engineer: Engineer Keep calling, Mobile dev, MSc CS.
Valentin Lup, Senior System Administrator: SysAdmin Soft32, Networking, Assistant teacher CS, BS CS.
Beniamin Drasovean, Junior Software Engineer: Engineer, BE CS.
Dan Voicu, Head of Communication: PR & Market Analysis ICO Market Data, Administrative Officer Metal Ship Building, BA Political Science, MSc Business.
Daniel Serb, Head of Marketing and PR: Communication Specialist Continental, Recruitment Consultant Frank Recruitment Group, BA International Relations.
Constantin Tovisi, User Experience Designer: Marketing, Product management & BD Soft32, BEc.
Larisa Oltean, UI/UX Designer: Freelance designer, MSc Design
As you can see, the career summaries of the people who make up the team are enough to show how high the chances of success of the project are.
Now, shall we start looking at the differences of the ELROND network from other networks?
First, I want to describe Elrond to you in the words the team uses. Then I will explain the new possibilities that each quality that defines the network offers us.
ELROND is a new blockchain architecture designed to increase scalability with Adaptive State Sharding and Secure Proof of Stake (SPoS). It is possible to rank the attributes of the designed Elrond network as safe, efficient, scalable, and interoperable. I would like to briefly write each of these features that define the Elrond network with you.
Adaptive State Sharding:
One of Elrond’s key contributions to blockchain architecture is its technology. The state sharding approach previously attempted in Zilliqa is that the data stream is divided into fractures into smaller groups, each of which can perform operations in parallel. When considered horizontal partitioning, Sharding divides the data into pieces placed on it. Splitting the Blockchain network into fractures will allow more action to be taken simultaneously. As the network used grows, the processing speed increases, which significantly solves the scaling problem. Here, parallel parts that perform different operations start to conduct operations from the nodes at the same time, thus gaining speed. Thus, not all nodes are used to validate all operations. The reconciliation protocol, called BFT, is applied to reach agreement in the order of the transactions. The entire network is eventually assembled into a single entity. This information is broadcast to nodes on the network, which is a sort of Split and manage the operation. As I mentioned earlier, sharding, which is also tried in Zilliqa, is used in PoW as proof of operation. In the Elrond Network, the solution does not just process sharing but adaptive status sharing. SPOs are used as evidence of Adaptive state Sharding.
Secure Proof of Stake:
We are all familiar with the concept of PoS. The system that the Ethereum network also plans to cross over in the next period. POS, shows the possibility of validating a node’s block, and you can validate it as much as the token in your wallet. Therefore, you will be rewarded with the token ratio in your wallet. The critical point here is that energy consumption in POW decreases. It also eliminates the risk of powerful miners manipulating the network. PoS does Ta validation in general with the community having the project token. This largely prevents hacking in the first place. Secure PoS was first introduced by Algorand, based on the idea of random assignment of validators.
However, Elrond uses the randomization factor as the bulk signature of the final block in the verifier selection mechanism for each node in the fragment. Random sharding eliminates the possibility of an attack on a particular block. There is also a focus on security in the SPOs consensus mechanism. Network software has been made resistant to known threats, including the Sybil attack. As you can imagine, as the number of validators and parts increases, the number of operations the network performs at Unit time increases. The size of the pieces was tried as 300–400 nodes on average. Result: you get 1000 times more efficient than similar networks.
Elrond Token Ecosystem:
ERD Token uses:
1. Payment of transaction fees
2. payment of Dapps distribution costs
3. Awards for Staking.
4. The ERD token Elrond is used to participate in the secure proof of the network’s reconciliation.
5. Storage fees are utilized for rewards for gas and verifiers.
6. Finally, the ERD Token will also be used for voting and governance in the future.
Elrond is a blockchain architecture design rewritten to achieve global scalability and instantaneous processing speed. It is a state-of-the-art sharding design that features transaction, data, and network sharding. It designs smart contracts that use state sharded architecture with a balanced load on fractures. Intra and cross-shard node reshuffling with BLS (bneh-Lynh-Shacham) signing. Secure randomness beacon is an integrated network design that is resistant to malicious attacks and to work with other blockchain networks.
The goal in Elrond Network is to create a high-speed, low-cost, and secure platform for competitive and efficient easy-to-use dApps. With these features, the IoT economy and machine-to-machine operations are recommended as the most accurate solution.
I think most of all it’s not a dream, Elrond testnet is currently living in open source. With a 5-second delay and a speed of more than 10,000 TPS, it was presented to the world of Informatics. Thanks…
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