Elrond Network, the scalable public blockchain that deploys sharding technology has announced that it has entered the Trusted IoT Alliance (TIoTA), joining a retinue of high-profile enterprises and developer organizations to create a collaborative consortium ecosystem at the forefront of IoT innovation
August 14, 2019 / The McKinsey Global Institute projects that nearly 30 billion devices will be connected to the Internet by 2020, encompassing an overall IoT economic impact value between $4 trillion and $11 trillion by 2025. TIoTA’s 2025 goals include building a secure, interoperable, and scalable IoT ecosystem based on blockchain technology that is capable of facilitating M2M payments, autonomous supply chain management, and many more applications across multiple industries.
Elrond Network is ideally suited for the push into the next generation of the Internet, where scalable, public infrastructure will be necessary to support the frictionless transfer of value. Elrond is one of the blockchain projects spearheading the experimentation of scalable, interoperable infrastructure for the underlying technology.
The platform relies on a horizontal database partitioning technique called sharding, and, when blended with the network’s Secure Proof-of-Stake consensus (SPoS), provides a decentralized and highly performant blockchain. As a result, Elrond presents an optimal backbone for the ongoing work of TIoTA, and the network will be of use to the TIoTA’s enterprise members for hackathons and challenges meant to solve real-world problems.
The TIoTA Consortium is comprised of numerous projects at the bleeding-edge convergence of IoT application development and blockchain technology. Alongside major corporate partners such as Bosch, Cisco, Telekom, Siemens and others, Elrond is positioned favorably to support the growth of TIoTA’s leading open-source software foundation.
Elrond Founder and CEO, Beniamin Mincu, commented: “Our collaboration with the Trusted IoT Alliance is a significant step forward meant to enable countless real-world applications to be built using Elrond’s state of the art architecture. Alongside the likes of TIoTA’s enterprise, IoT and blockchain members, Elrond’s public, sharded blockchain can provide the infrastructure that is necessary for the digital economy to blossom.”
“Elrond provides a scalable value transfer protocol for the digital economy,” said Anoop Nannra, Chairman of the Trusted IoT Alliance and Head of Blockchain at Cisco. “We are thrilled to have Elrond join our organization and contribute to our collective goals to establish best practices for the market and too commercialize trusted initiatives.”
Elrond’s integration with TIoTA comes amid a flurry of recent developments for the project. The Elrond Testnet is already live and has demonstrated the performance of more than 10K transactions per second. Similarly, Elrond recently announced their partnership with decentralized oracle service, ChainLink, who made waves recently under the agreement with Google.
TIoTA is a result of the collaboration amongst passionate technologists working to leverage blockchain infrastructure to secure and scale IoT ecosystems. TIoTA seeks to enable trust in the data produced by such IoT systems in a distributed ledger/blockchain agnostic fashion, thereby enabling a decentralized trust model for interoperable digitized identities of physical goods, documents, immobilized assets, sensors, and machines. Visit trusted-iot.org and search #tiotachallenges and #tiotamobility to learn more.
Elrond is a high-throughput public blockchain aimed at providing security, efficiency, scalability, and interoperability via Adaptive State Sharding and a Secure Proof of Stake consensus mechanism. To achieve this, Elrond relies on two building blocks; 1) A genuine Adaptive State Sharding approach: effectively partitioning the chain state into multiple shards, handled in parallel by different participating validators; 2) Secure Proof of Stake consensus mechanism: an improved variation of Proof of Stake (PoS) that ensures long term security and distributed fairness, while eliminating 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.
Elrond is built by a team of experienced entrepreneurs along with 13 engineers and researchers with significant blockchain backgrounds and technical experience at Microsoft, Google, Intel, and NTT DATA. The team includes two PhDs in CS & AI, multiple math, CS, and AI Olympiad champions, and a former member of the NEM core team.