Elrond Network — Progress update #1

Elrond Node Prototype Preview

Greetings everyone and thank you for your continuous support! We feel it is essential to keep an open discussion with our community as we make progress in building Elrond. Consequently, this week we want to give a brief technical and business update on where we stand and how the next couple of weeks will look like.

Technical Update

The Elrond team is working tirelessly to release the first version of Elrond’s Prototype v0.1.0 which represents a second significant milestone, and is expected to be released at the end of June/early July.

Some of the major technical challenges we’ve just completed are:

- Communication layer: the P2P network that provides the infrastructure needed for the following operations: direct messaging, information broadcast and channel communication.

- Cryptographic layer: signing and verification for transactions with Schnorr scheme and Bellare and Neven multi-signature method for blocks.

- Blockchain Core: the backbone data model used to store blocks, transactions, accounts and any additional information needed for the distributed ledger.

- Execution Engine: the most essential part of the architecture that processes transactions and assembles blocks while replicating the state across the network to ensure consistency and security.

We have just finished one of our sprint cycles, concluding with the first part of Elrond’s prototype, a network that can successfully process transactions between clients.

Our next sprint will likely lead to our full prototype release, and will focus on increasing the network throughput by implementing various consensus optimizations and adding a rudimentary sharding layer. In addition to this, we are working on a one-click install app, that will eventually allow everyone to effortlessly run an Elrond Node.

Elrond Node Prototype

Here is a sneak-peek on the node app and how the UX/UI will look like:

Wallet Prototype Screen

The wallet section displays the balance, enables transactions between addresses and acts as a blockchain explorer, verifying balances for any account on the blockchain.

Instance Setup Prototype Screen

The first step in the process of starting a node is represented by the Instance Setup. On this screen a new node can test the connectivity and join the network using a reachable IP address and an open port. Additionally, for traceability and testing purposes, an instance name and a local blockchain persistency path can be chosen.

Business Update

Our main focus on the business side is on laying out a strategic plan allowing Elrond to move decisively and execute on its go-to-market strategy. While some of our work is focused on finalizing the legal structures and setting up the operations part, we have already began discussions with several potential business partners: enterprises or startups that would like to use or build on our architecture.

Part of our team traveled this week to Tel Aviv, starting a few productive discussions on Elrond’s promise and potential business growth. Additionally we want to announce that next week we’ll be in Zug, quite likely attending the Crypto Valley conference which is scheduled from 20–22. If you are around and are interested in meeting and discussing with us, please send us an email [contact@elrond.network] so we can schedule everything in time. Looking forward to meeting with interesting people from our community.

Important note: We’ll soon start headhunting for smart, ambitious and self-motivated people who would like to join us in our quest. The people we are looking for should be able to display evidence of exceptional ability in one or several of these fields: mathematics, computer science, high level programming, artificial intelligence, blockchain architectures, game theory and crypto economics. If you think you fit some of the above criteria, do write us a note at contact@elrond.network — we’re looking forward to hearing from you.

For more information:

Official Website: www.elrond.network
Whitepaper: https://elrond.network/files/Elrond_Whitepaper_EN.pdf
Twitter: https://twitter.com/ElrondNetwork
Facebook: https://facebook.com/ElrondNetwork
Telegram Community: https://t.me/ElrondNetwork