Hello World, Elrond is here!
The advent of secure public blockchains through Bitcoin and later Ethereum, has brought forth a notable degree of interest and capital influx, providing the premise for a global wave of permissionless innovation.
Yet despite lofty promises, creating a decentralized, secure and scalable public blockchain has proved to be a strenuous task. Hence we present Elrond, a novel architecture which goes beyond state-of-the-art by introducing a genuine State Sharding scheme for practical scalability, eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus mechanism.
Having a strong focus on security, Elrond’s network ensures mathematically verifiable resistance to known security problems like Sybil attack, Rogue-key attack, Nothing at Stake attack and others. In an ecosystem that strives for interconnectivity, our solution for smart contracts offers an EVM compliant engine to ensure interoperability by design.
Preliminary simulations show that Elrond exceeds Visa’s average throughput and achieves an improvement of three orders of magnitude or 1000x compared to the existing viable approaches, while drastically reducing the costs of bootstrapping and storage to ensure long term sustainability.
The future is here, well, almost
We are very excited to present the official website and the first draft of the whitepaper today. There’s still stuff to be added, but we want to take the time and share things with our community.
Starting next week, we will begin presenting our team through a series of written interviews, in order to give you a better idea on what we’ve been through and where we’re coming from.
As we advance, we will also be presenting various advisors and strategic partners; people with relevant global experience who will stand beside us, helping us make Elrond a compelling solution for blockchain scalability, enabling mainstream adoption and public use.
Ignore the noise, think bigger, plan for the long term
There are many things we are preparing behind the scenes, but our near-term focus is on releasing our prototype, an instrumental step, undoubtedly, where we validate our hypothesis and take our proof of concept one step closer to reality.
Still, why Elrond, what is future we are striving for? Well, in order to grasp this, a thought experiment comes well in hand. Imagine for a second, what might the blockchain world look like in 5 years? How about 10?
Presumably there are two problems that look quite large now, but might look rather trivial looking back: scalability and interoperability. These are the main problems we are trying to solve now.
But on a broader scale, there seem to be three paths the crypto world might take that could bridge the adoption gap and could translate into considerable social and economic impact: a) the utility path: where blockchain becomes a public utility, embedded as the next protocol layer in the internet ecosystem; b) the currency path: where one or more cryptocurrencies become national or global currencies, complementing conventional currencies due to more flexible and robust design mechanisms; and c) the store of value path: where a certain cryptocurrency becomes the default store of value thanks to compounding programmable incentives.
It’s not clear in what sequence these paths will unfold, yet their potential consequences can hardly be overstated. In fact, regardless of sequence, for any meaningful adoption to happen we need scalability solved, and we need it now. This is precisely the first of many steps we are striving for with Elrond.
Join us and be part of this challenging and exciting journey!
For more information:
Official Website: www.elrond.network
Telegram Community: https://t.me/ElrondNetwork