Vision, roadmap, milestones

Beniamin Mincu
Feb 11, 2019 · 6 min read
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Making sense of the crypto winter

The promise of blockchain technology has brought tremendous excitement and euphoria, reaching a local peak in December 2017. Understandably, it is in our nature to get excited and overestimate the short term impact of technology. By contrast, 2018 was a year of correction, reckoning, and cleansing. By the end of the year, many supposed crypto funds were but one step from insolvency, with dozens of the once-promising crypto projects nearly bankrupt.

To grow fast you need time to build a foundation

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Elrond Milestones

Dual-flanked attack

Throughout 2018 our focus has been on two important things:

  1. Discover new technical frontiers and solving hard sharding and consensus problems.
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Part of the Elrond Team

Build a prototype, learn, revise

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Architecture Diagram
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Architecture components

Testnet: use what you learned, write everything from scratch

Internal testnet results

Back to the future: what 2019 looks like

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Elrond 2019 Roadmap

Inception:

2019 is divided into 4 phases. The inception phase, is focused on launching a test network with a working sharding model, efficient and fast secure proof of stake consensus, along with the Elrond VM, bringing support for EVM and Wasm contracts with formal verification. Building on this, we will feature the launch of a major product which has been in the works, effectively transforming our solution from developer first, to user first(more news on this soon).

Fundamentals:

The second phase will focus on stress-testing, bug hunting, auditing, and heavy preparation for the Main net launch. It will also feature a new wallet with radical user experience, thanks to features like Alias, Multisig, and Timelock. To encourage play, integration and interaction for both curious developers and 3rd party organizations, we will offer an API/SDK with clear commands and instructions.

Launch:

The third phase will feature Elrond finally going live. It will bring large efforts to fruition, presenting a fast, scalable and efficient architecture, with tools and competitive utility in place. Bootstrapping will begin with the launch, enabling token swaps, the staking mechanism, and incentivizing healthy node participation within the network. During this phase we expect a useful payment gateway to be up and running, mobile wallets to be released, and hardware wallets to be integrated.

Expansion:

The expansion phase will focus on consolidating our previously mentioned efforts, while pushing hard to expand through an internal ecosystem fund. This fund will strongly complement our efforts, encouraging ventures to create a more efficient DEX which leverages our architecture, build a novel stable coin mechanism for open finance, and offer a digital identity app that is simple and useful.

Conclusion

Despite numerous obstacles, we’ve come a long way. Our focused team has worked tirelessly to reach proposed milestones. The testnet is very close to launch, and we’re very excited to share our refreshed roadmap with you.


Elrond Network

A scalable value transfer protocol for the digital economy

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