The problem of scalability of reliable computers can be shown as a trilogy. The scalability trilogy is based on the claim that nodes can have two out of three signs in block chains where each node handles each calculation and all nodes agree on: security, scalability, and decentralized new block creation (DBP). Elrond Network is a project that can finally solve the trilogy of block chain scalability of networks and increase the interaction of technology with real sectors of the economy. The main goal of Elrond Network is to create a new block chain architecture that goes beyond the current level and is designed for practical scalability using adaptive state separation and secure transaction approval (SPoS). Smart contract solutions in a networked interoperability ecosystem offers an EVM compliant mechanism to ensure interoperability in design. This is the guarantee that Elrond Network will be in a constantly growing block chain environment.
Elrond Network is a rethinking of a shared block chain architecture specifically designed to provide overall improvements for scalability, efficiency, and security while maintaining a highly decentralized configuration. To achieve this goal, the team implemented a new adaptive state allocation mechanism that provides scalability to the processing process while adding more nodes to the network. Elrond proposed a new mechanism called "Proof of Procurement" and became a function of compliance to prevent cyber attacks. Designed to be compatible with Elrond, EVM and Ewasm to provide decentralized applications, it supports multiple languages of smart contracts.
To date, Elrond has made significant progress in improving its product. The team is tied to the roadmap, making continuous progress before raising funds and allowing investors to know what they are investing in. Testnet also works successfully.
What does the Elrond platform offer the world?
So, let's go:
- Blockchain platform with the ability to create your own smart contracts and launch full-fledged DApps - decentralized applications.
- Huge speed - already at the test stage, the Elrond test network was able to show more than 12,000 TpS (transactions per second), and the operating frequency is at the level of 500-1000 transactions per second, and the developers say that this is not the limit.
- This speed is achieved thanks to the implemented sharding protocol. While Ethereum developers are only trying to implement it in their network, the Elrond team has already been able to offer a working implementation of this breakthrough technology (more on how this works, I will tell in my next reviews)
- A new algorithm for mining and transaction confirmation - SPoS - secure proof of stake. This modification of the well-known Proof of Stake protocol, however, is more secure. In SPoS, the validator is selected not just on the basis of a random number, as in ordinary PoS, but on the basis of randomness generated based on the signature of the previous block. This approach avoids many of the drawbacks of the classic Proof of Stake, and is hundreds of times faster than the outdated PoW consensus.
- A system of interaction with other blockchains being implemented in the future. The creators of the Elrond project want to realize the true essence of cryptocurrencies and blockchain - completely decentralized and not dependent on third parties in the form of exchangers and cryptocurrency exchanges. The Elrond blockchain will allow ordinary people and developers to directly interact with other blockchains, such as Bitcoin and Ethereum (in the first place) and exchange the currencies and tokens of these blockchains without intermediaries.
Elrond's technical approach to creating a highly scalable block chain is called adaptive sharding. This technology combines three types of components into a solution that will improve performance due to parallel processing, increase communication within parts, reduce storage space, and allow the system to be scaled almost linearly.
According to current validator sources, allowing changes in the dynamic mode of the number of fractures has a significant impact not only on efficiency but also on the efficiency of the entire network.
Elrond token (ERD)
The Elrond tokens (ERD) will operate within the network as the main digital unit. All costs will be calculated by ERD service tokens for smart contracts, distribution of DAPPs, reward verifiers as well as contributions to the ecosystem.
Total Token Amount: 20,000,000,000 ERD
Softcap: $ 1,900,000
Hardcap: $ 5,150,000
Total Sold Token Amount: 8,800,000,000 ERD
In addition, the Elrond project has a strong team, for example, one of the main ones is the former developer of the NEM cryptocurrency platform, as well as powerful partners and sponsors, for example, the Elrond project is supported by Changpeng Jao, CEO of the leading crypto exchange Binance. And their ERD token, by the way, is already being traded with might and main on this exchange and has a total capitalization of more than $ 15,000,000.
With such a partner you can achieve unprecedented heights, and I hope that the developers will succeed, because so far the Elrond project is at the development stage and has launched only a test network.
The team creates a superior product that can modernize the entire blockchain industry and make technology suitable for everyone. The project has a highly qualified team, reliable partners and a finished product, but its competitors are not empty, so the Elrond Network team is moving very fast to be aware of this and to be competitive.
More information on the project Elrond Network please visit their website listed below:
• Bitcointalk username: David12jay
• Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2168034
• Telegram username: @cryptocat15
• My Wallet: bnb1mvpaua2e3k5anusjamz2s2y300hwp8aepxylr3