Elrond is built by a team of experienced entrepreneurs along with 13 engineers and researchers with significant technical experience at Microsoft, Google, Intel, NTT DATA, 2 PhDs in CS & AI, multiple math, CS and AI olympiad champions, and blockchain backgrounds, including being previously part of the NEM core team.
Elrond is a specific blockchain platform, which is already called a worthy competitor for Ethereum, Algorand and Zilliqa. The project can be the fresh breath of air in the world of technology, which will solve the problem of scalability. Some even predict the creation of a qualitative precedent for the interaction of the blockchain and the real economy.
The main objective of the project is to create a new blockchain architecture, which will go beyond the maximum performance of the current level of scalability. This is done using an adaptive sharding and consensus protocol SPoS (Secure Proof of Stake). At the same time, considerable attention is paid to security effectiveness and opposition to such types of attacks as Rogue-key, Sybil, Nothing at Stake and others.
The bet is made on maintaining a balance between parameters such as decentralization, scalability and security. In some form, the project can be called a specific rethinking of the foundations of the blockchain architecture.
In the period of the birth of the Internet, mankind received more than just another useful technology. A tool appeared on the planet that allows you to receive and transmit any information almost instantly. Subsequently, the development of technology has led to even more serious speeds and opportunities.
At the same time, the public Internet has lost the independence and lack of control that many have dreamed of. In the hands of structures controlled by the authorities were powerful tools for tracking and monitoring. And precisely because of this, there is a need to implement a fundamentally new approach to the development of the network. It was necessary to try to preserve all those characteristics that are appreciated by many, and, at the same time, provide the necessary level of security and decentralization.
It is this goal that, starting in 2017, the Elrond project team took up. Their task is to create a new Internet infrastructure, which will have:the highest level of scalability;
a more serious indicator of confidentiality of information;
the ability to resist censorship of Internet applications and technologies;
the ability to launch radically different control models within the network.
For this purpose, they launched a project that already supports several sub-versions of languages to create smart contracts.
The main technologies on which the project is based:
Adaptive sharding is a special scaling method that allows you to optimize databases by horizontal separation. The blockchain network is broken into pieces and, thus, it is possible to significantly increase the speed of simultaneous processing of a huge number of transactions. During sharding occurs: the separation of the network, transactions and states. Thus, the sharding model allows you to adapt to increasing or decreasing the number of nodes without harming the decentralization parameter and security.
SPoS algorithm is a development in which a consensus is reached by using a random selection of validators, determining the right to bid and a special rating with an optimal measurement for the consensus group. Thanks to a random number selection mechanism for determining a node in a group of segments, an overwhelming number of highly adaptive and malicious attacks on the network are prevented.
ERD Token is a classic asset whose main function is to ensure stable operation of the system on the basis of which it was created. Elrond Cryptocurrency is an inexpensive and high-speed coin designed to process a variety of transactions within a network.First of all, a large number of ERD is required by system nodes. It is thanks to this that they will be able to work effectively and manage the coordination mechanism. Among other things, the asset will be used as a tool to encourage its holders for assistance in confirming transactions and general adjustment of the system.
The Elrond testnet has low system requirements and can run on anything from an ordinary computer to T2 medium AWS machines. This iteration consists of static state sharding, secure proof of stake consensus, Schnorr signature for transactions, BLS signatures for random seed generation, and modified BLS multisig for blocksigning.Metrics that are being monitored to check improvement of the network include: latency, bandwidth limitations, running each validator node on a separate machine with very limited compute power.New TPS record — 65,785 TPS on 20 shards
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https://i.ytimg.com/vi/Cbfp31keh9Q/maxresdefault.jpghttps://miro.medium.com/max/427/1*HLLyCDnBRPtUshQ0vQPlPA.pngBeniamin Mincu, CEO, entrepreneur and early blockchain investor with more than 4 years of experience with startups. Previously, he was part of the core team of NEM, where he led business, marketing and the community for 1.5 years, helping to transfer the NEM blockchain from an idea to a global product. He also invested and supported about 30 blockchain projects, including Icon, Matrix and Zilliqa. General partner of Metachain Capital.
https://miro.medium.com/max/427/1*wSNXjPARgdHqquSDiffu4Q.pngLucian Todea, COO, a successful entrepreneur and an active investor in startups and blockchains, with more than 15 years of experience in the technical business. He led one of the fastest growing startups in Europe and is a technology leader with extensive experience, business development, general management, leadership and international experience. He is also the CEO, founder and partner in several technology companies.
https://miro.medium.com/max/427/1*GxkzI9ph1xWXjx_VN0Nv4w.pngLucian Mincu, CIO, is an experienced infrastructure engineer with 8 years of experience, from developing complex products for launching to developing and implementing high-tech, but at the same time comprehensive infrastructure and networking solutions for large corporate clients such as the German state. He loves advanced technology and joined the blockchain in 2016, where he co-founded Metachain Capital and ICO Market Data
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Alex Iskold, business consultant, New York entrepreneur and investor. Managing Director, Techstars NYC. Alex was the founder / CEO at GetGlue, the founder / CEO of the information lab, the main architect at DataSynapse. Award winner and experienced investor with a presence in more than 90 startups. In addition to being a serial entrepreneur, Alex also wrote hundreds of articles on ReadWriteWeb and taught an award-winning software development course for students at New York University.
Alex Tabarrok, economic advisor, professor of economics at George Mason University. He is the Head of the Bartley J. Madden Economics Department at the Mercat Center. Co-founder of the University of Marginal Revolution: an online platform for studying economics. Alex is the author of numerous scientific papers in the field of law and economics, criminology, regulatory policy, voting theory and other areas of political economy. He is the co-author of ‘Modern Economic Principles’ and the co-author of the economic blog ‘Marginal Revolution.
Raul Jordan, Technical Consultant, Ethereum Core Developer. He is the co-leader of Prysmatic Labs, the first implementation of Sharding for the Ethereum protocol. He is a partner of zk Capital, a research-oriented blockchain investment fund. In 2014, Raoul was one of the founders of Kynplex, the first of its kind network in the field of life sciences, which brings together centers of scientific innovation on the Internet. Til Fellow, 16 years old. Harvard graduate.
Grigore Rosu, technical consultant, Grigore Rogu is a computer science professor at the University of Illinois at Urbana-Champaign (UIUC), where he heads the Formal Systems Laboratory (FSL). Previously, he was a scientist at NASA, where he coined the term “runtime check” with his colleagues. He is interested in programming languages, formal methods and software development, and especially how to combine them to improve the security, reliability and reliability of computing systems. Grigor received his doctorate from the University of California at San Diego.
Fabio C. Canesin, Technical Advisor, Co-Founder of City of Zion and NEX, he has a master’s degree in computational mechanics and variational multi-scale modeling, as well as a research engineer in the oil industry. Fabio has developed software in several large projects that have impacted billions of dollars in assets. He is also a co-founder and technical director of Lemonaid Learning Analytics.
Ethan Fast, technical consultant, PhD from Stanford, co-founder of City of Zion and NEX. Neon Wallet Creator. Ethan is an entrepreneur and researcher with experience in HCI, AI, and blockchain. He led more than 10 projects for publication in top places such as CHI, UIST, EMNLP and AAAI, where they received many awards. In May 2011, Ethan founded Proxino, a company funded by Y Combinator.
Andrei Pitis, business consultant, vice president of development and head of the Fitbit Bucharest office. Founder and CEO of Vector Watch. Angel Investor with several technical leadership positions. He serves on board ANIS — the most active Romania software association and co-founder of Tech Angels and Innovation Labs. From 1995 to 2015, he was an associate professor at the Polytechnic University of Bucharest.
