The scalability problem of trustless computing can be represented as a trilemma. The scalability trilemma is based on the assertion that in blockchains, where each node processes each calculation and all nodes participate in consensus, the nodes can have two signs out of three: safety, scalability and decentralized creation of new blocks (DBP) . Elrond Network is a project that is finally able to solve the trilemma of blockchain scalability of networks and enhance the interaction of technology with real sectors of the economy. The main objective of Elrond Network is to create a new blockchain architecture that goes beyond the current level and is designed for practical scalability using adaptive state separation and secure transaction confirmation (SPoS). In an ecosystem that is committed to inter-network interoperability, their intelligent contract solution offers an EVM-compatible mechanism to ensure interoperability in design. This is a guarantee that Elrond Network will be relevant in an ever-growing blockchain environment.
Elrond Network is a complete rethinking of a shared blockchain architecture specifically designed to provide overall overall improvement due to scalability, efficiency, and security while maintaining a fairly decentralized configuration. To achieve this goal, the team has implemented a new adaptive state separation mechanism that provides scalability as more and more nodes join the network, paralyzing transaction processing. At the consensus level, Elrond proposes a new mechanism called the “Secure Proof of Stake”, introducing a random selection of the consensus group, a “bet plus” rate as a function of suitability for preventing sibil attacks and almost instant finality based on pBFT. To provide decentralized applications, Elrond is designed so that it is compatible with EVM and Ewasm, supports multiple languages of smart contracts, and formal verification.
To date, Elrond has made significant progress in developing its product. Thanks to the last iteration of their network, completely rewritten in the language of the GO code, the team was able to reach 3750+ TPS in one segment, which is a significant improvement since their prototype. This shows that the team is committed to its roadmap, ensuring continuous progress even before fundraising, and investors know in advance what they are investing in. Testnet is successfully up and running, and Elrond's early blockchain also has a handy UX that will be available to the public in the next few months.
The main competitors of Elrond Network are EOS, Zilliqa, PChain and Quarkchain. All these competitors are trying to solve problems with scalability and offer solutions that provide high bandwidth TPS while maintaining appropriate levels of security. They also take a different beaten path between the chains, which is also solved by many other projects, such as Polkadot and PChain. There are all chances to outrun their competitors by giving the crypto community and the whole world a viable product that will take over the competition and integrate the network into the relevant infrastructure projects of the blockchain.
The technical approach of Elrond developers to creating a highly scalable blockchain is called adaptive sharding. This technology combines all three types of shards into a solution that will improve performance due to parallel processing, improve communication within shards, reduce storage space, and also allow the system to scale almost linearly.
Allowing changes in the dynamic mode of the number of shards, in accordance with available validator resources, has a significant impact not only on the throughput, but also on the efficiency of the entire network.
The sharding mechanism used in the Elrond blockchain is based on a binary tree structure. Thus, after calculating the shard number, this number is used for the deterministic translation of the account address to the shard. Transaction management in shards, is also deterministic, by matching the addresses of the recipient and sender accounts with the assigned shards.
Elrond tokens (abbreviated ticker - ERD), will function within the network as the main digital unit. All costs for processing transactions, executing smart contracts, deploying DAPPs, reward validators, as well as bonuses for contributing to the ecosystem will be calculated in ERD service tokens. In addition, commissions, payments and address balances will also be taken into account by ERD tokens.
Elrond Network uses an improved Proof of Stake consensus algorithm, called Secured Proof of Stake, in which consensus is achieved by randomly selecting validators, determining the right to bid and rating with the best measurement for the consensus group. They use a random number consisting of several variable parameters to select nodes in a group of segments, thus preventing highly adaptive malicious attacks. After each epoch, 1/3 nodes from each shard are redistributed among other shards to further reduce the likelihood of malicious actions, and each node also has a rating based on the honesty of its actions. Ratings affect the likelihood of selecting a node in an agreed group.
Elrond Network takes another step in the scale of decentralization of the Proof of Stake mechanism, adding randomness to it, thereby ensuring that nodes are redistributed evenly and non-deterministic among other segments. In addition, the network ensures that the consensus group is rightly chosen based on the node rating and other parameters that also guarantee randomness, and the signature of each block contains at least 2/3 +1 signatures of the validator group, thus ensuring democratic control consensus system.
Elrond team offers a fast, secure and scalable blockchain network that can process 10,000 transactions per second and support a large number of dApp applications. Despite the great competition in this space, and all of them are aimed at creating high-bandwidth networks, by 2020 about 10,000 dApps will be involved and the blockchain industry will only facilitate mass adoption into the global economy and everyday life. What Elrond Network offers can significantly add value to all blockchain technology using new protocols and consensus mechanisms and expanding boundaries. This, combined with the fact that one of the priorities of the Elrond Network is interoperability, allows the project to become a leading force in the development of blockchains.
Roadmap is painted from 4 quarter of 2017 until 1 quarter of 2020. Judging by the road map, a considerable amount of work has been done, mostly - this is work on the code, whitepeper and test network. Of the upcoming events, I would single out a few;
Public launch of the test net in Q3 2019. Plus the development of game Dapps on the Elrond blockchain, as well as the organization of a new tokenomics.
Next, 4th quarter of 2019. Full launch of the main network (MainNet), swap tokens and launching of staking. In addition, at the end of the year, the team plans to launch a marketplace with decentralized applications (DAPP) running on the Elrond network.
Well, in the first quarter of 2020, its own decentralized exchange (DEX) will be ready.
Another important step in the maturity of the project is the presence in the development and implementation of the business, as well as sections of the Elrond Ecosystem, which give an idea of the main features of the project and provide a specific action plan for the group to expand the Elrond project from startup to small and medium business. The team has included a number of very important tasks in the business plan and has already been able to implement some of them, having established an appropriate partnership with the payment provider, thus ensuring the first use of the platform.
For the most part, the team consists of programmers. But there is also a marketer, designer and self-directed managers, which we will talk about later.
Beniamin Mincu - CEO. An experienced entrepreneur, as well as an early investor in the crypto-industry, behind which more than 4 years of work with startups. In addition, Benjamin was part of the core team of the large blockchain project of the NEM, where he led the development of the business model, and was also responsible for marketing.
Lucian Todea - Chief Operating Officer. He has over 15 years of experience in the field of information technology. Led one of the fastest growing startups in Europe. Lusien is a technical leader with extensive experience in business development, team management and international relations. At the moment he is a gene. director, partner and founder in several companies.
Lucian Mincu - CIO. He is well versed in infrastructure solutions, as he has been developing integrated products and network solutions for major corporate clients, including the German government, for over 8 years. Lucien is a big fan of breakthrough technologies and the blockchain believes just that.
Elrond project had a very successful IEO at the peak of the price reached 50x, while the listing was on the main exchange Binance and Binance DEX. To date, the ERD token is trading:
Elrond Initiates Cooperation With Holo
Elrond opens the Community Platform
Team creates an outstanding product that is able to modernize the entire blockchain industry and make the technology available to every inhabitant of the planet. The project has a highly qualified team, reliable partners and a finished product, but their competitors are not hamsters either, so the Elrond Network team needs to move very quickly to take its place in this competitive area.
Elrond Announcements: https://t.me/ElrondNetworkAnn
Elrond Website: https://elrond.com
Reddit: https://www.reddit.com/r/elrondnetwork/
Medium: https://medium.com/elrondnetwork
Twitter: https://twitter.com/ElrondNetwork
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