Elrond Network is a complete rethinking of the open-source blockchain architecture specifically designed to provide overall overall improvement through scalability, efficiency, and security while maintaining a fairly decentralized setting. To achieve this goal, the team introduced 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 offers a new mechanism called Secure Proof of Stake, introducing a random selection of the consensus group, a bet plus rate as a suitability function to prevent sibil attacks, and an almost instant pBFT-based finality. To provide decentralized applications, Elrond is designed to be compatible with EVM and Ewasm, supports multiple smart contract languages, and formal verification.
Elrond Network takes another step in the scale of decentralization of mechanism, Proof of Stake, adding randomness, thereby ensuring that the nodes are redistributed evenly and the non-deterministic among other segments. In addition, the network ensures that a consensus group selected rightly based on the ranking of nodes and other parameters, which also ensure randomness, and the signature of each block contains at least 2/3 +1 of the signatures of a group of validators, thereby ensuring democratic governance in the system of consensus.
As described above, reconfiguration of the segments in the epochs and an arbitrary choice of validators in rounds prevents the creation of unscrupulous groups, reduces the chance of DDoS attacks and bribery while maintaining decentralization and high throughput of transactions.
Elrond Network will operate on the basis of an agreed Protocol, which refers to the class based on the interweaving of protocols and supported a new mechanism Proof of Stake.
The problem of storage is solved by a team of Elrond due to the fact that a network with high bandwidth leads to a distributed register, which quickly increases in size and increases the cost of loading (time + storage). Costs are included in the solution of Elrond with the use of algorithms abbreviations that can summarize the entire state of a blockchain in a more condensed structure. The reduction mechanism is similar to stable reference points in pBFT and compresses all of the state register. The network is also beginning to improve the algorithm Omniledger due to the adaptive approach to the separation conditions, faster random selection of the consensus group and improve safety by replacing the set of validators after each round (a few seconds), rather than after each day.
The delay in the system due to permutations of the nodes between the segments is eliminated by distributing 1/3 of valid validators in other segments, thereby providing a level of randomness and security, and no time penalties for the network survivability. Elrond uses mnogokasatelnoy scheme of bellare and Neven, which eliminates one round of communication in the signature algorithm, because it does not require proof of ownership, but the high level of security is still supported.
