While Blockchain technology is new, it is developing at an incredible pace. The reason for this is the innovation and possibilities that technology brings. Proving that information from person to person (P2P) can be carried out without any means of transferring value is truly revolutionary. Blockchain technology can solve potential problems for the future.
It is also a fact that this technology, which offers a wide range of possibilities to the user, needs important innovations and contributions. Serious solutions are needed to address these problems such as scaling, security, efficiency, cross-chain collaboration, boot loading, and storage.
Bitcoin and Ethereum mining from projects built on Blockchain relies on Business evidence (PoW). In this system, the first person to solve the problem in the network receives the award. This is a type of mining that requires high processing power and is costly. In the system based on transaction proof (PoS), there is no Block award. Instead, miners on the network are rewarded with transaction fees.
Elrond is a project that has developed very important solutions in the field of blockchain compared to other projects.
Compared to Ethereum, it uses less energy and can operate at higher speeds using the security Prof of Stake (SPoS) mechanism.
In comparison with Algorand, he developed the idea of a random selection of Algorand but also preferred to share operations rather than run them on a single chain.
In addition to Zilliqa's process sharpening, it has used state sharpening. The process has pushed the limits of sharpening. Using the consensus mechanism (SPOs), Elrond uses EVM compatibility to ensure inter-chain compliance and interoperability.
While many of the projects prefer to repair the network, Elrond is focused on bringing a solution from scratch. This means that by analyzing existing problems, we try to rebuild the network and create it more powerful. It is to choose a more difficult but more innovative and revolutionary way.
The Elrond network is a project designed in a decentralized structure and built on Blockchain. It was designed to make 1,000 times more improvements with its scalable structure. When joining a network, it provides linear scalability. Introduces a new adaptive state splitting mechanism.
Elrond splits the data into several parts with sharding, known as horizontal partitioning. The more parts and verifiers, the more processing takes place on the network. When the network is divided into fractures, there are simultaneous verification processes. As a result, the network grows as more fractures are processed.
The Elrond network is one of the projects that will feature in the future of blockchain technology. It will succeed with its hardworking and innovative team, strong technology and great community facilities.
Created by simonx
