Elrond is a fresh look at the infrastructure of the public blockchain and solving the trilemma of the blockchain and compatibility. Elrond creates a new Network architecture of the blockchain, which goes beyond the current level and is intended for practical scalability through adaptive separation of state and secure confirmation of transactions (SPoS). In the ecosystem, which strives for firewall interaction, their solution for smart contracts provides a mechanism that is compatible with EVM to ensure interoperability by design. This is a guarantee that Elrond Network will be relevant in a constantly growing environment of the block chain. To achieve this goal, the team introduced a new mechanism of adaptive division of state, providing scalability as more nodes join the network, paralyzing the transaction processing. Consensus levels of Elrond proposes a new mechanism called "Secure Proof of Stake", inserting a random selection of the consensus group rate "rate plus" as the fitness function to prevent Sybil attacks and almost instantaneous finality based on pBFT. To enable decentralized applications Elrond is designed so that it is compatible with EVM and Ewasm, supports multiple languages smart contracts and formal verification. The main competitors of Elrond Network are Multivac, Zilliqa, PChain and Quarkchain. All these competitors are trying to solve issues with scalability and offer solutions that provide high throughput TPS while maintaining appropriate levels of security.
The developers of the Elrond project offer a new solution to this problem. They want to create a new architecture that is technically far ahead of existing systems. The team intends to achieve this by introducing State Sharding technology, capable of showing the highest scalability results.
At the same time, it excludes energy and computational costs due to a fair mechanism for achieving consensus SPoS (Secure Prof of Stake). In addition, the Elrond blockchain is designed to provide high protection against various attacks on the network, due to the shuffling of nodes inside and between shards.
Overview of the IEO project Elrond Why create a project
The ultimate goal is to create a reliable and fast public blockchain. Which in the future can be used for improvements in many areas, such as; real estate, finance, gambling, internet of things, healthcare, forecast markets, cross-border payments and much more.
