The emergence of secure public blockchains such as Bitcoin, and then Ethereum, generated huge interest and an influx of large capital — as a result, forming a full-fledged crypto industry. Which was expected to provide a wave of innovation and dramatic change in many areas. But despite the expectations of many, creating a decentralized, secure and highly scalable public blockchain proved to be a very difficult task.
The developers of the Elrond project offer a new solution to this problem. They want to create a new architecture that is technically significantly ahead of existing systems. The team intends to achieve this by introducing State Sharding technology that can show the highest scalability results.
At the same time, excluding energy and computing costs, thanks to a fair mechanism for achieving consensus SPoS (Secure Prof of Stake). In addition, the Elrond blockchain is built in such a way as to provide high protection against various attacks on the network, by shuffling nodes inside and between shards.
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, the Internet of things, healthcare, forecast markets, cross-border payments and much more.
Elrond, have introduced a new consensus-building algorithm called Safe Proof of Ownership, or abbreviated SPoS (Secure PoS). This algorithm eliminates the need for mining, which requires computations on special equipment and high energy costs. In addition, SPoS improves the internal communication between shards, thereby reducing the state of the blockchain to the necessary one.
The team also assured that the Elrond blockchain has a high level of decentralization and security. This is achieved by improving the internal architecture. Which reduces latency by allowing each node in the shard to identify consensus group members. And also due to the fact that a random model is used to aggregate the signature of the last block.
In addition, Elrond allows for decentralized cross chain operations. The interaction between blockchains is implemented using the adapter mechanism, at the virtual machine level used in the Elrond network. This will require specialized adapters for each circuit, which is not compatible with EVM, but wants to interact with the Elrond blockchain.
Summarizing the technical part in simple terms, we can say that the Elrond team is developing a super fast public blockchain. Which, according to them, is already capable of issuing about 10,000 transactions per second.
Beniamin Mincu — CEO. An experienced entrepreneur, as well as an early investor in the crypto industry, with over 4 years of experience working with startups. In addition, Benjamin was part of the main team of the large blockchain of the NEM project, where he led the development of the business model, as well as was responsible for marketing.
Lucian Todea is COO. He has over 15 years of experience in the field of information technology. He led one of the fastest growing startups in Europe. Lucien is a technical manager with rich experience in business development, team management and international relations. At the moment, he is the gene. Director, partner and founder of several companies.
Lucian Mincu is director of information technology. He is well versed in infrastructure solutions, as he has been developing complex products and network solutions for the largest corporate clients, including the German government, for more than 8 years. Lucien is a big fan of breakthrough technologies and the blockchain considers it to be just that.
Elrond, like all previous projects on the Binance launchpad, looks pretty strong in the short term. And it’s not surprising, because the Binance team has a whole division that carefully examines the “bones” of the projects and selects only the most reliable.
ELROND developers have already launched and run the testnet in closed mode with 5 shards. Tests showed excellent results, although it is not clear how the network will show itself under real loads and a large number of users.
Nevertheless, there is already a convenient block explorer and wallet. And in the near future the main network will be launched, and users will be able to deploy their nodes in order to become validators and test everything in more difficult conditions.
Further, the project is expected to have an open and fairly active GitHUB. Everything is in order and with the social part, the team conducts social networks actively, writes short posts on Twitter and detailed articles on the medium. Subscribers, in turn, are interested in the project, the telegram is quite high in activity, a large number of messages are coming in a day.
As for the team, everything is fine here too. First of all, it is open, which is very important! Members of the Elrond team perform at various events, this can be seen by going to the News and Events section on the website. Also pleased with the composition of the team where almost all programmers.
Despite the 10th anniversary, blockchain technology is still at the initial stages of its formation. For all these years, the practical application of the technology has not been found, crypto enthusiasts continue to overtake transactions between wallets and exchanges, trying to make money on it. In general, the blockchain technology, in addition to speculative interest, has not yet generated anything sensible, which would really be of interest to people and could modernize the long-obsolete centralized structures. All this is due to the fact that a solution has not yet been found that can solve the trillem of scalability. All existing blockchains today sacrifice one of the indicators in favor of another, so the technology is still marking time. Bitcoin and Ethereum sacrificed scalability in favor of decentralization, they perform their function well only until the network is overloaded, and with the growth of the ecosystem, problems appear, such as the limited speed of transaction execution. Until transactions are carried out on a free scale — you can’t even dream about the massive use of blockchain technology. The Elrond Network project team understands this very well and is creating its own network, which will be free from the shortcomings of existing blockchains. Elrond Network is a project that is finally able to solve the scalability trilemma of blockchain networks and strengthen the interaction of technology with real sectors of the economy. The main objective of the Elrond Network is to create a new blockchain architecture that goes beyond the modern level and is designed for practical scalability using adaptive state separation and secure transaction confirmation (SPoS). In an ecosystem that seeks interconnectivity, their smart contract solution offers an EVM-compatible mechanism for interoperability by design. This is a guarantee that Elrond Network will be relevant in the ever-growing blockchain environment.
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.
