The Elrond project is a specific blockchain platform, which is already called a worthy competitor for Ethereum, Algorand and Zilliqa. The project can be the fresh breath of air in the world of technology, which will solve the problem of scalability. Some even predict the creation of a qualitative precedent for the interaction of the blockchain and the real economy.
The main objective of the project is to create a new blockchain architecture, which will go beyond the maximum performance of the current level of scalability. This is done using an adaptive sharding and consensus protocol SPoS (Secure Proof of Stake). At the same time, considerable attention is paid to security effectiveness and opposition to such types of attacks as Rogue-key, Sybil, Nothing at Stake and others.
The bet is placed on maintaining a balance between parameters such as decentralization, scalability and security. In some form, the project can be called a specific rethinking of the foundations of the blockchain architecture.
ERD Token is a classic asset whose main function is to ensure stable operation of the system on the basis of which it was created. Elrond Cryptocurrency is an inexpensive and high-speed coin designed to process a variety of transactions within a network.
First of all, a large number of ERDs are required by system nodes. It is thanks to this that they will be able to work effectively and manage the coordination mechanism. Among other things, the asset will be used as a tool to encourage its holders for helping to confirm transactions and general adjustment of the system.
Against the background of the constant release of numerous blockchain projects without special goals and meaning, the Elrond team looks more than attractive. The startup brings not only a new idea, but also a fundamentally new technological basis, which allows to believe in the future development.
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.