Birth of a project: Elrond's Mainnet journey

Settling on testnet and the leading network is an essential component in project development for cryptocurrency projects. Why the Mainnet process is significant for all cryptocurrency projects. Mainnet is the most crucial step to take in the way it emerges as a project. Of course, this process is not something that can happen from evening to morning. It is a difficult journey where problems asked and answers sought.
Testnet is an alternative blockchain used to test code that determines the functionality of a project. It is a crucial stage for every project. It allows project creators to check their plans and see what is missing without spending too much. Decentralized applications, cryptocurrency projects primarily monitor ecosystems on the testnet network. Errors and deficiencies removed — the necessary fine adjustments made to make the transition of the project to the Mainnet.
Mainnet is the operation of a project on its leading network. This means transferring the digital currency from the sender. The process that needs completing is the active operation of the blockchain. It is the most critical and final step towards the achievement of the project's promised goals. This stage is the end of the cryptocurrency testing process as the final product in the blockchain. The most important feature of the project at the same time is the start of work on the leading network. Briefly, it is a project to pass the projected stages. It takes place in the mainnet phase.
What made bitcoin valuable was the transfer of all kinds of data, values, and information streams to the opposite party without the need for a third party using Blockchain technology. Ethereum, on the other hand, achieved the second significant development by adding a scripting language to the blockchain with smart contracts. But neither Bitcoin nor Ethereum has been able to meet the performance that would enable blockchain technology to use in a real-world environment. Many projects renew the existing technology at different times to ensure the required performance.

The first phase of Elrond's founding is the formalization of Adaptive State sharding in October 2017. It is the introduction of a new compromise mechanism called safe betting proof. In May 2018, the technical paper published. The second phase in which our core hypothesis confirmed came with a Java prototype implementation, culminating in the publication of the public prototype in July 2018. Later, open-source for this prototype published in November 2018. The robust blockchain architecture that Elrond has today is the product of a complete rethinking of the network architecture. This has resulted in a go application that provides a 30-fold improvement compared to our prototype.
Instead of continuing to innovate the Elrond blockchain network, the more difficult one is, he chose to rebuild the entire system from scratch. Elrond has redesigned everything from 'scratch' to deliver a 1,000-fold improvement in efficiency, execution speed, and transaction cost. It is called' zero to one". Elrond's test network broadcast performed more than 10,000 operations per second with only five tracks.
Interoperability in Blockchain technology is crucial. Elrond has developed a Meta VM that can formally validate smart contracts and support Solidity, IELE, and wasm, offering an easily accessible solution to the scalability problems faced by many developments already existing in the blockchain space with Elrond VM. The Test broadcast reached 10,000 TPS, with only five fractures and 126 nodes operated on AWS from six different geographic locations, with a delay of 6 seconds. A perfect infrastructure designed by Elrond for applications that can meet the demand of the real world.
December June 2019, after several testing stages, the mainnet launch was made on 23-29 December 2019, with the announcement regarding the mainnet launch made in June 2019. During this period, which we know as the first phase of mainnet, the project focused primarily on issues related to the security of the leading network. Strategic partnerships established at this stage and testing of the system achieved through Bottles of Nodes studies. Besides, Samsung –Elrond cooperation studies have been carried out. The network tested, and the game developed for the future mobile gaming market. Reviews on the Elrond wallet are also carrying out in this process.

Elrond bootstrapping

After months of research and development, coding tests, Elrond decided to start pre staking. The most likely scenario for the transition from testnet to mainnet is to pass the pre staking phase with caution. Elrond aims to cross this section in three stages.
Phase 1-security of the network is the most critical point at this stage. Evidence of betting economics and security is based on aligning the incentives of all network participants and includes a substantial margin that needs to be locked in. The primary purpose of Staking involves mitigating against Sybil attacks, lowering the exceptional roaming supply, potentially increasing network value, and imposing higher attack costs as prohibitions for malicious actors. Phase 1 also focuses on limiting circulating supply by staking out sufficient amounts, increasing deterrent measures against network attacks.
Staking Awards will be as follows: If the investor deposits the same amount in the staking pool for 30 days, if the total amount is 5 billion (100%), 30 days later, he wins 19.093.15 ERD in return for an annual 23.23% reward. The rewards after 60 days are as follows: 46,158.90 for a one-year reward rate, the ERD will be 28.08%, and the one-year prize of 78,895.89. After 90 days, the award rate of the ERD will be calculated as 31,997%.

Elrond önyükleme işlemi

Stage 2-after sufficient ERD staking done (40% -50% of the supply in circulation), final inspections are conducted. The Elrond network is run for 15 days, protected from attacks, after which 2. the phase will begin. Two of the boot process. Its stage will focus on publicly introducing key functions while expanding the security and robustness of the network. Guard against most rival node attacks, and the verifier infrastructure will initially be operated by a mix of trusted community members, professional support betting partners, and Elrond. Thus Phase 2 begins with a reliable verifier set that makes progressive feature activation possible.
Phase 3-while focusing on running a full-featured and secure network, it will be deployed extensively from the center to the point where Elrond operates only minimal turnaround infrastructure. The goal of the phased staking process is to ensure that the network creates a robust ecosystem ready to stand on its own.

The Elrond smart contract is designed to deliver a maximum of 400 million ERD. As time passes, it is possible to win prizes from this pool. These awards are allocated from the ecosystem pool.

Useful Links

Web: https://elrond.com

Telegram: https://t.me/ElrondNetwork

Facebook : https://www.facebook.com/ElrondNetwork/

Twitter : https://twitter.com/ElrondNetwork

Medium: https://medium.com/elrondnetwork

Reddit: https://www.reddit.com/r/elrondnetwork/

Github: https://github.com/elrondnetwork

Slack: https://elrondnetwork.slack.com/

created by simonx