ELROND NETWORK, the ideal form of blockchain needed in this era
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Let me introduce you to one blockchain project that successfully win the trust of thousands of people with their wonderful vision on blockchain technology.
TL;DR : Elrond is an ideal blockchain because it is perfect to be integrated with real world use cases. It is fast, highly scalable, robust, and cost effective.
I was a BNB hodler on Binance when I first saw Elrond Network’s IEO announcement on Binance Launchpad. Most people will think of it as it’s just another public blockchain. After all, novel public blockchain projects are flooding the space recently. After hearing how successful ERD performs on token sale and exchange, I got interested in learning more about Elrond Network. After reading tons of information on their website, Elrond Network manages to change me into a long term ERD hodler.
When I said tons of information on their website, probably I am understating. You can see how much attention the team has put in delivering their technology from their writings on the website and blog. There’s almost enough information on their website to turn someone into Adaptive State Sharding and Secure Proof of Stake (sPoS) expert. These are the main technology behind Elrond Network. What makes them different is the ability to scale infinitely while maintaining robust security, high efficiency, and negligible fees. Also, Elrond Network’s public blockchain is an ideal staking model with viral potential. Arguably it is one of the best choice of investment considering the staking rewards and low entrance cost. Everyone can join, with only 500,000ERD (About $1,500 + operational cost) with 90% staking rewards!
From the way team presents their work and their publication, you can sense a lot of efforts are being poured, not only on the core program itself, but also on how the team presents the project. Trust, is the name of the game. Elrond Network manages to transparently stay true to their mission, to revolutionize the digital economy. You can find Elrond’s open-source code on GitHub. The documentation of the project and the technology behind are complete and very well polished. The team always interacts with community members on their telegram channel, and they never fail to update the community with their weekly project newsletter. The team are very committed to their work and it also shown on their financial decision. Elrond project was self funded for their first 1.5 years of the progress. Team’s token is also locked for 3.5 years. They also understand that community is an important part to grow this project, and they allocate 2% of the total ERD supply for community activity, called social mining.
The backbone of future technology
In short, Elrond network is a high throughput blockchain that can potentially replaces Ethereum and other blockchain infrastructures. It is proven on the testnet that Elrond can bring 1000-times improvement in throughput and execution speed compared to popular blockchain architectures. This is achieved through the invention of novel adaptive state sharding mechanism and a secure proof-of-stake (sPoS) algorithm.
Sharding, is partitioning the network into smaller networks to enable parallel transaction processing. Transactions, network, and state inside Elrond Network is securely broken down and scattered randomly across the nodes in a way that only the program knows, which makes it very secure, and difficult to be interrupted or attacked. The number of nodes and shards in Elrond network can flexibly grow and shrink depends on the number of active validators in the network. New shards will be formed based on binary tree model.
Secure proof-of-stake is the solution to avoid energy wasting algorithms. It is proven to significantly minimized energy and computational requirements, bringing great benefit to Elrond network’s user. In sPoS, node runner must stake some Elrond currency and will be rated for their performance in running their job. Combined with PBFT consensus variation, it is able to run securely with lightning speed even thought if 1/3 of the network is compromised. Elrond Network is Resistant to sybil attack, Rogue-Key attack, Nothing at Stake attack, single shard takeover attack, transaction censorship, double spend, bribery attacks, and others.
Elrond’s Meta VM is Cross Chain Interoperable. It is able to support three low-level languages: IELE VM, KEVM, and WASM. Elrond VM will be able to run smart contracts in supported language with little or no modifications, and it will allows token exchange without a trusted third-party..
Elrond is an ideal blockchain with capability to tackles to real world use cases. It is fast, highly scalable, robust, and cost effective. Not to mention, supported by a professional team.
Elrond’s team consists of people with the best experience on their Field. Lead by CEO Beniamin Mincu, who has been a part of NEM core team with 4 years background in blockchain industry. Beniamin has also invested and supported some 30 blockchain projects among which Icon, Matrix and Zilliqa. General Partner of Metachain Capital. COO Lucian Todea, a successful entrepreneur and active investor in startups and the blockchain space, with more than 15 years experience in tech businesses. and CIO Lucian Mincu, a skilled infrastructure engineer with a very broad experience who co-founded Metachain Capital and ICO Market Data.
Comparing Elrond to other technologies
In terms of speed, Elrond manages to outperform many other blockchain architecture. It is also more energy efficient compared to PoW blockchain. Also, parallelism through sharding increases the processing speed a lot. Elrond’s adaptive state sharding uses SPoS for consensus. With rating system combined with randomity and pBFT consensus, Elrond’s SPoS is highly robust and resistant to many types of attack. Elrond also concerns to create interoperability between different blockchain and promises to expands it.
Of course, there are other blockchain projects claiming faster transaction speed than Elrond. But IMO it is a trade-off between speed and security. Elrond is ideal in this case because of the balance between these two aspects. And also, don’t forget that Elrond is very scalable. Means transaction speed will not be a problem in the future.
Who’s on our side?
Elrond Network is backed by strong investors. Their main investors are Binance labs, Electric Capital, NGC, Maven11, and Woodstock
Elrond Network has also partnered with Nash, TypingDNA, Smartbill, DSRL, Netopia Payments, Chainlink, Holo, Runtime Verification, and Xangle. Elrond’s ERD is also listed in crypto.com, and Elrond is also a member of Trusted IoT Alliance.
https://www.youtube.com/watch?v=XOZW9rvLa2c
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