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In this article we will consider one of the brightest, successful and promising projects of 2019, this is the Elrond Network! During its existence, and this is from the end of 2017, the project has already managed to prove itself well in the international arena and declare itself, today it is known to almost everyone from the world of cryptocurrencies.
All this of course became possible thanks to the experienced team of the project, which almost 2 years ago set out at first glance a crazy idea to create the world's first truly scalable blockchain architecture, which could increase throughput and execution speed by 1000 times! And the most important thing is that they could do it, the test network is already working and anyone can try to experience the technology of the future right at home!
the release of our with the testnet blockchain explorer and the wallet. it already committed more than 100K blocks per shard and processed more than 100 million transactions.
The Elrond team consists of entrepreneurs, engineers and researchers who have experience in Microsoft, Google, Intel, NTT DATA, 2 PhDs in CS & AI, multiple Champions in math, CS and AI, and blockchain, including being previously part of the core NEM team. All these people have created a masterpiece in the world of blockchain-Elrond Network!
Elrond is a completely new blockchain, which is developed from scratch, consists of thousands of lines of code, enormous work has been done and unimaginable efforts have been made, all this will undoubtedly bear fruit in the future and the whole world will talk about this company! For example, although almost everyone knows about Bitcoin today, In fact, the Elrond blockchain is thousands of times faster and in all respects surpasses the creation of Satoshi Nakamoto, that is, after a couple of years, 1 ERD coin can cost thousands of dollars and this is not a joke, because the price of a digital asset should be laid down the technology of the future for its continued existence and universal recognition, bitcoin is too slow and it is simply impossible to use it in the real economy, but the coins of the company Elrond with its breakneck speed of transactions may well replace traditional financial means as a more perfect form of digital money!
Elrond introduces two key innovations: a new adaptive state separation mechanism and a Secure Proof of Stake (PoS) algorithm that provides linear scalability with a fast, efficient, and secure matching mechanism. Thus, Elrond can process over 10,000 transactions per second (TPS) with 5 seconds delay and little cost, trying to become the Foundation of a limitless, limitless, globally accessible Internet economy.
Another advantage of the company is that Elrond networks Was the first to fully formalize the state-protected proof of blockchain architecture. They also became the first team in the world to prove to everyone and show how to conduct transactions between the shards in July 2018. The project team is not afraid of difficulties, they have rewritten the entire blockchain code from scratch for the test network and achieved a 30-fold performance improvement over the prototype . This is really a hell of a job, I have infinite respect for each member of the team and am confident in the success of the project, because they are very hardworking and are really fans of their work, the only way to win the endless arms race that is happening today in the blockchain space, where every new startup and the best minds of mankind are fighting for supremacy and worldwide recognition at the state level.
So, what they have been able to achieve to date, let's talk about those things that have already been implemented:
- Consensus SPoS: modified BFT BLS scheme through multi-signature
- Cryptography: Schnorr, Belare-Neven, BLS single and multi-signatures
- Data: structures, optimized patricie merkle trie, state, blockchain
- Sharding — fixed number: network, transaction and state
- Address/account to shard allocation
- Un-biasable, un-predictable random beacon “blockchain” via BLS single-signatures
- Metachain: data structures, processor, communication, consensus, notarization
- “K " block finality scheme
In the long term, I see no boundaries and barriers to the introduction and use of the products of this project in everyday life and for any of the existing industries today. Perhaps in the future, Elrond Network will become a link between the world of cryptocurrencies and long-outdated systems of the world economy and Finance. It is a great honor for me to be at the origin of such a large-scale and revolutionary project, which in the future will be able to change the world! Become a part of this project and contribute to our common bright and transparent future together with Elrond Network!
- Elrond Announcements: https://t.me/ElrondNetworkAnn
- Elrond Website: https://elrond.com
- Subreddit: https://www.reddit.com/r/elrondnetwork/
- Medium: https://medium.com/elrondnetwork
- Twitter: https://twitter.com/ElrondNetwork
- Facebook: https://facebook.com/ElrondNetwork
- Bitcointalk: https://bitcointalk.org/index.php?topic=4430681.0
- Email address: contact@elrond.com