Elrond Network: Access the Digital Economy
Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries.
For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.
Today, I want to present you Elrond Network, a novel architecture that introduces a true "State Sharding" scheme for practical scalability, eliminating computational waste and energy.
Definition and goals
Elrond (https://elrond.com/) is a novel architecture that introduces a true "State Sharding" scheme for practical scalability, eliminating computational waste and energy while ensuring distributed equity through a Secure Proof of Stake (SPoS) consensus mechanism. . More specifically, Elrond proposes an improvement which reduces the latency of each node in the shard to determine the members of the consensus group at the beginning of a round. With a strong focus on security, the Elrond network is built to guarantee resistance to security problems. In an ecosystem that seeks interconnectivity, Elrond's solution for intelligent contracts offers an EVM compatible engine to ensure interoperability through design.
How it works?
Elrond uses Adaptive State Sharding, a scaling technique inspired by the traditional concepts of database optimization, in which each level of sharding introduces a certain degree of parallelism and, as a result, it is possible to process more transactions as the network grows.
- Elrond uses a binary tree that can be built with the only requirement of knowing the exact number of fragments at a given time. This allows you to divide the address space of the wallet into fragments.
- In order to ensure a balanced workload and a reward for each node in the network, Elrond introduces a technique for balancing the nodes in each fragment.
- Elrond uses a fragment pruning mechanism in order to achieve considerable improvements with respect to bootstrapping and storage.
Benefit Description Security Sharding promises to increase performance as the mining network expands, a property that is known as a horizontal scale. Randomness source Each node in the E-list can be selected as part of an optimally sized consensus group, using a deterministic function, based on the aggregate signature of the last block, the round r and a set of variation parameters. The random number, known to all fragmentation nodes through gossip, cannot be predicted before the block is signed by the previous consensus group. This property makes it a good source of randomness and avoids highly adaptive malicious attacks. Performance Sharding's approach shows a linear increase in production. Fragment storage To reduce storage requirements and boot time.
The project gives the opportunity to earn Elrond tokens performing some social media tasks and doing simple steps from the bounty program explained in the following Webpage. Here (https://community.elrond.com).
Ethereum address: 0x91707502A8DFDC523f7a6f2c218cC9a52777d5ad