Elrond Network: Access the Digital Economy



  • Introduction

    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.

    Video presentation

    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.

    Features

    1. 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.
    2. 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.
    3. Elrond uses a fragment pruning mechanism in order to achieve considerable improvements with respect to bootstrapping and storage.

    Benefits

    BenefitDescription
    SecuritySharding promises to increase performance as the mining network expands, a property that is known as a horizontal scale.
    Randomness sourceEach 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.
    PerformanceSharding's approach shows a linear increase in production.
    Fragment storageTo reduce storage requirements and boot time.

    Bounty

    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).

    Doesn't that sound interesting? If you are interested in the ICO, you can read their Whitepaper here (https://elrond.com/files/Elrond_Whitepaper_EN.pdf). You can also stay tuned in their official Telegram group (https://t.me/ElrondNetwork).

    Tokenomics

    TokenDescription
    The company's internal digital currency, ERD, is an ERC20 token and used as both a means of payment and an enabler for the Elrond network.

    Roadmap

    QuarterEvents
    Q3 2017Technical work begins
    Q2 2018Preminary Technical Proof of Concept FInalized
    Q3 2018Elrond Prototype
    Q1 2019Stage 1
    -Private Testnet launch with sPoS and -Sharding
    -Elrond Games
    -Maiar Launch
    -VM Integration
    -Business Integration
    -API + SDK
    Q1 2019Stage 2
    -Public Testnet launch
    -Funding round
    -Stress testing – capture the bug
    -Security audit
    -Hackathon + use-cases discovery
    -Palintir – Elrond privacy
    -Elrond dapp store
    -Elrond Wallet – UX + Alias + Multisig + -Timelock
    Q2 2019Elrond Mainnet

    MainNet Launch
    Token swap and staking
    Functional payment gateway
    Mobile wallets
    Hardware wallet integration
    Secure P2P messaging
    Q4 2019-MainNet Consolidation
    -Real world integration
    -Ecosystem fund
    -Digital card integration
    -Elrond DEX in wallet client
    -Elrond Stable coin economy
    -Digital identity


    Conclusion

    Elrond proposes a dynamically adaptable fragmentation mechanism that allows the calculation and reorganization of fragments according to the needs and number of active nodes in the network. Compared to Ethereum, Elrond eliminates both the energy and computational residuals of PoW algorithms by implementing an SPoS consensus and the use of transaction processing parallelism through sharding. In addition, compared to Zilliqa, Elrond exceeds the limits of fragmentation by using not only the fragmentation of transactions, but also the fragmentation of states.


    Author Details

    Email: [email protected]
    Telegram username: @adriaparcerisas
    Bitcointalk username: adriaparcerisas
    Bitcointalk profile link: 
    https://bitcointalk.org/index.php?action=profile;u=1870482
    Ethereum address: 0x91707502A8DFDC523f7a6f2c218cC9a52777d5ad



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