Ethereum has enhanced blockchain technology with its consensus mechanism, but major problems like scalability and network congestion are simultaneously disturbing its development. Elrond is completely rethinking the public blockchain infrastructure, with developers specifically designing it to be more secure, efficient, scalable, and interoperable.
Elrond has been one of the best performing cryptocurrencies with 236% returns in the month of july during it’s mainnet launch. Staking is now live and the delegation slot will only be 1.12 billion ERD, with an additional 550 million available for +220 Validators. Elrond is said to have exceeded 11k TPS on testnet. Following its mainnet launch, its peak TPS is 1,088.
But, what are the fascinating aspects behind it?
There are certain proclaimed technical perfections that could make Elrond’s blockchain more efficient than Ethereum in the long term. Some of these aspects include:
Elrond’s dynamically adaptive Sharding Mechanism enables shard computation and reorganizing, based on necessity and the number of active nodes. This can be determined in four ways.
Dividing Account Address : Dividing the account address space in shards and knowing the exact number of shards in a certain epoch, which could reduce network latency.
Balancing Nodes : A new technique in which each shard will achieve architectural equilibrium, which ensures a balanced workload and reward for every node in the network.
Automatic Transaction Routing : A built-in mechanism in shards considerably reducing network latency.
Shard pruning mechanism: Focuses on improvements with respect to bootstrapping and storage, While ensuring the sustainability of architecture with a throughput of ten thousand TPS.
Secured Proof Of Stake (SPOS):
Elrond Network Introduces a new concept of Secure Proof of Stake consensus mechanism which expands on Algorand’s idea of a randomizing the validators. Elrond is able to differentiate itself through the following aspects:
- Elrond proposes an improvement which reduces the network latency allowing each node in the shard to determine the members of the consensus group (block proposer and validators) at the beginning of a round. This is possible because the last block’s aggregated signature is used as the randomization factor. In contrast to Algorand’s approach, where the random committee selection can take up to 12 sec, Elrond’s the time necessary for random selection of the consensus group is considerably reduced (estimated under 100 ms).
- In addition to proof of stake consensus mechanism, Elrond refined its mechanism by adding Rating factor to it. In this consensus, the node selection probability considers both stake and rating factors. The rating of a block proposer is recalculated at the end of each epoch.
ELROND VIRTUAL MACHINE :
EVM is a user-friendly smart contract execution machine built on WASM, which understands a variety of languages include Rust, C/C++, C#, Typescript. This means developers can write smart contracts in whichever language they want.
Partnerships and Investments
Samsung Blockchain Ecosystem: Elrond and Samsung initially teamed up in November, 2019. Samsung has integrated ERD token in its blockchain wallet. Users will get access to Dapps and ERD Token built on Elrond Network, whereas this will give direct exposure to Samsung’s customer base. In addition, Elrond’s IDE is also available on Samsung Blockchain Ecosystem which allows developers to build dapps on its platform.
NETOPIA MobilPay: Romania’s Biggest Digital Payment processors aims to integrate ERD token. This would ultimately allow their 6000+ Merchants and customers who are using netopia solutions to transact in tokens with no special developments and operational cost. Netopia recorded over 6.5m digital transactions in the first six months of 2018, and reported 41% increase in the same period of last year. The growing customer base should give tremendous exposure to Elrond.
TypingDNA: TypingDNA will be integrated into the Elrond platform. It is a behavioral biometrics company, protecting online users based on how they type on their keyboards. We can expect something like digital identity focused products from this partnership.
Other companies have partnered with Elrond: Other companies include SmartBill, Cere Network and Tail Path which precisely focus on saas, CRM and Supply chain management sectors. Apart from this, Elrond has top investment companies like Binance Labs, NGC, Woodstock Capital and other silicon valley firms in their bucket of investors.
All these factors conclude that Elrond has great potential to thrive in the blockchain space. Elrond’s new application Maiar will also be available with some nifty features starting on August 7th, which already has 50,000 users on the waiting list. Finally, the team is expected to announce a new update on ERD Gold which most likely can spotlight Elrond in this market.