For the Elrond team, which consists of very talented specialists in the field of blockchain technology, the main goal was to create a network that can work stably under heavy loads and at high speed. They have made steady progress towards this goal and today their work over 2 years of work on the project is yielding concrete results. During this time, there have been significant changes in the code of the Elrond project. Those people who had the opportunity to watch the test tests live on YouTube, saw how smoothly and clearly the whole team worked during the tests. Under heavy network load, the results were astounding.
But this is not the final results, because the work on improving the entire system is carried out constantly, and therefore in the future we are waiting for the next surprises from the team Elrond. About this casually hinted Beniamin Minku, CEO of the project and the main inspirer of the team Elrond. Judging by its significant tone, something very large-scale and interesting is waiting for us ahead.
Against this background, there is a tough competition for scaling. Among the closest rivals are such projects as EOS, Ziliqua, Quarkchain, Algorand and some others. But I’m sure they can’t outrun Elrond.
To solve the problem with scaling, Elrond will use a blockchain with an improved version of PoS (Proof-of-stake) and adaptive sharding — Secure Proof of Stake (SPoS). SPoS allows you to eliminate the process of mining, and therefore does not require the use of expensive equipment. This will save a lot of money. Using the SPOS method allows the network to operate safely and convincingly. Due to this, the connection between the fragments is improved, and this affects the efficiency and speed.
The Elrond project has an amazing property of interacting with other blockchains. This can be done using special adapters. This property makes the whole ecosystem of Elrond super universal and it’s very cool.
“ Important aspects that we will take into consideration when building our “bridges” are privacy and security. Processing transactions that go through our bridges will be intrinsically secured by multi party computations of the private keys associated to the temporary bridge accounts. In the third step, we would go further with the interconnection and interoperability, targeting other important blockchains, both public and private, by expanding our bridges. This approach requires specialized adapters for each chain that is non EVM compatible and wants to operate with Elrond.” (https://elrond.com/technology )
Today, Elrond delivers 12,000 transactions per second in test mode. But very soon they will launch a Mainet.
All payments in the Elrond network will be made using ERD tokens:execution of smart contracts, payment of incentive bonuses, transaction processing, etc. An important point in the roadmap is the opening of the Elrond exchange. This will happen in 2020. After this event, the Elrond ecosystem can be called completely independent.
Elrond Technical Roadmap
Sharding technology has already established itself as a very effective method. On its basis, the blockchain works much faster and more reliable and under favorable conditions, the Elrond ecosystem can be used in various fields of activity. For example, in health care or real estate trade. Some large investors are placing on the blockchain Elrond great expectations today, and invest substantial sums in this project.
Elrond developers are always open to communication and if there are any questions, they can be solved in the chat Telegram channels or social networks Twitter or Reddit. Managers are willing to make contact and you will not have problems while communicating with them.
The most creative people in the community will be rewarded for the activity and popularization of the Elrond project on the Internet. This can be done in a variety of ways, writing articles, making videos or making memes. There is a whole program that encourages such people. Details can be found on the links at the bottom of the article.
The world is changing before our eyes with great speed. It’s hard to miss. Blockchain is a technology that will become the main conductor of humanity into the future. Right at this moment, right now, you are witnessing the birth of a new era of civilization based on blockchain technology and the Elrond project can become your main assistant in the process of adaptation to a new life. Do not miss this chance.
Elrond | A scalable value transfer protocol for the digital economy
Elrond is a highly scalable, next generation blockchain platform via Secure Proof of Stake and Adaptive State Sharding
Elrond Website: https://elrond.com