Hello, people of the future. I’ll tell you about the Elrond project today. “ELROND” you will hear this word very often in the future. I think we are personally witnessing the writing of the newest chapter in blockchain history. Like Bitcoin, a new one comes in software like Ethereum that forms the cornerstones in blockchain architecture. Elrond is rising above the Giants who are carrying blockchain technology to the present day. I think he will join these giants shortly.
I want to begin the introduction of the project with a very remarkable sentence written on the future on the road map.
“The best way to predict the future is to create it.”
I think even this sentence alone shows that the Elrond project is not any blockchain project. It has a team of 13 software engineers and blockchain experts who have worked for the most prominent IT companies such as Microsoft, Google, Intel, NTT DATA, CS&AI. Among them are those who have received awards for their blockchain software work and Ph.D. in Computer Technologies. I want to introduce you to the team before we go into the details of the project.
What Is Elrond?
Elrond is a brand new blockchain architecture developed by the fantastic team I introduced to you above. The team is developing software beyond all the blockchain protocols we’ve ever heard of. It is a blockchain architecture with increased scalability through secure retrieval evidence (SPoS), unlike PoS technologies with PoW consuming a lot of energy. Elrond maintains its decentralized structure outside of SPoS and does not compromise security. Elrond is aware that the integration of increasingly diverse network structures is essential for blockchain projects to grow healthy. Elrond is, therefore designed to be EVM compatible and capable of working with different blockchain networks. Looking a little deeper, there are two innovations that Elrond brings to blockchain networking technology.
- A Genuine State Sharding Approach: The sequencing of the data on the chain into different pieces in parallel. Thus, the scalability of 10k TPS was achieved. By the way, Elrond now has an open-source network structure.
- Secure Proof of Stake Consensus: An advanced PoS variation that brings justice to the long-term with security and distributed ledger structure.
Critical differences between Elrond and other blockchain networks;
a. If we compare it to the Ethereum network. Elrond utilizes parallel process processing through sharding. It removes the extra process that PoW algorithms bring, thus saving energy.
b. Let’s compare it with Algorand: Elrond reduces the duration of Algorand’s Consensus Group from 12 seconds to less than 1 second.
c. The difference from Zilliga: Elrond eliminates the POW mechanism. The consensus is achieved with SPOs.
d. I don’t want to keep you busy with more technical details about this. But for curious researchers, I suggest you check out whitepaper.
Summarize:
The Elrond project is too comprehensive to be described in a single article. Candidates to create a new page, a new leap in blockchain history with the giant development team. Elrond announced a partnership with blockchain developer Chainlink on July 18. And Binance began to be listed on Dex. All trader friends know that a project’s entry into Binance lists is an indication of how bright its future is. Next week I’ll be talking about Elrond’s wallet and the contributions he’ll make to our future based on his site. Don’t forget to look at the links below to examine the project in depth. I wish you all plenty of lucrative days.
Links and Social Media:
Elrond Website: https://elrond.com
Twitter: https://twitter.com/ElrondNetwork
Facebook: https://facebook.com/ElrondNetwork
Subreddit: https://www.reddit.com/r/elrondnetwork/
Medium: https://medium.com/elrondnetwork
Bitcointalk: https://bitcointalk.org/index.php?topic=4430681.0
White paper: https://elrond.network/files/Elrond_Whitepaper_EN.pdf