How This Company Is Pushing The Limits Of Blockchain Technology To Achieve Scalability
https://www.forbes.com/sites/joresablount/2019/08/12/how-this-company-is-pushing-the-limits-of-blockchain-technology-to-achieve-scalability/#4f565d054681
Beniamin Mincu, CEO of Elrond
Joresa Blount: Can you give a high-level overview of the technology (i.e., sharding & proof-of-stake) that underpins your network?
Beniamin Mincu: Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel adaptive state sharding mechanism and a secure proof-of-stake (sPoS) algorithm.
The key insight with sharding is that you can partition the network into smaller networks to enable parallel transaction processing. Once you can do that, a new performance paradigm opens up. There are 3 levels of sharding, each posing a more difficult challenge that needs to be solved: transaction sharding (level 1), network sharding (level 2), and state sharding (level 3). After more than one and a half years of work, Elrond has validated the technical model proposed in its technical paper, and has come with a practical solution to the most difficult of the problems that can radically increase performance.
The adaptivity of our sharding model means that unlike other networks, in Elrond, as more nodes join, the network can expand and contract in real-time. In other words, as more nodes join the network to reap validator rewards, new shards are formed based on a clever binary tree model, and scalability increases even further.
The second key innovation in Elrond is its secure proof-of-stake algorithm. Elrond has attempted to depart from the energy-intensive and unsustainable proof-of-work and come up with a solution compatible with a globally scalable architecture. Thus, we employ proof-of-stake to significantly improve energy efficiency and prevent Sybil attacks, random sampling of the consensus group to make it very secure, unpredictable and use of a PBFT consensus variation for breakneck execution speed.
The implication of these improvements is hard to overstate, and businesses are starting to pay attention because, for them, they make all the difference.
Official website: https://elrond.com/
Elrond Github: https://github.com/elrondnetwork
Whitepaper: https://elrond.com/files/Elrond_Whitepaper_EN.pdf
Twitter: https://twitter.com/ElrondNetwork
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