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Credit: https://images.app.goo.gl/wDnguocA7qTtoLY86
INTRODUCTION
Smart contract and Cryptocurrency platforms like Ethereum and Bitcoin have attracted a reasonable number of interests to itself and as well serves as the way out to decentralized application, and electronic payments problems.
They have becomes a store of digital value potentially. This crypto is a product of blockchain which started 2008 with Bitcoin.
Ever since the introduction of this public blockchain with its high level of security, it has attracted a degree of interest that is very notable and high influx of capital. The blockchain has also given room for different innovations.
Despite all the outcome of all the blockchain projects, creating a blockchain that is scalable and secure has seemed almost impossible.
That is why Elrond blockchain platform was created to provide an everlasting answer to the Scalability problem.
A BRIEF DISCUSSION ABOUT ELROND
The Elrond platform is a network with a novel architectural blockchain. This platform goes beyond state-of-the-art to design a practical blockchain with high scalability using Secure Proof of Stake (SPoS) and Adaptive State Sharding.
Elrond Vision
Credit: https://images.app.goo.gl/6nEsL1ZSoqdg9JCM8
IDENTIFIED PROBLEMS WHICH LEADS TO THE CREATION OF ELROND
There are divers of challenges that need to be corrected while creating a blockchain that will end scalability problem in the Crypto world but was not corrected that was while the problem persists and some of these challenges are;
• Partial Decentralization
Until all the influence of the third party is totally eliminated, there will continue to be a persistent failure in such blockchain platforms. Therefore, it is expedient to ensure total eradication of intermediary as partial removal is equal to such chasing his shadow.
• Lack of Robust Security
There is no robust security as most of the crypto platforms does not really prevent the transaction of their users from attacks and fraudsters.
• Absence of Efficiency
The energy consumed by most blockchain platform is very high and also the requirement for running computation.
APPROACH APPLIED TO CORRECT THE CHALLENGES
Considering the identified problems above, Elrond was created to serve as a blockchain network that is secured, scalable, efficient and interoperable. To achieve this aim, two major approaches were adopted which includes;
The Approach of Genuine State Sharding
This approach involves the effective blockchain partitioning and the stating of accounts into different shards. This process is handled in parallel using different validators' involvement.
Secure Proof Of Stake Consensus Approach
The secure proof of stake consensus algorithm is an advanced variation of (PoS) Proof of Stake which provides long term security, fair distribution and as well help in the elimination the need for PoW algorithms which consumes relatively high energy.
It is important to note that the Elrond platform can only be accessed via the intrinsic token tagged Elrond (ERDs). All charges and rewards will be paid using the token. This implies that without this token, you can't enjoy the benefits above.
THE PARTNERS
Very strong and willing investors are involved with this wonderful work Elrond is providing. This investors includes on of the leading cryptocurrency exchange in the world; BINANCE
also includes are ; ELECTRICAL CAPITAL , NGC , MAVEN 11 CAPITAL AND WOODSTOCK.
CONCLUSION
What is the beauty of investment without the rest of mind? It is very bad for you to invest in a platform with a relatively low number of transactions. Why not invest in Elrond today and enjoy scalability at its peak and security without measure.
Website : https://elrond.com/
Telegram: https://t.me/ElrondNetwork
Twitter: https://twitter.com/elrondnetwork
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@barth6
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