Elrond ~ A scalable value transfer protocol for the digital economy

What is Elrond Network ?

How it Works ?

  • Each node is rewarded in the network through the balancing of the shards through architectural equilibrium.
  • The built-in mechanism for the automatic transaction of shards for improved latency.
  • The shard pruning mechanism ensures improvement in bootstrapping and storage as well as an overall increase in TPS or transactions per second.
  • By using the Binary tree mechanism, the wallet space is divided into the exact number of shards required in a certain epoch.

What is The Advantage Elrond Network ?

  • Elrond ensures high scalability into the blockchain. Through the Adaptive State Sharding mechanism, Elrond aims to improve scalability by 1000x and more nodes joining the network and hence more rewards.
  • Improve in overall efficiency. Most of the earlier blockchain was based on Proof-of-Work or PoW consensus mechanism where each node is required to solve a puzzle in order to get the reward. This mechanism involved high energy consumption prevented double spending and also were susceptible to Sybil and DDoS attacks. Elrond is based on PoS mechanism and is more efficient and also consumes less energy. The Secure PoS or SPoS consensus mechanism allows random validators selection through stake rating.
  • Improved security. Elrond has a special security mechanism to deal with threats like Sybil attack, Rogue-key attack, etc. A collective signature is taken for each node that participates in the process and the signature cannot be altered or influenced in any way. Validators are selected on the basis of last block signatures. The pruning mechanism and multiple signatures decrease the security issues to a great extent.
  • Cross-chain interoperability through EVM compliance is implemented through an adapter
  • Elrond is much more energy optimized and eliminates the energy waste via PoW consensus mechanism algorithm through SPoS sharding mechanism.
  • Elrond operates on random selection through the sharding mechanism and also reduces selection time maximum up to 12 seconds.
  • Adaptive State Sharding improves communication inside the shards, increases performance, and allows shards to change dynamically according to the available resources. The State Sharding mechanism is based on Binary Tree structure.
  • It allows full decentralization eliminating any third-party intervention thus more privacy to its clients.
  • Improved efficiency through minimal energy consumption and computations.
  • Improved bootstrapping and storage intervention.
  • High performance through the sharding approach.
  • The shared storage pruning reduces storage requirements and bootstrapping time as well.
  • ERD is the official token of the network.

Conclusion

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Muhammad Pandam Pramudya

Muhammad Pandam Pramudya

Crypto Enthusiast | Community Manager | Meme Maker |