New stage in crypto world — Elrond
There are more than 2 thousands cryptocurrencies exsist. And most of them are useless and have same proposes and ideas. But today I want to tell about Elrond, new stage in the crypto world.
This project has some advantages compare to others. At first adaptive state sharding. What is it? It is a scaling technique that partitions transaction processing, storage, and network. So that each shard can process (and store) only a fraction of all transactions. It does this in parallel with other shards.
Elrond can start with one shard and form new shards as more validators join the network. Throughput can significantly increase as the network grows.
Also Elrond has different from others consensus mechanism. Secure proof-of-stake. It’s an improved variation of proof-of-stake (PoS) that ensures long-term security and distributed fairness through random sampling of the consensus group. While eliminating the need for energy-intensive PoW algorithms, and ensuring fast finality through pBFT (practical Byzantine fault tolerance). Finally, Elrond Meta VM is a VM generated through K framework. It supports three other VMs at the same time: EVM, IELE and WASM. Comparing with other creptocurrency projects like Ethereum Elrond eliminates both energy and computational waste from PoW algorithms by implementing a SPoS consensus while using transaction processing parallelism through sharding.
Compared to Algorand, Elrond doesn’t have a single blockchain, instead it increases transaction’s throughput using sharding. Elrond also improves on Algorand’s idea of random selection by reducing the selection time of the consensus group from max 12 seconds to less than a second, but assumes that the adversaries cannot adapt within a round.
Compared to Zilliqa, Elrond pushes the limits of sharding by using not only transaction sharding but also state sharding. Elrond completely eliminates the PoW mechanism and uses SPoS for consensus. Both architectures are building their own smart contract engine, but Elrond aims for EVM compliance to to achieve interoperability between blockchains.
Elrond has many partners for now and not going to stop. Among partners I can highlight
- Netopia payments — Biggest electronic payment processor in Romania -> 6,000+ merchants who are using the NETOPIA solutions will be able to accept ERD cryptocurrency
- Distributed System Research Laboratory — Elrond and DSRL are looking into the possibility of using the Elrond platform for decentralized management of demand response program in smart energy grids.
- Nash — a platform for decentralized cryptographic trade and payment service creation
- TypingDNA — a leading provider of typing biometrics solutions
This is Elrond roadmap for this year. We can see, that team has great plans.
*Stage 1 — Q1 2019 (Inception):
+ Private Testnet launch with sPoS and Sharding
+ Elrond Games
+ Maiar Launch
+ VM Integration
+ Business Integration
+ API + SDK
*Stage 2 — Q1 2019 (Fundamentals):
+ Public Testnet launch
+ Funding round
+ Stress testing — capture the bug
+ Security audit
+ Hackathon + use-cases discovery
+ Palintir — Elrond privacy
+ Elrond dapp store
+ Elrond Wallet — UX + Alias + Multisig + Timelock
*Stage 3 — Q2 2019 (Launch):
+ MainNet Launch
+ Token swap and staking
+ Functional payment gateway
+ Mobile wallets
+ Hardware wallet integration
+ Secure P2P messaging
*Stage 4 — Q3-Q4 2019 (Expansion):
+ MainNet Consolidation
+ Real world integration
+ Ecosystem fund
+ Digital card integration
+ Elrond DEX in wallet client
+ Elrond Stable coin economy
+ Digital identity
By the way, I can say something about Elrond team. Many of Elrond developers worked in big corporations like Google, Microsoft, IBM and Intel. These guys have big experience, so, I think, we will receive as good project, as we wait.
Generally, I only want to say, that cryptocurrency change the world now and we are witnesses of one of the most amazing ages.
