Elrond steps up the scalability and interoperability game and proposes two new major assets to the blockchain. The scope is to create a novel blockchain architecture which goes beyond state-of-the-art and is designed for practical scalability via Adaptive State Sharding and Secure Proof of Stake (SPoS). In an ecosystem that strives for interconnectivity, their solution for smart contracts offers an EVM compliant engine to ensure interoperability by design, thus ensuring that Elrond Network will be relevant in an ever growing blockchains environment.
Elrond is a complete rethinking of public blockchain architecture, especially designed to bring a major overall improvement by being scalable, efficient, and secure while maintaining a sufficiently decentralized setting. To achieve this the team introduce a novel Adaptive State Sharding mechanism, enabling scalability as more nodes join the network by parallizing transaction processing. On a consensus level Elrond proposes a novel mechanism called Secure Proof of Stake, introducing a random selection of the consensus group, stake plus rating as a fitness function for sybil attack prevention, and near-instant finality based on pBFT. To enable decentralized applications, Elrond is designed so that it is EVM and Ewasm compliant, supporting multiple smart contract languages and formal verification.