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.
Elrond’s team present focus is on delivering a fully working prototype for the early stage of the network, and to test the functionality of the consensus model and how well transactions are handled on the network. Their entire scope right now is to deliver the technical part, as in the prototype and prove that their model works, which is according to their roadmap going to be delivered through 2018, all the way to early 2019. They scheduled the prototype release for Q2 and a fully featured Testnet for Q4 in 2018.
Update: As to date Elrond has achieved significant progress in developing their product, with the release of their prototype code to the public and approaching the launch of the first iteration of Elrond’s testnet. The scope of the public prototype was to prove the hypothesis that the network is capable of achieving state sharding, and to validate the model of doing cross-shard transactions, while also adding a nice touch to it with a friendly UI containing a wallet, benchmarks, and an explorer.
Update #2: With the latest iteration of their network that has been completely rewritten in the GO code language, the team has been able to reach 3,750+ TPS in a single shard, which is a significant improvement since their prototype. This shows that the team is committed to their roadmap, delivering constant progress even before raising funds and investors know beforehand what they are investing into.
Elrond is looking to be a major player in a so called “big league” of blockchain development which is the high throughput, sharding, and cross-chain interoperability sector. The need for a high throughput and low cost of data storage is at an all-time high. The project that will solve these issues and provide an open and easily interoperable chain will be one that will see massive adoption, therefore there is room for multiple possibilities.
The team behind Elrond proposes a fast, secure, and highly scalable blockchain network that will be able to process a number of 10,000 tps per second and support a large number of dApps. While there is a large amount of competition in this space, all aiming for high throughput networks, an estimated 10,000 dApps will be in operation by 2020 and the blockchain industry will only move forward to mass adoption. Elrond’s proposition can add considerable value to the blockchain infrastructure space, by utilizing novel protocols and consensus mechanisms, and pushing the limits of Proof of Stake and Sharding. This coupled with the fact that one of Elrond’s focus is on the cross-chain interoperability puts the project in a position to become a leading force in blockchain development.