Elrond platform is created to use blockchain technology for the full re-correction of the public blockchain structure to solve scalability via adaptive state sharding, efficiency via secure proof of stake (POS), and to allow EVM compliance by development. Their aim is to bring a 1000x adva
Posted August 8,2019 in Science and Technology.
PROBLEMS AND SOLUTIONS
The idea was born out of some challenges confronting the present public blockchain architecture despite the impact it has made across the world since the advent of Bitcoin, Ethereum and other noticeable altcoins. Even at those lofty premises, designing a decentralized, secure and scalable public blockchain have been seen very difficult tasks.
Complete decentralization removing the need for any trusted third party, hence eliminating any single point of failure;
Strong security ensuring secure transactions and disallowing any attacks based on known attack vectors;
High scalability to allow the network to achieve performance at least equal to the centralized counterpart, as measured in TPS;
Efficiency - Performing all network services with minimal energy and computational requirements;
Bootstrapping and storage enhancement - Ensuring a competitive cost for data storage and bootstrapping synchronization;
Cross-chain interoperability - Enforced by design, permitting unlimited communication between external services.
Elrond has proposed to build a novel architecture that will go beyond the state of the art by bringing an authentic state sharding scheme for practical scalability, removing energy and computational waste while enabling distributed fairness via Secure Proof of Stake (SPoS) agreement. Elrond aims to have a strong focus on security that can withstand the problem of Sybil attack, Rogue-key attack, Nothing at Stake attack and other. The Elrond ecosystem will strive for interconnectivity, their solution for the smart contract offer an EVM compliant engine to make sure interoperability by design. It has been shown from the preliminary simulations that Elrond exceeds Visas mean throughput and to get an improvement of three orders of size or 1000x compared to the present viable approaches, while soundly lowing the costs of bootstrapping and storage to guarantee long-term sustainability.
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The team is well able to land this project to it Promised Land. They are all professional and highly experienced in their field of endeavour that is related to help this project succeed. They are doing wonderful jobs to make sure that the project is successful. Dont lose this great project because you will not forgive yourself in the nearest when you shall see the massive success that this project obtained.