Speaking in a very simple language, without going into technical details, the main task of the Elrond project developers was to create a blockchain that will have high scalability. What was the motivation of the developers to realize this grand idea? Let’s start in order.
The fact is that after the appearance of Bitcoin and Ethereum, large investments poured into the crypto-currency industry, hoping that in the future such networks will become more popular and this fact will provoke a wave of new innovations. But investors ‘ expectations were not fully met, and there were certain reasons for this. One of the main reasons is the very weak scalability of these blockchains and as a consequence — the low speed of transactions. Networks were unable to process a large number of transactions, and this made them inefficient.
Elrond developers have offered their solution to this problem. Starting in 2017, they worked on the creation of a new architecture, which is already significantly ahead of the scalability and flexibility of existing analogues. The basis of this new system is the technology of sharding, which has established itself as a very effective technology. As a result, a very fast and reliable blockchain was developed. Under certain conditions, it can be used in many areas of human activity. For example, in healthcare, real estate trading, computer games, etc. Many investors are already interested in this technology in the hope of its further application in the future.
What are the main advantages of Elrond blockchain over its competitors? The developers have implemented a new consensus-building algorithm called Secure Proof-of-Stake. If we translate from technical language to more understandable, it is a reliable proof of ownership (SPOS). The SPOS system allows you to completely eliminate the mining process, and this is very important, since mining requires expensive equipment for mathematical calculations. In addition, the operation of such equipment requires significant energy costs. The SPOS system significantly improves communication between the shards, which also has a positive effect on the efficiency of the entire network.
Elrond blockchain has a high level of security. It is safe to say that it is more decentralized than other blockchains of this type. But the most important achievement, in my opinion, is the ability of the Elrond network to carry out decentralized crosschain operations, i.e. to interact between different blockchains. Such actions will be possible with the help of specialized adapters.
To sum up, a very efficient blockchain was created, which all the crypto community needed. To date, the Elrond blockchain provides a transaction speed of 12,000 TPS.
A few words about token ecosystem Elrond. Elrond tokens (abbreviated as ERD) will interact on the network as the primary token. All activities such as transaction processing, smart contract execution, accrual of rewards and premiums, etc., will be calculated in ERD.
The Roadmap shows the schedule of planned works from the end of 2017 and is calculated until the first quarter of 2020. Based on the Roadmap, the main part of the work of the Elrond team was aimed at improving the operation of the Testnet. Most of the goals have already been achieved, and it remains to wait for the launch of the main network Elrond — Mainnet. A very important event will be the launch of the decentralized exchange Elrond, but it will happen next year 2020. The developers have not left without attention the marketplace, where decentralized applications based on the Elrond blockchain will be released.
Project developers Elrond deserve warm words. All of them, without exception, are very adequate and intelligent people with whom it is pleasant to deal. They are very open to the community and always ready to answer any questions. Go to the official resources of the project Elrond, there you will learn a lot of interesting details. Join a large army of Elrond project followers and let’s make life better.
Elrond Announcements: https://t.me/ElrondNetworkAnn