Elrond Network; A Star is Born.
“Merhaba” to everyone again
Blockchain is a magical word for me. It’s like living in the future today. Because I, and millions of tech-savvy people, believe that blockchain technology is the technology of the future. But our faith in blockchain technology is not utopia. As people who defend the freedom of the individual, we believe that blockchain technology is the key to a fairer and freer world. The most important reason for this belief is the phenomenon of decentralization. The day the Bitcoin network manages to transfer value without an intermediary institution or bank is the day the blockchain revolution began. Undoubtedly one of the fascinating things about blockchain technology is the cryptocurrency it produces. However, with this technology, all kinds of data except digital money can be transferred much more securely and almost cost-free than the internet network. In many areas, such as education, health, data analysis, and communication, we are talking about a real revolution with distributed ledger technology. The smart contracts that come into our lives with the Ethereum network further increase the infinite possibilities of this revolution. The Elrond Network, which is the subject of my article today, will soon launch the genesis block into the service of the Blockchain world. So basically, A Star Is Born! In this article, I will tell you about the journey that brought Elrond to this day and why I believe in Elrond.
Elrond Network was born in Sibiu, Romania. But the team has brilliant minds, maths geniuses, and operators from around the world. The 2 Sons of the Mincu Family co-founded the project. Lucian Mincu is on the tech team. Blockchain enthusiasts will recall the project’s CEO, Beniamin Mincu, from NEM. Elrond’s official debut is October 2017. The Adaptive State Sharding architecture, followed by the announcement of the Security PoS compromise mechanism, is the first trilemma solution Elrond Network offered to the world of blockchain. After this date, I can list the crucial milestones of the project.
2018 Q2: Whitepaper, version 1 released. The Adaptive state sharding architecture developed by the Elrond network was introduced to the world of technology.
2018 Q3: 1k TPS performance measured with 250 nodes and ten shards with the prototype of the Elrond network. In the fourth quarter, the prototype was published as open-source.
2019 Q2: we come to the most exciting times of the journey that took us to the Genesis block, the birth of Elrond mainnet. The most notable development in the Elrond network during this period was the writing of the Network from scratch. Under the slogan Zero to One!, Elrond Network launched a testnet in its source code. So now the footsteps of the Network are being heard.
2019 Q3: Elrond presented the open-source code of his Network, which he encoded entirely from scratch to the world of blockchain. After that date, developments began to take place at a dizzying pace. There were Trials of the Elrond game dApp (CryptoBubbles) with the general testnet launch, the launch of Battle of nodes, and VM integration.
By the last quarter of 2019, robustness tests of the Elrond network had been launched. With Battle of Nodes testnet activity, attacks were made on the Network in every way, and gaps in the software were detected, and patches were carried out. Elrond WASM VM and the new website was designed in the period that followed. On the one hand, the technical team engaged in IDE improvements; on the other hand, professional staking partnerships were established to be made before mainnet.
In the period that followed, the core team announced Phase 3 for mainnet. And a prestaking campaign of 10 waves was launched for phase one.
Why the 3-stage Mainnet?
First, I must explain to you why I throw such a headline. Community member friends; Mainnet is mainnet. “Why are there three phases?” I was confronted with questions in the form of. Come, let’s make this clear. The answer to all questions is the Elrond Network.
What Is the Elrond?
A highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy.
So: The Internet Scale Blockchain.
You’re designing a network that’s as scalable as the Internet. DeFi applications, corporate uses, decentralized distributed ledger applications. High security and low cost. Your claim is so big; your Network needs to be perfect. Countless software engineers since the Bitcoin network have been after achieving this. You attacked the blockchain trilemma, which has been dealt with for over ten years. And you claim to have achieved this. Of course, you’ll be born like a star. Of course, you will take precautions against any adverse situation that may arise. Elrond Network performs what is required for bootstrapping with great care.
For the launch of the Genesis Block:
1- Economic security is a prerequisite. In other words, the high cost of attacking your Network is a deterrent. For this, you should aim to lock 40% or even 50% of the supply in circulation. This amount means 4–5 billion ERD for the Elrond Network. This is why the prestaking campaign was launched in 10 waves on 31 December. During this campaign, 2.7 billion ERD was locked in. Our partner Binance also provides support through their site. With his second campaign, another 500 million ERD will be locked out. This means that the number of locked ERDs is at least 3.2 billion.
2- A comprehensive inspection should be done. Trailofbits and Prysmgroup are the top auditing companies that also provide advisory services to Facebook and DARPA. The Elrond network will perform these checks before the mainnet. After receiving the audit report, the final stage is next.
3- Battle of Nodes: Elrond pays its node-running verifiers not only to run the node but also to organize any attack. If the Elrond Network operates for 15 days without interruption against any attack during the node wars, there will be no obstacle to the launch of the genesis block. If it fails against attacks, then the mainnet must be developed before it is started.
Are all network projects being so meticulous? Unfortunately, no. Can you imagine many new generation networks have launched mainnet with just 100 nodes, with insufficient verifications in PoS consensus, tiny applications that can’t be counted as tests, or Blockchain technologies that I’ve studied? However, Elrond did more testnet’ da 800 nodes with Battle of nodes tests. In other words, before Elrond Mainnet, its verifiers are made up of trusted people who are members of the community and from outside professional platforms for security purposes. Keeps the number of nodes high to increase scaling. Because the Elrond adaptive state sharding architecture, which breaks down memorization in every subject, improves performance as the number of nodes increases. By the way, the last tests in the Elrond network reached 65 k TPS. That’s why Elrond proudly writes, “blockchain on the internet scale” on the website’s home screen.
Do you know why Elrond works so meticulously for Mainnet? Because its partners and promoters are successful companies that work as meticulously as it does itself. Among its partners, for example, are severe projects in network technology such as Matic, Chainlink and Holochain, significant platforms of the blockchain domain such as Binance, Allianz, and tech giants such as Samsung blockchain.
Network 65K TPS speed, safe and environmentally friendly SPOs algorithm after starting mainnet, and decentralized network architecture with blockchain network will show unrivaled superiority in every field used.
Elrond provides ideal solutions for DeFi applications. Suitable for secure data storage with distributed ledger records. It offers organizational superiority for company directors that require data analysis. It will also serve as a network for health and education institutions where all types of smart contracts can be integrated. Unlike most competitors, Elrond Network uses its own virtual machine. Wasm VM can be integrated into applications written in many languages with the help of adapters.
I’m looking forward to Elrond mainnet. I know Elrond mainnet is a blockchain network on the scale of the Internet.
Written By: ipek
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Elrond Network Community: https://t.me/ElrondNetwork
Türk Telegram Topluluğu: https://t.me/ElrondNetwork_tu
Web site: https://elrond.com
Elrond Docs: https://docs.elrond.com/
Elrond Türkiye Twitter sayfası: https://twitter.com/ElrondTurkiye