Hello, Everyone! I came to you today with the most intriguing project of recent months. “Elrond Network!” We have a great team that specializes in their branches. In the past, they have worked at major IT companies such as Intel, Google, Microsoft. Among them are 13 engineers made up of Math Olympiad Champions, researchers with a doctorate in Informatics and blockchain technologists. A group of clever men who dedicate themselves to the development of Blockchain technology. They’re writing a whole new network from scratch. Tests of the Elrond Network revealed that it works 1000 times more efficiently than similar networks. If you are interested in software, you can join Elrond GitHub. The Elrond Network is now open source. Open source lets you join the adventure and become one of the developers of the Elrond Network because the Elrond network is now an open-source blockchain network.
Elrond is a rethink of public blockchain infrastructure explicitly designed to be safe, efficient, scalable and interoperable. Elrond’s main contribution is based on two basic building blocks: 1) a true adaptive state-sharing approach: separating chain State into multiple parts, which are handled in parallel by different participatory approvers; 2) a secure buy proof consensus mechanism: an advanced buy proof (PoS) variation that provides long-term security and distributed justice while eliminating the need for energy-intensive PoW algorithms.
PoW, it costs a lot of energy. In time, Alternative Revolutionary PoS to Pow emerged. The Elrond network provides you with a secure betting proof (SPoS) consensus mechanism. (Secure Proof of Stake (SPoS) consensus mechanism). All of this is historical evidence. The history of the Blockchain is being rewritten in this project. In the future, we will tell our friends about Elrond Network and how we wrote these articles.
Features Of The Elrond Network
The Network will provide a rethinking of the public blockchain architecture, resolving scalability through adaptive state sharing, providing efficiency with secure proof of proof, and ensuring EVM’s compliance with the design, Elrond said. The Elrond Network is trying to achieve 10,000 TPS, lower latency, and 1,000 times more improvements compared to the current status quo.
The idea of decentralization and original blockchain co-operation is very close to each other. Currently, most of the interconnection and interoperability between different blockades is carried out through exchanges and third-party trading platforms. This beat the goal of disrupting the way that blocking chains do not have third parties, and also the way that transactions are handled smoothly and safely. There is no “protocol to govern them all” to be adopted relative to all other blocs, but Elrond’s approach will narrow the gap between the most important blockades.
In the first step, Ethereum Virtual Machine compatibility is targeted: the Elrond Network’s ability to make smart contracts written for Ethereum with little or no change in the Virtual Machine. The implementation of our VM provides an appropriate layer of abstraction by concealing the underlying architecture that isolates developers of smart contracts from within the system.
In the second step, we aim for interoperability with Ethereum: it is intended to be able to exchange Ethereum and Elrond seamlessly without a reliable third party. As we all know, Ethereum network nodes can use smart contracts to process or exchange values without any outside human or Team intervention. In this way, transactions between the Elrond, Ethereum, and ERC20 tokens can be processed safely without a central stock market where the user must have an account. It does not hold the user’s private key and goes through the KYC process, where there is perhaps a loss of anonymity. The Elrond network, which also addresses integration issues with other blockchain networks, has taken the program of connecting with other blockchain bases with the help of an adapter, and the important considerations we will take into account when building our “bridges” are privacy and security.
I think the most important aspect of the Elrond network is the solution to the problem of scaling. I suggest you a video about this development which increases the speed of the Network to 12k TPS in the ideal. As part of San Francisco Blockchain Week, the panel, attended by Beniamin Mincu, CEO of team Elrond, discussed scaling issues.
Panelists: Bonnie Cheung( 500 Startup), Beniamin Mincu (Elrond Network), Jack
O’holleran (SKALE Labs), Anatoly Yakovenko (Solana), Kevin Wang (Nervos)
One of the features that make the Elrond project more valuable than many projects is that the team has no right to lock down tokens until 2020 and transfer them for 3.5 years. This primarily shows faith in the team’s project. I add a few sentences to that from Elrond’s own statement. I very much appreciate it.
* Team:19.00% — 3.5 years of winning time lasting until 2020: 10–6 months after IEO, 10–12 months after IEO, 15–18, 24, 30 and 36 months after ieo, 20–42 months after IEO. To show our commitment, the team also agreed to postpone the lock-up Team Tokens until 6 months before the IEO, increasing the gain to 3.5 years.
Finally, the discovery of the Elrond project by Binance is proof of how remarkable the project is. I offer you prominent supporters and partners. You can also find relevant links and social media links for more detailed review below.
Useful Resources and Social Media:
Web site: https://elrond.com/