Historic Development in Blockchain Networks; ELROND NETWORK.

Today I want to start by saying ‘Hello!’ instead of ‘Elrond Network’ to my article. Elrond is a new blockchain project that has become part of my daily life for nearly one month. I’m an article writer who believes blockchain technology will change our future. I think the creation of Blockchain technology is as vital to the information world as the availability of the internet. The Blockchain is a precursor to a technology that would stop central authorities ‘ interference in human life and thus ensure the protection of Democracies. Blockchain is a harbinger of a World Without Borders. Did you find my writing too much? Let’s think together. You want to send money to an acquaintance, thanks to P2P. You can do this without being stuck at the borders of countries and without an intermediary bank. Do you want to do an uncensored, honest reporting? It’s almost impossible to break the monopoly of media holdings without the possibilities that Blockchain technology offers you. With Blockchain, you can move data without being connected to the main server. You can set up a blockchain network that uses smart contracts to analyze unlimited data. You can perform data analyses without error. You can create a fair gambling site application with transparent and unalterable records using distributed ledger technology. So your gambling site starts to work as a fair and reliable site. And I think most importantly in AI, IoT and artificial intelligence applications you can push the boundaries of science most with blockchain technology.

Blockchain is the storage of data in decentralized, publicly accessible chains rather than in a centralized database, formed in blocks. Thanks to this technology, comprehensive databases can be created, which can be monitored, transparent, and almost impossible to interfere with every stage over the internet. Three kinds of information are stored in the blocks on the Blockchain. The first layer of data contains the process date, time, and amount. 2.the information layer carries the digital signature of the person or machine to which the process belongs. The use of numeric code instead of personal information here provides anonymity. 3.the information layer contains the code “hash”, which makes the block unique. This block is created by blocks containing three information, goes to all computers included in the network and is protected forever. Therefore, since data is distributed on a blockchain, it cannot be changed, and there is no logic to hacking. Blockchain is a kind of Public Accountant. Bitcoin is the precursor to the unique codes produced by Blokzincirlerinin “cryptocurrency.”
In the nearly decade since Satoshi Nakamoto’s Bitcoin network, many new networks have been made available to the world of blockchain. Some of these became altcoins, recognized as little as Bitcoin. Like Ethereum, Neo, EOS, Stellar. Each of these networks produced an alternative innovation to Bitcoin. He tried to enrich the Bitcoin network. The blockchain network, which is the subject of this article, is also a brand new network produced as an alternative to previous blockchain networks. I say it’s brand new because Elrond, starting from scratch, has been rewritten. It’s been blowing like a storm in recent months. Elrond Network, which attracts attention everywhere it reaches, is finding new supporters and partners Day by day. Elrond also managed to attract the attention of Binance, whom you all know well.

I want to start the Elrond Network project with your team to explain why I called it a storm. Indeed every member of the team who gave life to Elrond has had extremely brilliant careers. It is made up of the world’s most distinguished blockchain researchers and engineers. I don’t remember any other project where so many award-winning Olympic champions and PhD-winning IT specialists were brought together. A brilliant bunch of people is creating Elrond. I will try to limit each member of the team to only two sentences.

Beniamin Mincu (CEO): was head of Product Marketing and community work at the NEM team. And NEM Blockchain is a billion-dollar product today.

Lucian Todea: (COO) Engineer LIEBL SYSTEMS, co-founder & CTO at ICO Market Data and Metachain Capital. He is a technology entrepreneur, and angel investor, with more than 15 years of experience in technology-related businesses.

Adrian Dobrita: Head of Engineering

Engineer Intel, ST-Ericsson, Continental, AI Olympiad champion, MSc CS.

Developed industry-class embedded software in areas such as mobile and automotive

Lucian Mincu(CIO): Engineer LIEBL SYSTEMS, co-founder & CTO at ICO Market Data and Metachain Capital

Felix Crisan, Head of Research: CTO of Netopia, co-founder of BTKO, Romania’s first Bitcoin exchange platform.

Radu Chis, Head of Technology: Engineer NTT DATA, Olympiad champion, CS Teaching Assistant Lucian Blaga Sibiu, PhD CS

Sebastian Marian, Core Developer: Engineer Continental, Multiple world AI RoboCup Olympiad champion, RoboCup Executive & Technical Committee, CS Olympiad champion, BS CS.

Iulian Pascalau, Corcoveanu Cristian ve Andrei Marinica: Software Engineer:

Robert Sasu, Core Developer: Engineer Continental, Google summer code school, E-mobility startup, Math and CS Olympiad champion, 20 patents autonomous cars, BS CS, MSc Graphics VR.

Camil Ioan Banicioiu, Research Engineer: Freelance engineer, Ph.D. student AI & ML

Radu Paun, Software Engineer: Engineer Keep calling, Mobile dev, MSc CS.

Valentin Lup, Senior System Administrator: SysAdmin Soft32, Networking, Assistant teacher CS, BS CS.

Beniamin Drasovean, Junior Software Engineer: Engineer, BE CS.

Dan Voicu, Head of Communication: PR & Market Analysis ICO Market Data, Administrative Officer Metal Ship Building, BA Political Science, MSc Business.

Daniel Serb, Head of Marketing and PR: Communication Specialist Continental, Recruitment Consultant Frank Recruitment Group, BA International Relations.

Constantin Tovisi, User Experience Designer: Marketing, Product management & BD Soft32, BEc.

Larisa Oltean, UI/UX Designer: Freelance designer, MSc Design

As you can see, the career summaries of the people who make up the team are enough to show how high the chances of success of the project are.
Now, shall we start looking at the differences of the ELROND network from other networks?
First, I want to describe Elrond to you in the words the team uses. Then I will explain the new possibilities that each quality that defines the network offers us.
ELROND is a new blockchain architecture designed to increase scalability with Adaptive State Sharding and Secure Proof of Stake (SPoS). It is possible to rank the attributes of the designed Elrond network as safe, efficient, scalable, and interoperable. I would like to briefly write each of these features that define the Elrond network with you.

One of Elrond’s key contributions to blockchain architecture is its technology. The state sharding approach previously attempted in Zilliqa is that the data stream is divided into fractures into smaller groups, each of which can perform operations in parallel. When considered horizontal partitioning, Sharding divides the data into pieces placed on it. Splitting the Blockchain network into fractures will allow more action to be taken simultaneously. As the network used grows, the processing speed increases, which significantly solves the scaling problem. Here, parallel parts that perform different operations start to conduct operations from the nodes at the same time, thus gaining speed. Thus, not all nodes are used to validate all operations. The reconciliation protocol, called BFT, is applied to reach agreement in the order of the transactions. The entire network is eventually assembled into a single entity. This information is broadcast to nodes on the network, which is a sort of Split and manage the operation. As I mentioned earlier, sharding, which is also tried in Zilliqa, is used in PoW as proof of operation. In the Elrond Network, the solution does not just process sharing but adaptive status sharing. SPOs are used as evidence of Adaptive state Sharding.

We are all familiar with the concept of PoS. The system that the Ethereum network also plans to cross over in the next period. POS, shows the possibility of validating a node’s block, and you can validate it as much as the token in your wallet. Therefore, you will be rewarded with the token ratio in your wallet. The critical point here is that energy consumption in POW decreases. It also eliminates the risk of powerful miners manipulating the network. PoS does Ta validation in general with the community having the project token. This largely prevents hacking in the first place. Secure PoS was first introduced by Algorand, based on the idea of random assignment of validators. However, Elrond uses the randomization factor as the bulk signature of the final block in the verifier selection mechanism for each node in the fragment. Random sharding eliminates the possibility of an attack on a particular block. There is also a focus on security in the SPOs consensus mechanism. Network software has been made resistant to known threats, including the Sybil attack. As you can imagine, as the number of validators and parts increases, the number of operations the network performs at Unit time increases. The size of the pieces was tried as 300–400 nodes on average. Result: you get 1000 times more efficient than similar networks.

Elrond VM:

I try to introduce Elrond virtual machine with a few sentences, which is one of the critical works of Elrond that needs to be examined. The K Framework builds the infrastructure of Elrond’s VM. The K Framework can produce translators for any language defined in K. This allows users to recover immediately without the need to create resources. In addition to these dialers, the chevroned VM also includes adapter code for interacting with different blockchains. The Elrond interoperable feature has an adapter interface as it supports different virtual machines.
Supported virtual machines and languages:
1.IELE VM: it is the first SC language supported by Elrond. Produced directly in K. The Elrond VM uses a modified version of the IEVM. For example, in Elrond, addresses are 32 bytes wide. (20 bytes in Ethereum-style machines.) Smart contract addresses in Elrond start with not zero instead of 1.
2.KEVM: written in K is Ethereum VM. Some vulnerabilities of EVM have been corrected in version K.
3.WASM: WEB Assembly is the wasm infrastructure required to write smart contracts in C/C++ and similar languages to make smart contracts. Wasm integration is still ongoing on Elrond.

If we now compare the Elrond network with networks with similar properties;
1. It is currently performing much more efficient and fast operations while energy usage decreases according to the Ethereum network using PoW.
2. The Algorand network’s idea of randomly assigning a consensus Group is 12 SEC. improves by introducing limitations
3. According to Zilliqa, the Elrond Network works for state sharding, not just transaction sharding, while pushing limits on sharing. It uses SPOs, which are more efficient than PoW for consensus.
Rewriting his mainnet from the start, Elrond began to work extensively for interoperable. The team is studying solutions such as Cosmos and Polkadot.

ERD Token uses:
1. Payment of transaction fees
2. payment of Dapps distribution costs
3. Awards for Staking.
4. The ERD token Elrond is used to participate in the secure proof of the network’s reconciliation.
5. Storage fees are utilized for rewards for gas and verifiers.
6. Finally, the ERD Token will also be used for voting and governance in the future.

Token Supply Distribution:

· Launchpad sale tokens comprise 25% of total supply.

· Private sale tokens comprise 19% of total supply.

· Team tokens comprise 19% of total supply.

· Reserve tokens comprise 17% of total supply.

· Advisors received 2.5% of total supply.

· Ecosystem Rewards tokens comprise 7% of total supply.

· Marketing tokens comprise 8.5% of total supply.

· Community tokens comprise 2% of total supply.

Summarize:

Elrond is a blockchain architecture design rewritten to achieve global scalability and instantaneous processing speed. It is a state-of-the-art sharding design that features transaction, data, and network sharding. It designs smart contracts that use state sharded architecture with a balanced load on fractures. Intra and cross-shard node reshuffling with BLS (bneh-Lynh-Shacham) signing. Secure randomness beacon is an integrated network design that is resistant to malicious attacks and to work with other blockchain networks.

The goal in Elrond network is to create a high-speed, low-cost, and secure platform for competitive and efficient easy-to-use dApps. With these features, the IoT economy and machine-to-machine operations are recommended as the most accurate solution.

I think most of all it’s not a dream, Elrond testnet is currently living in open source. With a 5-second delay and a speed of more than 10,000 TPS, it was presented to the world of Informatics.

A unique source of revenue to be sustained in Elrond network, or dex, is not one of the team’s priorities. But if you have an Elrond network where smart contracts can be used effectively, have solved the scaling problem, secured and integrated with existing blockchain networks, what you can do is, of course, unlimited. Start with royalties on music. Cross-border payment network, e-commerce, customs declarations, supply chains, fraud prevention, identity services, health records to serve in many areas such as a network architecture is being written from the beginning. Elrond has opened its doors to all kinds of activities aimed at embodying the limitless potential of blockchain technology in the real world. Project owners who wish to realize blockchain potential in any branch are candidates to create the blockchain network, smart contracts, and dApps they want.

With this high scaling, many companies have already discovered Elrond Network, which has already tested the speed of 10,000 tps. A few days before the ICO stage to the IEO, which began with Binance Cryto.com joined. To buy and sell by bank transfer or credit card (ERD) Crypto.com it is listed in.

There are so many features to write for Elrond that I can’t fit into that article. I will add links that may be useful for you at the end of my article. and finally remember that; The best way to predict the future is to create it.

I wish you all plenty of wins.

By:N.ipek Celik

Elrond community ID: ipek

I am a content writer. I believe that Blockchain technology will play an important role in the future of humanity to live more fair, equal, and free.