Hello blockchain followers. Today I’m going to tell you about Elrond Network. I know you’ve already become a part of this project. But for a small number of investors who have no idea about Elrond Network, I would like to talk about this seriously promising project.
I’m an article writer who believes blockchain technology will change our future. I think the creation of Blockchain technology is as crucial to the IT world as the discovery of the internet. Blockchain is a precursor to a technology that will stop the intervention of central authorities into human life and thus ensure the protection of Democracies. Blockchain is a harbinger of a World Without Borders. Did you find my writing too exaggerated? Let’s think together. If you want to send money to an acquaintance, with P2P, you can do so without being stuck on the borders of countries and without using an intermediary bank or financial institution.
Do you want to be an honest, uncensored reporter? It’s almost impossible to break the monopoly of media conglomerates without the possibilities that Blockchain technology offers you. Almost all of the broadcasting rooms are assembled in the hands of several conglomerates, and the vast majority are government-controlled. 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 the application of a gambling site using decentralized, transparent, and non-interchangeable 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.
For those of you who haven’t been very interested before, let me talk about Blockchain technology.
Blockchain is the way that data is formed in blocks and stored in decentralized, public chains rather than a central database. Thanks to this technology, global databases can be created that are transparent and almost impossible to interfere with, every stage of which can be monitored over the internet. Three types of information are stored in the blocks on the Blockchain.
The first layer of data contains the transaction date, time, and amount.
2nd ed.the information layer carries the digital signature of the person or machine to which the process belongs. Here the use of digital code instead of personal information provides anonymity.
3.the information layer has the code “hash” that makes the block unique. The Blockchain created by these three blocks of information goes to all computers, including the network, and is protected forever. Therefore, because the information is distributed on the Blockchain, it cannot be changed, and there is no logic to its hacking. Blockchain is a kind of Public Accountant. Bitcoin is the forerunner of the unique codes produced by its blockers, namely “cryptocurrencies”. In the nearly decade since Satoshi Nakamoto’s Bitcoin network, many new networks have been introduced to the world of Blockchain. Some of them have become altcoins, which are at least as recognized as Bitcoin. Like Ethereum, Neo, EOS, Stellar. Each of these networks has produced an alternative innovation to Bitcoin. Tried to enrich bitcoin network.
The blockchain network that is the subject of this article is also a brand new network produced as an alternative to previous blockchain networks. I call it brand new because Elrond has been rewritten starting from scratch. It’s been blowing like a storm in recent months. Elrond, who attracted attention everywhere he reached and found new supporters or partners, also managed to attract the attention of Binance, whom I know you all follow.
I want to start introducing the Elrond network with his team. Every member of the team that gave Elrond life has had extremely brilliant careers. It’s made up of the world’s most eminent blockchain researchers and engineers. I don’t remember any other project where such brilliant brains coexisted, where so many award-winning Olympic champions and PhD-owning Informatics gathered together. I’ll try to limit it to just two sentences per member of the team.
Beniamin Mincu (CEO): was head of Product Marketing and community work in 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 with more than 15 years of experience in technology-related businesses, and an angel investor.
Adrian Dobrita: Head of Engineering
Engineer Intel, ST-Ericsson, Continental, AI Olympiad champion, MSc CS.
He 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
Dan Voicu, Head of Communication: PR & Market Analysis ICO Market Data, Administrative Officer Metal Ship Building, BA Political Science, MSc Business.
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, and 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: Freelence engineer, PhD student AI & ML
Radu Paun, Software Engineer: Engineer Keepcalling, 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.
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 team members’ career summaries show how high the chances of success of the project are.
FEATURES OF ELROND NETWORK:
First of all, I’d like to describe Elrond to you in the words the team used. Then I will explain the new possibilities that each of the qualities that define 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 secure, efficient, scalable, and interoperable. I want to discuss with you briefly each of these features that define the Elrond network.
Adaptive State Sharding:
One of Elrond’s main contributions to blockchain architecture is its technology. The state sharding approach previously attempted in Zilliqa is to divide the data stream into smaller groups of fractures, each capable of performing 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 used network grows, the processing speed increases, which largely solves the problem of scaling. Here, parallel parts that perform different operations start to conduct operations from nodes at the same time, depending on speed is gained. Thus not all nodes are used to validate all operations. To reach agreement on the order of the transactions, a memorandum protocol called BFT is applied. The entire network eventually comes together into a single entity. This information is broadcast to nodes in the network, which is a sort of divide-and-manage operation. As I mentioned before, Sharding, which is also tried in Zilliqa, is used as proof of operation PoW. In the Elrond network, however, the solution is not just process sharing, but adaptive state sharing. (Adaptive state Sharding) SPOs is used as proof of operation.
Secure Proof of Stake: we are all familiar with the concept of PoS. The Ethereum network also plans to move to proof of stake verification in the coming period. In the PoS system, you can verify up the token in your wallet. So you will be rewarded at the rate of the token in your wallet. The critical point here is that the energy consumption of PoW is reduced. It also eliminates the risk of powerful miners manipulating the network. In general, the community with the project token does the verification. This largely prevents hacking in the first place. Secure PoS, on the other hand, was first introduced by Algorand based on the idea of randomly assigning validators. However, Elrond uses the randomization factor as the collective signature of the final block in the confirmatory selection mechanism for each node in the piece. Random Sharding eliminates the possibility of attacking 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 verifiers and parts increases, the number of operations the network performs in unit time increases. The size of the pieces has been tried as an average of 300–400 knots. Result: you get 1000 times more efficient than similar networks.
Elrond VM: let me try to introduce Elrond virtual machine with a few sentences, which is one of the most critical studies of Elrond. The K Framework builds the infrastructure of Elrond’s VM. The K Framework can generate translators for any language defined in K. This allows users to recover immediately without having to create resources. In addition to these dialers, Elrond VM also contains adapter code for interaction with different blockchains. Elrond interopreable has an adapter interface as it supports different virtual machines.
Supported virtual machines and languages:
1st.IELE VM: the first SC language that Elrond supports. Produced directly in K. The Elrond VM uses a modified version of the ievm. In Elrond, for example, addresses are 32 bytes wide. (20 bytes on Ethereum-style machines.) In Elrond, smart contract addresses start with not zero instead of 1.
2nd ed.KEVM: Ethereum VM written in K. Some security vulnerabilities in EVM have been fixed in version K.
3.WASM: WEB Assembly is the WASM infrastructure needed to write smart contracts in C/C++ and similar languages to make smart contracts. Wasm integration is still ongoing on Elrond.
Now if we compare the Elrond network with the networks with similar properties;
1st. Currently, the Ethereum network using PoW is much more efficient and fast processing, while energy use is decreasing.
2nd ed. The Algorand network’s idea of assigning a random Consensus Group in 12 SEC. improves by limiting.
3. According to Zilliqa, 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 beginning, Elrond began to work extensively for interoperable. The team is studying solutions such as Cosmos and Polkadot.
Elrond is a rewritten blockchain architecture design to achieve global scalability and instantaneous processing speed. It is a state sharding design that is capable of process, data, and network sharding. It designs smart contracts that use state-sharded architecture with the balanced load on fractures. Intra and cross-shard node reshuffling with BLS (Bneh-Lynh-Shacham) signing. Secure randomness is a network design integrated with the beacon to work with other blockchain networks that are resistant to malicious attacks.
The goal in the Elrond network is to create a high-speed, low-cost, and secure platform for competitive and efficient easy-to-use Dapps. With these features, IoT economics and machine-to-machine operations are suggested as the most accurate solution.
I think most importantly, it’s not a dream, Elrond testnet is currently living in open source. It was presented to the world of Informatics with a delay of 5 seconds and a speed of more than 10,000 TPS.
A dedicated source of revenue to be sustained in the Elrond network, or dex, is not one of the team’s priorities. If you have an Elrond network where smart contracts can be used effectively, you have solved the scaling problem. Integrate your project with existing blockchain networks using the Elrond secure network, the things you can do will, of course, be unlimited. Start with the 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 rewritten. Elrond has opened its doors to all kinds of activities to embody the limitless potential of blockchain technology in the real world. Project owners who want to realize the potential of Blockchain in any branch are eligible to create the blockchain network, smart contracts, and dapps they want.
With this high scaling, many companies have already discovered the Elrond network, which has already tested 10,000 TPS speeds. Shortly before IEO, starting with Binance before ICO stage Cryto.com joined. Here are the resources you can use to review the Elrond Network project. I wish you all plenty of wins.
By N.ipek Celik
Elrond Community ID: ipek
BTT ID: naz14
Useful Resources and Social Media:
Web site: https://elrond.com/