What is Elrond (ERD)?
This week I heard about the Elrond Network for the first time and was very intrigued as I read about it and watched some videos.
From their website:
What is Elrond?
Elrond is a distributed transactional computation protocol which relies on a sharded state architecture and a secure Proof of Stake consensus mechanism. While most other blockchain networks require custom hardware and high energy consumption, Elrond runs on average computers.
By employing sharding, a method of parallelizing data & transactions processing, Elrond’s performance will scale up with the number of computers joining the network, reaching more than 100.000 transactions per second while growing increasingly decentralized.
Why is Elrond different?
The Elrond network is the first to present a viable solution where all the three aspects of sharding – state, network and transactions – have been implemented at once. Combined with its “Adaptive” component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand.
In addition to scaling through sharding, Elrond also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.
By solving some of the hardest consensus and sharding problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, Elrond also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.
In this interview by Scott Melker, the CEO of Elrond, Beniamin Mincu, explains in detail what the project is about:
https://www.youtube.com/watch?v=4HE1J7fwD9c&feature=youtu.be
On the interview, Beniamin shares his thoughts about ETH, saying ETH has never had a definitive and clear spec, he says it's like you're driving a fast and interesting car but then you're trying to change the engine while the car is moving.
https://twitter.com/beniaminmincu/status/1282792805656600578?s=20
If you are interested in learning more, visit their website:
Their onepager:
The Elrond mainnet launch is scheduled for July 30 and looks like the date proximity is having its effect on the ERD token value:
ERD is not available for purchase in the US yet, so in the meantime I will keep doing my research, please do yours as well!
Cintia
The information and images on this article are from the Elrond website and the price chart is from CoinMarketCap.
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