Elrond — A completely new type of blockchain

I was 20 years old and on this wonderful evening I played beautiful music on the guitar, but at that wonderful moment my good old friend wrote to me and told about this project.. Struck by technology, I decide to do my best to learn about this project as much as possible and about its wonderful team. After some time studying the project, I can share it with you in this wonderful article. Sit down comfortably and remove all distractions.

Elrond is a completely new type of blockchain developed from scratch to several times increase the aggregate productivity, speed of execution and transaction cost. For this, Elrond has a couple of interesting mechanisms:

  • Adaptive sharding

We’ll talk about this a little lower what all of this is.
Let’s start with adaptive sharding. The main problem of sharding is how to protect information as much as possible while transmitting it quickly. This raises the question of building consensus. Elrond uses an explosive mixture of PoS and Byzantine generals. Something like Algorand. The time to set up a group for conducting transactions is approximately 4 seconds, while in the competitive Algorand system it takes about 12 seconds. This happens due to the fact that in Elrond each shard has its own consensus group, the exchange of information takes place within it. For greater security of the shard, validators migrate from the shard to the shard, forming a pool from which they are already randomly assigned to other shards. The nodes themselves in shards are also shuffled. Through these actions comes the very safe Proof of Stake (POS). After reaching ⅔ + 1 signatures from group members, the block is approved. The header is sent to metachain for commit.

Elrond builds its VM infrastructure on top of the K Framework, which is an executable semantic framework where programming languages, calculi, as well as type systems or formal analysis tools can be defined. K Framework has the possibility to generate interpreters that are correct-by-construction for any language defined in K. These interpreters can be generated in several programming languages, via components called K Framework “backends”. The smart contract interpreters in Elrond are generated via a Go backend. The generated interpreters are made available in the project elrond-vm, so that users can compile straight away, without the need to generate the sources first.

Additionally to the generated interpreters, the elrond-vm project also contains adapter code for the interaction with the blockchain and tests. Because Elrond supports multiple VMs, there is one VM adapter interface that is implemented by all Elrond VMs.

1. IELE VM The first SC language supported by Elrond is IELE VM, which is an intermediate-level language, in the style of LLVM, created for the blockchain. It was built directly in K, no other specification or implementation of it exists outside of the K framework. Its purpose is to be human readable, fast, and to overcome some limitations of EVM. Elrond uses a slightly altered version of IELE. The changes from the original version of IELE are:

● Addresses in Elrond are 32 bytes wide, instead of the Ethereum-style 20 bytes.

● Smart contract addresses in Elrond start with 10 bytes of zeros.

● The last 2 bytes of each address indicate in which shard the account will land. When creating a new smart contract, the last 2 bytes of the smart contract address are copied from the creator, in order for the smart contract to always land in the same shard as its creator. This leaves 20 bytes for

● New smart contract accounts start with nonce 0 instead of 1.

● In the original version an account with both balance and nonce zero is considered not to exist.

In Elrond, the node tells the VM which accounts exist and a smart contract with both balance and nonce 0 is possible. Just like there are a few changes in IELE, the Solidity compiler also needed to be forked, to accommodate 32 byte addresses. This fork can be found at github.com/ElrondNetwork/solidity Please note that this version of the compiler is still in testing mode.

2. KEVM KEVM is a version of the Ethereum Virtual Machine(EVM), written in K. Certain vulnerabilities of EVM are fixed in the K version, or left out entirely. The integration of KEVM is currently work in progress.

3. WASM Web Assembly (WASM) is a binary instruction format for a stack-based virtual machine, which can be used for running smart contracts. A WASM infrastructure enables developers to write smart contracts in C/C++, Rust, C#, and others

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Erlond has partnered with 8 companies that are in my opinion, can give significant development, both the first and the last:

The first Smartbill to provide small and medium businesses with billing, accounting and inventory management services. The campaign has more than 60,000 customers who need their services. For Elrond, the advantages in network scaling, for Smartbill, fast can be said instant transfers with a minimum commission.

The second company, Holo, has its own blockchain. Designed to create various applications and as stated on the free internet site itself. The benefits of collaboration are obvious.

The third company, Runtime Verification, searches for various rare errors in system codes of programs and also develops more advanced programming languages. There is simply no comment, for Elrond, such cooperation is extremely beneficial.

The fourth company. Xangle engaged in providing information about tokens and companies on blockchain projects for investors and crypto-exchanges. As Elrond tries to be as transparent as possible, this collaboration will only emphasize their good intentions.

The fifth company. TypingDNA - The company is engaged in the introduction of innovative technology of typographic biometry. Simply put, it increases online security when entering data from the keyboard. Analyze the user experience as they print, thereby reducing the ability to enter data in a machine way. For the safety of both users and Elrond himself, this is also a beneficial collaboration.

I also want to mention the earlier collaboration between Elrond and Netopia payments. The latter are the largest payment system in Romania, processing about 13 million transactions, worth about $ 400 million. This means that 6,000 enterprises will be able to accept Elrond cryptocurrency.

And finally, the last two companies. DSLR, a research laboratory in areas such as artificial intelligence, environmental IT, big data analysis, optimization. Mutually beneficial conditions for employees of both companies. Second Nash, a financial company using blockchain technology, strange partnership, except for only one point listing on their platform.

A bit about the development team itself. It consists of experienced entrepreneurs and engineers. They have solid experience working with the blockchain and working in giants such as Microsoft, Google, Intel, NTT, IBM and HP. There are candidates of sciences CS&AI. Multiple math champions. Such a composition inspires confidence, is not it?

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