Elrond Network is a progressive blockchain network that aims to solve the scalability trilemma, supplant Ethereum dominance and promote cryptocurrency into practical areas of the economy. While the market is filled with useless or overly fantastic projects, Elrond is moving towards a goal that is completely logical and necessary for the entire crypto market.
Let’s look at what factors make us believe in the bright future of the ELrond project:
Adaptive sharding
SPoS Algorithm
A team of professional programmers, not empty-headed marketers
Specific goal
Practical benefit in perspective
Great social activity and project openness
High volumes trading ERD coins
Large and influential investors trusting the project
BTC and ETH, the most popular blockchain networks, are currently, in fact, not suitable for mass transactions. Platforms are useful in investing, however, if they want to become useful for something else, then they need solutions that maintain the performance of the entire system with an increase in throughput.
If you look at the technical side of the issue, then creating a centralized scalable network is not difficult at all. PayPal, Visa, MasterCard have been doing this for many years. However, the whole meaning of the blockchain network can be described in three words: scalability, decentralization and security. Vitalik Buterin outlined the scalability trilemma, which states that blockchains can only have two of the three listed properties at a time.
Bitcoin and Ethereum were primarily created for the sake of decentralization and security, sacrificing scalability (Bitcoin supports ~ 3 transactions per second, and Ethereum supports ~ 12). This turned out to be an effective way to promote the system, but as the network grows, limitations begin to show up.
There are various new blockchains that are sacrificing decentralization or security and are thus trying to spin up the network. It is not yet clear how effective this approach will be. But to date, no one has found the combination of decentralization, scalability and security necessary to create a fully functional large-scale cryptocurrency network.
Except for the Elrond Network project.
Elrond Network is positioning itself as a project capable of resolving the scalability trilemma of blockchain networks and improving interaction with serious and real economic sectors. This, in turn, gives widespread practical application of the blockchain network, which will make it easy to introduce it to the masses. Who knows, maybe it is Elrond that will bring the necessary resonance to the crypto industry, which is already floating in fat.
To achieve a highly mastered blockchain, Elrond Network is developing a technical approach called Adaptive Sharding.
The technology allows you to combine all types of shards into a common solution that increases productivity through parallel processing. It will also make the connection within the shards themselves better, the total storage will be reduced, and ultimately will provide an opportunity to linearly scale the system. All this in aggregate will affect not only the bandwidth, but also the overall production of the entire network.
It is also worth noting the SPoS (Secure PoS) algorithm — it negates the need for mining, which in turn requires special calculations. equipment and huge energy levels.
Expressing all this in simple human language, it can be argued that the Elrond project is developing a fast and public blockchain network. It is already capable of delivering about 10,000 transactions per second.
Covering the whole project with an eye, a very positive impression develops. This is a project with a clear goal and a great reserve for practical use. The market is flooded every day with stillborn blockchains for farmers and swineherders, scam projects or projects with frankly schizophrenic ideas.
Elrond is unique in its own way, its team consists of notorious professionals in narrow circles, such as Lucan Todea or Lucian Mincu. The team has large and fat investors, including Binance Labs and Electric capital. The project community is very friendly and active, which is achieved by high social activity on the part of the project.
Developers need to widely popularize their project and increase implementation in the common market. From a technical point of view, the project is doing fine and I have no doubt about this side of the issue — because Most team members are programmers, not marketers. But often it’s the other way around and it doesn’t lead to anything good.
If the Elrond team does not develop a broad ETH competition plan (because the project is positioning itself as yet another Etherium), then I don’t think it will take this battle out on just good technical solutions.
We are all used to the fact that ETH or BTC have been pounding for a long time and innovative projects like Elrond inspire and surprise us. However, there comes a time when the old people are already starting to implement their updated technical solutions, because they understand that at such a pace they can lag behind the developing market.
- Official website: www.elrond.com
- Elrond Github: https://github.com/ElrondNetwork
- Whitepaper: https://elrond.com/files/Elrond_Whitepaper_EN.pdf
- Twitter: https://twitter.com/elrondnetwork
- Community platform: community.elrond.com
