Elrond Network is a scalable public blockchain that seeks to deploy a novel architecture that goes beyond typical scalability with their whole state sharding scheme. The sharding protocol eliminates energy and computational waste while also ensuring there is fair distribution through the Secure Proof of Stake (SPoS) consensus. Still, the structure will work in line to provide resistance to security problems.
Concepts Behind Elrond Network Structure
Primarily, Elrond intends to completely rethink the formation of public blockchain infrastructure by building their own based on the following cornerstones
- Genuine Sharding approach
With such an approach, Elrond will effectively partition its chain to establish multiple shards that accommodate different participating validators.
- Secure Proof of Stake consensus mechanism
Elrond also seeks to improve the variation within the proof of stake (PoS) by establishing long-term security alongside the expected distributed fairness. The use of PoS protocol eliminates POW algorithms which are energy intensive.
- Adaptive state sharding
Elrond also proposes a next-generation adaptive sharding mechanism which will enable shard computation and reorganization that works on active network nodes. That implies the chain undertakes reassignment of the nodes within the shards to achieve a progressive and nondeterministic approach to their adaptive state sharding. On the other hand, the architecture of Elrond consist of
- Profile entities
Elrond accommodates users and eligible validator profiles as the primary bodies. Users get to use a pair of public/private keys to deploy signed transactions for their smart contracts
- Intrinsic token
Elrond offers access to the network through their inherent utility tokens known as Elrond’s (ERDs). The native currency will cater for all the costs of processing transactions, operating the smart contracts and to incentive the users contributing to the ERD network.
- Threat model
Elrond assumes a highly adaptive protocol based on the byzantine adversarial model to ensure it sustains potential adaptive threats to consider total security for the network users.
The Elrond network has a timeline which is split into rounds to accommodate new validators through stake locking assigned through the sharding.
How Elrond Fairs Against The Competition
- Product readiness
Although there is a lot of technical details on the Elrod Network, much of it is only in theory with the earliest possible being the scheduled prototype release and testnet for the Q2 and Q4 of 2018, respectively.
- Future Roadmap
At this time, the roadmap is not concrete with the only emphasis on the release of the features such as the prototype, testnet structure, and manner.
- Legal compliance
As of now, Elrod does not list any information regarding its current agreement to possible crypto restrictive measures.
Elrond is made up of 14 board members and advisors, with different backgrounds in technical, legal, marketing and commercial. Still, this number is low for an apparent blockchain that is set to be public.
- Economic model
The Elrond project documentation lists only the technical aspects of the project, and there is little to no information on a business plan to build the value of the intrinsic token.
Elrond is attempting to enter a very competitive and saturated market of highly scalable public blockchains. With all competitors promising high TPS throughout and security levels, Elrond has an uphill task of rising above the rest. Still, the project is in its early stages and judging it is far from possible at this phase.