A scalable value transfer protocol for the digital economy
Comparable in throughput as to centralized counterparts.
Our architecture goes beyond state of the art and can be seen as an augmentation of the existing models, improving the performance while focusing to achieve a better nash equilibrium state between security, scalability and decentralization.Read More
Minimal energy and computational requirements.
Elrond eliminates the need for intensive PoW consensus algorithms and proposes a novel and more robust Secure Proof of Stake consensus, enhancing intra-shard communication and pruning the blockchain state to the most essential.Read More
Increased security due to the randomly selected block proposer.
Elrond introduces an improvement which adds security and reduces latency, allowing each node in the shard to determine the members of the consensus group (block proposer and validators) at the beginning of a round. This is possible because the last block’s aggregated signature is used as the randomization factor.Read More
Decentralizing cross-blockchain operations.
The Elrond Virtual Machine’s implementation will hide the underlying architecture isolating the smart contract developers from system internals ensuring a proper abstraction layer. In Elrond, cross chain interoperability can be implemented by using an adapter mechanism at the Virtual Machine level. This approach requires specialized adapters for each chain that is non EVM compatible and wants to operate with Elrond.Read More
Elrond Prototype - validating state sharding architecture
Theory is always nice, but practice is a lot better - check our working prototype. Through this first implementation we validate our state sharding hypothesis and test our model of cross-shard transactions.
A strong team determined on making things happen.
Advisors with relevant experience supporting the team.
Highlights from our blog
Partnership Announcement — Elrond Initiates Cooperation With Leading Payment Provider NETOPIA Payments
“ Elrond Ltd,the technology company developing a new, scalable and more efficient blockchain platform, supporting negligible fees and a finality of just a few seconds, today announced a new agreement with one of the leading payment providers... ”
Elrond technical progress update — some talk about it, we build it #3
“ New whitepaper update, architecture highlight, Elrond node and wallet open source release, preparation for testnet launch
1 - New whitepaper update: A more refined technical paper detailing Adaptive State Sharding and Secure Proof of Stake... ”
The Elrond Fellowship — Ambassador Program
“ Knowledge, wisdom and expertise must not be bound by borders thus we believe that only through the empowerment of individuals across the globe we can build a strong organic community that can deliver a scalable value transfer protocol for the digital economy. ”
Elrond — Community update #2
“ It’s been a busy period for the Elrond team. Among key developments, our agenda was filled with events and discussions around the world (4 countries, 6 cities, 7 meetups). The goal of our recent travels was to actively seek feedback from our community as they will be the ultimate users of our work. ”
YABP (Yet Another Blockchain Primer)
“ Evaluating complex systems characteristics is always a hard task, because the more complex a system is, the more different it will be from any other system, even if their stated goal is the same. In the distributed systems’ world the word du jour is distributed ledger (often represented as DLT, where T stands for Technology). ”
Frequently Asked Questions
1) A genuine State Sharding approach: effectively partitioning the chain state into multiple shards, handled in parallel by different participating validators;
2) Secure Proof of Stake consensus mechanism: an improved variation of Proof of Stake (PoS) that ensures long term security and distributed fairness, while eliminating the need for energy intensive PoW algorithms.
Sharding is a scaling technique inspired by traditional concepts of database optimization. Also known as horizontal partitioning, sharding divides the data into several pieces placed on different environments to be processed.
The more validators and shards, the more transactions the network can process. Elrond is performing all network services with minimal energy and computational requirements.
In a blockchain context, breaking the network into shards would result in more transactions being processed, verified and validated simultaneously. Each sharding level introduces a certain degree of parallelism, as a result, it becomes possible to process more transactions as the network grows. Implementing any sharding type on a blockchain architecture is extremely difficult.
We can identify 3 sharding types (levels):
1. Network Sharding represents the process of grouping the nodes into shards.
2. Transaction Sharding takes the complexity to the next level and deals with the distribution of transactions across different shards, but all the nodes keep the entire blockchain into their state.
3. State sharding represents the most sophisticated part and is described as a mechanism that allows different shards to deal only with a portion of the state without replicating the data between nodes from different shards. A state sharded blockchain can be seen as a network of fully interconnected blockchains.
In order to match the current scalability needs, Elrond introduces a novel state sharding scheme, called Adaptive State Sharding, with a dynamic model that allows the network to adapt to population and demand changes without compromising security, availability and decentralization.
Secure Proof of Stake consensus mechanism expands on Algorand’s idea of a random selection mechanism for the validators, differentiating itself through the following aspects:
• Elrond proposes an improvement which reduces the latency allowing each node in the shard to determine the members of the consensus group (block proposer and validators) at the beginning of a round. This is possible because the last block's aggregated signature is used as the randomization factor. In contrast to Algorand’s approach, where the random committee selection can take up to 12 sec, in Elrond the time necessary for random selection of the consensus group is considerably reduced (estimated under 100 ms).
• In addition, Elrond refines its consensus mechanism by adding a additional weight factor called rating. The node’s probability to be selected in the consensus group takes into consideration both stake and rating, promoting meritocracy.
• Elrond uses Bellare and Neven multisignature scheme, which eliminates one communication round in the signing algorithm.
• Compared to Algorand, Elrond doesn’t have a single blockchain, instead it increases transaction’s throughput using sharding. Elrond also improves on Algorand’s idea of random selection by reducing the selection time of the consensus group from max 12 seconds to less than a second, but assumes that the adversaries cannot adapt within a round.
• Compared to Zilliqa, Elrond pushes the limits of sharding by using not only transaction sharding but also state sharding. Elrond completely eliminates the PoW mechanism and uses SPoS for consensus. Both architectures are building their own smart contract engine, but Elrond aims for EVM compliance to to achieve interoperability between blockchains.