elrond : A scalable value transfer protocol for the digital economy
Hi all, the subject of this article is the Elrond project, a project that will eliminate the problems that investors or traders have experienced for years. The Elrond platform aims to enable investors to perform their transactions faster and more reliably using Blockchain technology. After a brief description of the introduction, you can learn more about Elrond, and in the development section, let’s try to understand the concrete problems of the project and the reasons why it arises.
With the rapid development of technology, changes occur in the world. These changes create differences in the habits of people. While the Internet technology in the past promised a different world for people, the crypto money sector now offers the same promises for people. Therefore, many projects and platforms are emerging in this area. Many of these are sloppy processes, damaging people’s trust. This distrust is reflected in the sector over time. In addition, it does its job well in some projects and wants to be able to take its place in the change mentioned above and to be the first to respond to people’s wishes. It is also necessary to distinguish these projects from others. The Cures project is a quality project that makes it good and trusting at this point.
The emergence of innovations does not mean that these innovations will be fully implemented, but it is very important to get the information that will benefit the smallest humanity. Here I can summarize the platform with the narration of the team of the project as follows. As it is seen from the following paragraphs, this is expressed by the project team. As I mentioned recently in the upper paragraph, blockchain technology is extremely new as internet technology and I think it will be at the beginning of all innovations. Because this technology offers people a lot of convenience.The platform is of high quality and brings health technology to people’s feet. The solutions offered are very good. promising future. will come to very good places in the future. they aim to be one of the leading healthcare professionals.
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.
The optimal approach for blockchain sharding, needs to take into consideration advantages from all three sharding types (network/communication, transaction/processing, state/storage). Elrond’s approach to scalability and increased throughput, called “Adaptive State Sharding”, combines all three sharding types into a solution that will improve communication inside the shards, increase performance through parallel processing, reduce storage and scale almost linearly.
Allowing the number of shards to change dynamically according to the available resources (validator nodes) and network usage has a huge impact not only on the throughput, but also on efficiency. Our adaptive state sharding mechanism is based on a binary tree structure, once the number of shards has been computed; this number is used for a deterministic mapping of account addresses to shards. Transaction dispatching in shards is done also deterministically through the mapping of the sender and receiver account addresses to the designated shards. The almost linear scalability of our solution provides the backbone for surpassing the throughput of centralized counterparts
Website : https://elrond.com/
Whitepaper : https://elrond.com/files/Elrond_Whitepaper_EN.pdf
Telegram : https://t.me/ElrondNetwork
Twitter : https://twitter.com/elrondnetwork
Medium : https://medium.com/elrondnetwork
Elrond bounty campaing link : https://community.elrond.com/referral/Pck7oQvJC1dBISP/
Elrond username : freimiller