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Submitted by on Sep 3, 2021

Elrond is a blockchain network that uses the real state sharding technique for practical scalability, reducing energy and computational waste while maintaining distributed fairness via a Secure Proof of Stake (SPoS) consensus. Elrond’s network is constructed with a heavy focus on security to provide resistance to recognised security issues such as the Sybil attack. Preliminary calculations and testnet findings show that Elrond outperforms Visa’s average throughput by more than three orders of magnitude or 1000x when compared to existing viable methods, all while dramatically lowering bootstrapping and storage costs to guarantee long-term viability.

Elrond allows for permissionless, borderless global commerce and embraces the growth of the internet economy.

What Makes Elrond Unique?

According to its website, Elrond is a blockchain platform for the new internet economy, decentralized apps, and business use. Its primary selling point is its great scalability, as it claims to be the first blockchain network to incorporate state, network, and transaction sharding. According to its economics paper, it aims to develop its ecosystem and establish EGLD as a store-of-value asset.

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The network is divided into four shards to achieve this goal: three execution shards, each capable of 5,400 transactions per second, and one coordinating shard, the “Metachain.” Elrond’s adaptive state sharding architecture partitions state, transactions, and the network in its entirety. When the throughput requirement is not satisfied, it can scale by adding another shard. It was tested in a public environment with 1,500 nodes from 29 countries divided into 50 shards to achieve 263,000 TPS.

To encourage adoption, the project offers developers the opportunity to earn 30% of smart contract fees as royalties if they build on the platform.

The firm keeps a supply of EGLD tokens to stake on the network during the first year, with validator nodes earning a 36 percent annual percentage rate.

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