What is Elrond and how important is this project for the blockchain industry
The decentralized economy continues to develop rapidly and for mass adoption, it is necessary to provide users with high-quality blockchain products that will make their experience of interacting with the digital environment more useful and interesting.
But to do this, blockchain platforms should not just offer copies of centralized services – they should offer something better. Blockchain companies have done a lot to make financial services more accessible. Today we will talk about the Elrond project and what they have achieved.
What is Elrond?
Elrond blockchain platform is a high-speed and scalable blockchain network created to make the Internet economy accessible to everyone. The main goal of the project is to create a new and accessible digital economy without any restrictions.
Elrond has developed a new blockchain architecture that allows for a 1000-fold increase in bandwidth and transaction processing speed. During the last stage of testing “The Assembly", the network processed 263 thousand transactions per second.
The peculiarity of the architecture is that it is designed as a typical REST service on the Internet:
- The load balancer is a layer of abstraction api.elrond.com;
- Validator - Web server;
- Transactions - HTTP requests;
This combination of blockchain and web technologies is an example of successful implementation of the Web 3.0 concept.
How the Elrond blockchain works
The Elrond blockchain consists of validators, observer nodes, and users. Validators generate new blocks, and nodes process transactions that users transmit to the network. Network scaling is achieved thanks to advanced sharding mechanisms (Adaptive State Sharding),
used at the network, transaction, and state level, which ensures high performance. This approach allows you to easily scale the network without affecting its availability and security.
The blockchain is based on the SPoS consensus mechanism - secured proof-of-stake is a modification of the long-existing Proof-of-Stake mechanism. Using SPoS reduces network latency and allows nodes to determine who will be part of the consensus group at the beginning of each new cycle.
Currently, the Elrond network is conducting dry-run tests with validators that will be included in genesis, ahead of the mainnet launch. On the platform's website the counter is located before the main network is started.
Everstake collaboration with Elrond
Everstake – one of the validators of the Elrond network. But the company's activities go far beyond this role. Everstake is aimed at long-term support of the network and uses its own resources for this purpose.
The Everstake team carefully selects blockchains for collaboration. With many years of experience in the field of blockchain and information technology, Everstake develops secure solutions for token holders in various blockchain networks.
- A team of highly qualified specialists;
- Secure solutions for token holders who want to stake cryptocurrency;
- Reliable validator that works in 20 blockchain networks;
- More than $1 billion delegated by investors to the validator;
Since the launch of the Elrond platform, the Everstake validator has been supporting the network and token holders, developing solutions to improve security and make it easier for users to interact with staking, and regularly participates in competitions and tests to demonstrate reliability in practice. More detailed information can be found on the validator website.
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