Despite the 10th anniversary, blockchain technology is still at the initial stages of its formation. For all these years, the practical application of the technology has not been found, crypto enthusiasts continue to overtake transactions between wallets and exchanges, trying to make money on it. In general, the blockchain technology, in addition to speculative interest, has not yet generated anything sensible, which would really be of interest to people and could modernize the long-obsolete centralized structures. All this is due to the fact that a solution has not yet been found that can solve the trillem of scalability. All existing blockchains today sacrifice one of the indicators in favor of another, so the technology is still marking time. Bitcoin and Ethereum sacrificed scalability in favor of decentralization, they perform their function well only until the network is overloaded, and with the growth of the ecosystem, problems appear, such as the limited speed of transaction execution. Until transactions are carried out on a free scale - you can’t even dream about the massive use of blockchain technology. The Elrond Network project team understands this very well and is creating its own network, which will be free from the shortcomings of existing blockchains. Elrond Network is a project that is finally able to solve the scalability trilemma of blockchain networks and strengthen the interaction of technology with real sectors of the economy. The main objective of the Elrond Network is to create a new blockchain architecture that goes beyond the modern level and is designed for practical scalability using adaptive state separation and secure transaction confirmation (SPoS). In an ecosystem that seeks interconnectivity, their smart contract solution offers an EVM-compatible mechanism for interoperability by design. This is a guarantee that Elrond Network will be relevant in the ever-growing blockchain environment.
Elrond Network is a complete rethinking of the open-source blockchain architecture specifically designed to provide overall overall improvement through scalability, efficiency, and security while maintaining a fairly decentralized setting. To achieve this goal, the team introduced a new adaptive state separation mechanism that provides scalability as more and more nodes join the network, paralyzing transaction processing. At the consensus level, Elrond offers a new mechanism called Secure Proof of Stake, introducing a random selection of the consensus group, a bet plus rate as a suitability function to prevent sibil attacks, and an almost instant pBFT-based finality. To provide decentralized applications, Elrond is designed to be compatible with EVM and Ewasm, supports multiple smart contract languages, and formal verification.
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