Elrond brings broadband performance to blockchain
Integration system with other blockchains
Sharding, scaling and competing blockchain systems for the highest transaction speed is certainly good, but if developers want a competitively successful product, you need to think about other ways. One of the advantages of the Elrond platform is the support declared by developers for integration with other blockchains, which will be implemented in the future (work on integration with Ethereum is already underway).
The bottom line is that the Elrond virtual machine will be able to process requests and receive data from smart contracts of third-party blockchains, such as, for example, Bitcoin and Ethereum. In the future, this means that, based on the Elrond ecosystem, it will be possible to implement, for example, a fully independent and truly decentralized cryptocurrency exchange in which users will exchange assets without using third-party gateways in the form of cryptocurrency exchanges. Users will be able to change the currency by sending it directly to the smart contract, and not to the exchange wallet.
It will also help unite the efforts of various blockchain startups and carry out various joint work without transferring their applications to another blockchain. This approach, of course, is a breakthrough and I am sure that this will be one of those solutions that will greatly advance the crypto industry forward.
SPoS mining on the Elrond network
I must say right away that to call this type of consensus mining is not entirely correct, because the word mining was assigned mainly to PoW consensus, where computing power is used to prove the right to confirm the transaction.
In the classic PoS - Proof of Stake - Proof of Stake - the block validator is randomly selected among all the coin holders who provided them, roughly speaking, to lease the system in exchange for the right to become a validator.
But the Elrond project works on the consensus of SPoS - Secure Proof of Stake - Secure Proof of Stake. I would like to highlight two differences from the classic PoS:
The validator is not completely randomly selected based on the amount of its stack. In SPoS, the formula for calculating the validator of the next block is repelled from the signature key of the previous block, which helps to prevent the creation of a false blockchain chain during a successful attack on the network.
Validators have an internal rating determined by the system itself on the basis of the number of blocks confirmed by them and the time spent in the network
Given these two factors, I think this consensus can be called “secure” with certainty, because these methods can really significantly increase the network's resistance to attacks (I talked about this in more detail in the previous part of the review).
Security issue
He certainly does not need to be ignored. Elrond’s system protects against various attacks and threats through many different factors.
For example, collectively working validators will oppose double spending, 2/3 + 1 of which will be required to confirm the transaction before writing it to the block. So that the validators themselves could not compromise the network for personal gain or, being bribed by a third party, a group of validators for each block will be randomly selected from all involved in the network, so the group of dishonest validators will not be able to coordinate to successfully break into the network. It will also help in the fight against DDoS attacks, from which the network will be protected and some other protocols that filter duplicate requests, intentionally spam transactions and more.
Also interesting is the fact that on the Elrond network, developers are introducing a rating system for validators. The rating will be calculated by the network itself, and not by the project team, as it happens in Proof of Authority systems, similar to the Libra coin from Facebook. The rating will increase based on the time and continuity of the validator and the number of successfully signed blocks.
Such comprehensive measures, it seems to me, will be able to provide a truly secure system. Well, for a more detailed analysis of the economy of the ERD token and mining.
Token ERD
The ERD token is an internal token of the Elrond platform and is used on it to pay transaction fees and the deployment of smart contracts. The commissions in the Elrond system are significantly lower than that of its main competitor - Ethereum - because SPoS mining is very low-cost compared to PoW mining of Ether.
At the moment, the Elrond project has already completed its IEO, which was held on the Binance Launchpad platform and now it can be freely purchased on the Binance exchange for BTC, BNB and various crypto-dollar options (USDT, USDC, PAX and so on). The coin is also traded on the Dcoin and Bilaxy exchanges, but the trading volumes there are significantly less than on the leading crypto exchange Binance.
The total capitalization of the ERD coin is, at the time of writing, $ 17,000,000, which is a pretty good indicator for a young cryptocurrency. CoinMarketCap's capitalization rating is 202.
More information on the project Elrond Network please visit their website listed below:
WEBSITE: https://elrond.com/
WHITEPAPER: https://www.elrond.network/files/Elrond_Whitepaper_EN.pdf
ANN: https://t.me/ElrondNetworkAnn
TELEGRAM: https://t.me/ElrondNetwork
TWITTER: https://twitter.com/ElrondNetwork
FACEBOOK: https://facebook.com/ElrondNetwork
MEDIUM: https://medium.com/elrondnetwork
Author
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