Elrond Project Overview - A scalable value transfer protocol for the digital economy

Imagine for a moment what world it was ten thousand years ago. There were small groups of people trying to live in caves, caves, gutters where they took refuge. Feeding was one of their biggest problems. There are simple social networks and poor economic relationships, where the standard of living was very poor. The scientific development was almost non-existent. Small groups of people tried to communicate and communicate by making signs and sounds. The main purpose of life was to hunt, not hunt. It was a dark and dangerous world at night, a struggle for survival by observing the conditions of nature during the day. There was nothing else.

We know the rest of the story. It is when a man learns to use tools and succeeds in his fight against nature, thereby reaching a force large enough to change nature. It is now under the control of problems such as darkness, disease, and starvation. In a world that has grown from a few million to ten billion people, all relationships are complex and waiting for new solutions.

In particular, the creation of intangible assets in the financial sector and the solution to the problems that arise in this regard are very important. As is known, new projects with blockchain technology have tried different ways to solve problems.

Question

Blockchain technology has a decentralized structure. Therefore, it is difficult to make decisions in situations where decisions must be made. What a majority (51%) agrees with is considered to be true. This risks manipulating the system. Groups that take over large data pools can be dangerous to the system. While the system can theoretically operate at high speeds, significant speed problems arise in practice. If the size of the chain grows, problems with the speed arise. This leads to some problems with energy consumption. The problem of excessive energy consumption, a factor that increases the damage to global warming, must also be solved. Practical and economical solutions for storing and protecting data must be found.

Solution

It uses a system based on bitcoin and business evidence (PoW). This means that the first person to solve the problem on the network receives the reward. For work after proof of transaction (PoS) instead of Block Premium, miners are paid based on their work. PoW is a system that provides more energy. The block is determined on the person's balance, which is not unintentional.

By random selection, Algood reduced the consensus group's selection time to 12 seconds.

Zilliga has developed process sharpening with sharpening.

Elrond Solution

Elrond's goal is to make the blockchain infrastructure more efficient, more secure, interoperable and scalable by re-examining it. Elrond will contribute to the network in two ways 1-by dividing the network chains into several sections to ensure that they are approved by different participants. 2-Eliminate the need for energy with an improved proof of purchase (PoS) version with the Safe Buy Consensus Mechanism. This ensures fair and secure long-term distribution.

Elrond is a project that has developed very important solutions in blockchain compared to other projects:

Compared to Ethereum, Elrond consumes less energy and can work with the Safety Profit of Stake (SPoS) mechanism at higher speeds.

In comparison with Algorand, he developed the idea of ​​the random selection of Algorand, preferring it but also sharing the business, running, rather than in a single chain.

In addition to the Zilliqa process for sharpening, the sharpening condition is used. Thus, the process sought to expand the boundaries of sharpening. Using the consensus mechanism (spos), Elrond uses EVM compliance to ensure consistency between chains and collaborate.

The Elrond VM builds your infrastructure into K Framework, a semantic framework that allows you to define computations, programming languages, type systems, or formal tools. The K-frame can produce the right interpreter for each foreign language defined in K. K frames. These interpreters can be created in several programming languages ​​through components called "backend tips."

Produced interpreters can be used in the Elrond VM project. Users can be compiled without creating resources. The Elrond VM project also includes an adapter code for interacting with the blockchain and tests. Because Elrond can support multiple VMs, there is a VM adapter interface that can be implemented by all Elrond VMs.

Data Storage and Development

Today, data transfer to very large sizes requires economical storage solutions. It is very important to keep the huge amounts of data in the databases intact and to make sure they are economical.

Cross-Chain Interoperability

For different smart contracts to work together, it has been discovered that some mechanisms need to be set up.

The inability to solve these problems could lead even the most passionate cryptocurrency lovers to abandon this technology, as it limits the use of digital money as an alternative payment method. VM is a kind of plug-and-play in which high-level components communicate with one another via well-defined interfaces. A virtual machine that distributes and executes smart contracts in a particular language is a high-level add-on to that architecture.

Working on the development of the Blockchain network:

Bitcoin and Ethereum mining is based on Business Evidence (PoW). In this system, the first person who solves the problem on the network receives the award. It is a very expensive type of mining that requires high processing power. In a system based on proof of transaction (PoS), there is no block award, but network miners are rewarded with transaction fees. Each new block is determined by the person's balance, which is not accidental.

The problem that Elrond is trying to solve is just that: increase efficiency as more weddings join the network. So that secure connections with higher speeds. To achieve this, a Meta VM has been developed to support endurance, IELE, and MASW who can validate smart contracts officially. Elrond VM can easily provide solutions to scalability issues. The live broadcast yielded only five tracks (plus metachain) on AWS from six different geographic locations and 10,000 tfs in just six seconds at 126 knots. This is a performance that can be freer in the real world.

Everything we have today is the product of rethinking the robust block architecture in the network. More than 10,000 operations per second were produced in the live test network "One-Zero". And that is the result that was taken at the beginning of the operation of the test network. The Elrond network, which is still in the testing phase, carries out a series of stress tests and penetration tasks to detect, correct and further improve network stability.

Soon, Elrond supporters will be available and feedback will be received. He plans to launch a structured community contest similar to the stakes game that recently took place at Cosmos. This competition will introduce the community to Elrond's technology and make stress testing a continuous game anyone can play.

The testnet network, which has made great strides, is moving quickly towards the main network over the next three months. At least three testnet versions are likely until it reaches the main asana. Work is underway to make some technological steps, make updates, and build scalable applications to get you started.

Elrond values ​​the magic of his community to thrive. The acquisition of new partners will help to develop the ecosystem. That's why Nash likes new partners with NETOPIA and DSLR, which were later developed.

More information on the project Elrond Network please visit their website listed below:

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Author

Telegram username: @cryptocat15