The developers of the Elrond project
The developers of the Elrond project offer a new solution to this problem. They want to create a new architecture that is technically significantly ahead of existing systems. The team intends to achieve this by introducing State Sharding technology that can show the highest scalability results.
At the same time, excluding energy and computing costs, thanks to a fair mechanism for achieving consensus SPoS (Secure Prof of Stake). In addition, the Elrond blockchain is built in such a way as to provide high protection against various attacks on the network, by shuffling nodes inside and between shards.
The ultimate goal is to create a reliable and fast public blockchain. Which in the future can be used for improvements in many areas, such as; real estate, finance, gambling, the Internet of things, healthcare, forecast markets, cross-border payments and much more.
Elrond, have introduced a new consensus-building algorithm called Safe Proof of Ownership, or abbreviated SPoS (Secure PoS). This algorithm eliminates the need for mining, which requires computations on special equipment and high energy costs. In addition, SPoS improves the internal communication between shards, thereby reducing the state of the blockchain to the necessary one.
The team also assured that the Elrond blockchain has a high level of decentralization and security. This is achieved by improving the internal architecture. Which reduces latency by allowing each node in the shard to identify consensus group members. And also due to the fact that a random model is used to aggregate the signature of the last block.
In addition, Elrond allows for decentralized cross chain operations. The interaction between blockchains is implemented using the adapter mechanism, at the virtual machine level used in the Elrond network. This will require specialized adapters for each circuit, which is not compatible with EVM, but wants to interact with the Elrond blockchain.
Summarizing the technical part in simple terms, we can say that the Elrond team is developing a super fast public blockchain. Which, according to them, is already capable of issuing about 10,000 transactions per second.
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.