Elrond is the internet-scale blockchain, designed to bring many folds of improvement in scale, execution speed, and security. It undoubtedly provides an economic and better experience for the development of distributed apps. This blockchain has integrated innovative strategies of Adaptive State Sharding Mechanism, and a Secure Proof of Stake Algorithm. Elrond Gold (EGLD) is the native Elrond token that can be used for staking, governance, transactions, smart contracts, and validator rewards. Users and developers pay using eGLD to use the network. Validators take the fees in form of eGLD tokens as payment for the services they provide. It is currently trading at $180 and is available on several exchanges like Binance, OKEX, Bitfinex, Wazirx, Crypto.com, etc. Elrond is a high throughput blockchain with 15,000 TPS and 6-second latency. Its transaction fee is as low as $0.001 much economic as compared to Ethereum with a current average of $10/transaction. The transaction throughput on Elrond can scale beyond 1,00,000 TPS with more computers joining it. Currently, the network is supported by over 2,000 nodes on 4 shards. Elrond Wallets Elrond provides a simple and user-friendly wallet service using which users can securely transfer, receive and store their Elrond tokens and interact with Elrond dApps. It has also developed Maiar, which is a decentralized and non-custodial digital wallet and global payments app. Using Maiar, one can send money near-instantly, anywhere in the world, just using a phone number. It can be used to send, spend and stake eGLD. Maiar exchange users will have access to professional trading terminals and tools via the Kattana, a blockchain trading terminal. It integrates several decentralized and centralized exchanges into a single interface packed with powerful professional trading tools like pro-level graphs and TA instruments. Nodes on Elrond Network Any computer, smartphone, or server can run an Elrond client. The following are the different network roles a node can assume: Validator– processes transactions and takes part in the consensus mechanism. It earns rewards from the network protocol and transaction fees. To be a validator, the node has to stake EGLD tokens. A malicious node can lose its stakes if it colludes to disrupt the network. Observer– passive member which reads and relays messages in the network. It can be a full node keeping the entire history of blockchain or a light node keeping only 2 epochs of blockchain history. Fisherman- verifies the validity of blocks after validators propose them. It gets rewarded for pointing out the invalid blocks created by malicious validators. It can be a validator that is not part of the current consensus round or an observer node. Elrond Technical Architecture Adaptive Sharded State Architecture: Elrond maintains shards of its blockchain. It combines all three sharding types- state, transactions, and network. Elrond has a dynamic network configuration by shard merging and shard splitting while scaling as per demand and the number of available validator nodes. Each shard can process only a fraction of the transactions in parallel with other shards. Improved communication inside shards, enables parallel transaction processing and a 1000x improvement in throughput. It balances the smart contracts across shards and allows running multiple smart contracts in parallel. The sharding approaches are as given: Network sharding– it handles how nodes are grouped into shards. Optimizing communication as message propagation inside a shard can be done much faster than propagation to the entire network. Transaction sharding– it handles how transactions are mapped to shards and will be processed. This could be done based on the sender’s address. State sharding– each shard here maintains only a portion of the state. In case a transaction involves accounts from different shards, the state would need to be updated in both the shards. The nodes of the two shards will involve the exchange of messages. To prevent any chance of attack from a malicious actor, a portion of nodes in a shard are shuffled from time to time. The shuffled node will have to download the latest state from their new shard. Secure Proof of Stake (SPoS): It is a new consensus model developed by Elrond developers. It eliminates the PoW computational waste. It also ensures long-term security and distributed fairness. Furthermore, it is a fast consensus model which combines eligibility through stake and rating with random validator selection. The BFT-like consensus protocol maintains a high-security level through random sampling of the consensus group, and random reshuffling of nodes into other shards. Elrond VM Engine: it is a dedicated smart contract execution engine. Built on Arwen WASM, it is an exceptionally fast and secure VM. It supports multiple smart contract languages like Rust, C, C#, C++, Typescript. Testing and deployment on VM can be done in minutes. Elrond provides a top-notch quality of developer experience by providing an IDE. Additionally, it provides a Rust framework for clean and efficient code in … Continued
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