Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.
The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking and rewarding validators.
Elrond describes itself as a blockchain platform for the new internet economy, decentralized applications and enterprise use. Its main selling point is its high scalability, stating that it is the first blockchain network in which state, network and transaction sharding have all been implemented. According to its economics paper, it seeks to build up its ecosystem and establish EGLD as a store-of-value asset.
To achieve this goal, the network runs on 2,169 validator nodes split into four shards: three execution shards, capable of 5,400 transactions per second each, and one coordination shard, the "Metachain." Elrond's adaptive state sharding architecture completely shards state, transactions and network. It can scale by adding an additional shard when the throughput demand is unmet. It was tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries grouped in 50 shards.
In order to increase adoption, the project also supports developers building on the platform, allowing them to earn 30% of the smart contract fees as royalties.
The company maintains a supply of EGLD tokens to stake on the network during its first year, with validator nodes receiving a 36% annual percentage rate.
$8 250 000
We are still evaluating this ICO and looking forward to a call with the Tech Team
Currently, we feel that it is too early in order to determine whether the team will be able to produce an outstanding project. With that said, the main team is promising and based on their network and previous relevant experience, there is a relatively high probability that they will be able to give their competitors at least some things to think about. We believe Elrond’s team needs to move quick in order to seize a place in the competitive field they are running in. Lastly, it is important that the team deploy their marketing and business strategy efforts as soon as possible, and do not wait too long before attracting interesting parties into their community. We will keep a close eye on this project, and are curious how it will progress in regard to its development and hype.Updates:• Hardcap has been announced - $15.2 million• Token metrics have been released and 55% of the total supply is dedicated to investors• Public prototype has been released and test net is in progress• Elrond Network is now a fully open-sourced project• Improved documentation and website• Revamped project roadmap; the team has completed their milestones in a timely manner this far• New roadmap additions: Elrond's VM with Smart Contracts and Testnet Audit in Q1 2019 + Creation of the Elrdon Hub and Elrond Society in Q3 2019• Elrond Initiates Cooperation With Leading Payment Provider NETOPIA Payments• Elrond's team has expanded to a total of 17 team members (from 9), adding new software engineers, devleopers, and researchers, along with marketing and UI/UX designers• New advisor: Sunny Aggarwal who is a core devloper for Tendermint/Cosmos projects, and one of the Co-Founders of the research group Blockchain at BarkeleyIMPORTANT: 10% of the tokens (dedicated to advisory board and partners) have no lock-up, and neither do we know what discounts they were given at. If the discounts are above 50%, then this can potentially make Elrond a risky investment in the short-term
Elrond Network is a definitely rare case in crypto, and here is why:Elrond brings to the table Adaptive State Sharding, a solution that will scale almost linearly with the number of shards, improve communication inside the shards, increase performance through parallel processing and reduce storage.Project exists since October 2017, testnet is almost ready, and all the development was self-funded by the co-founders. No private sale, no funds, no pre-sale, no shady deals at all.Elrond team has already showcased its prototype and opened their GitHub in November, since then the team re-wrote everything from scratch in GO (previously it was written in Java) for the testnet, and has achieved a 30x performance improvement.Quick stats:3750 transactions per shard1500+ commits on Github140k lines of codeThe team consists mostly of software developers with high expertise.CEO was part of the NEM core team and has been active in the blockchain industry for more than 4 years. We see that the team is not afraid of publicity at all, you can watch multiple videos on their twitter, showcasing the team members at the office. Elrond has a partnership with Netopia payments, the biggest electronic payment processor in Romania. We are really keen to see the code review from any competent reader of our channel:)
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