Elrond contribution proposal:
Adaptive State Sharding - Elrond proposes a dynamically adaptive sharding mechanism that ena-bles shard computation and reorganizing based on necessity and the number of active network nodes. The reassignment of nodes in the shards at the beginning of each epoch is progressive and nondeter-ministic, inducing no temporary liveness penalties. Adaptive state sharding comes with additional chal-lenges compared to the static model. One of the key-points resides in how shard-splitting and shard-merging is done to prevent overall latency penalties.
Elrond solves this challenge by:
Secure Proof of Stake - As an improved variation of Proof of Stake (PoS) that ensures long term security and distributed fairness, while eliminating the need for energy intensive PoW algorithms. Elrond introduces an improvement which reduces the latency allowing each node in the shard to deter-mine the members of the consensus group (block proposer and validators) at the beginning of a round. This is possible because the last block's aggregated signature is used as the randomization factor. In addition to the stake factor generally used in PoS architectures as a sole decision input, Elrond refines its consensus mechanism by adding an additional weight factor called rating.
Main problems tackled:
Q1 2019 - (Inception)
Q2 2019 - (Launch)
Q3 - Q4 2019 (Expansion)
$12 000 000
$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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