Welcome to Elrond

At a glance:

  • What: Sharded Smart Contracts execution platform with a PoS consensus mechanism

  • When: Started in 2018, testnet live, mainnet in Q2 2020

  • How: Scales via Adaptive State Sharding, consensus via Secure Proof of Stake

  • Highlights:

    • Developers: royalties - 30% SC gas returned to authors, full IDE, Rust framework with debugger

    • Validators: 36% APR for running nodes, low system requirements

    • Performance: 5.400 TPS/shard, 5s block time, scales with more shards

    • Network: 1.500 nodes & 3 shards - can increase with demand

What is Elrond?

Elrond is a distributed transactional computation protocol which relies on a sharded state architecture and a secure Proof of Stake consensus mechanism. While most other blockchain networks require custom hardware and high energy consumption, Elrond runs on average computers.

By employing sharding, a method of parallelizing data & transactions processing, Elrond’s performance will scale up with the number of computers joining the network, reaching more than 100.000 transactions per second while growing increasingly decentralized.

How is Elrond different?

The Elrond network is the first to present a viable solution where all the three aspects of sharding - state, network and transactions - have been implemented at once. Combined with its “Adaptive” component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand.

In addition to scaling through sharding, Elrond also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.

By solving some of the hardest consensus and sharding problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, Elrond also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.

Roadmap and current status

Important achievements:

  • First blockchain architecture with state sharding

  • 65.000 TPS in lab environment / 35k TPS in public testnet

  • The fastest blockchain VM

  • IDE with debugger and Rust framework for SCs

  • Fully functional testnet with 1.000 validators

  • Validated through multiple audits from Trial of Bits & others

Q2 2020:

  • Mainnet Launch

  • Intuitive wallet for any internet user

  • The most useful form of money

  • Uniquely integrated mass-audience consumer product

Q3-4 2020:

  • Palantir - Elrond privacy features

  • Decentralized Identity

  • Cross-chain interoperability