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
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
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.
Elrond 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.
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
Intuitive wallet for any internet user
The most useful form of money
Uniquely integrated mass-audience consumer product
Palantir - Elrond privacy features