What: Sharded Smart Contracts execution platform with a PoS consensus mechanism
When: Mainnet live, project started in 2018
How: Scales via Adaptive State Sharding, consensus via Secure Proof of Stake
Performance: 15.000 current TPS, 6s block time, $0.001 tx cost, can scale beyond 100k (263k TPS in testnet)
Maiar money app with progressive security, social recovery, embedded DeFi
Developers: royalties - 30% SC gas returned to authors, full IDE, Rust framework with debugger
Validators: 36% APR for running nodes, low system requirements
Network setup: 2.169 nodes, with 4 shards (adaptivity allows throughput to 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.
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.
First live blockchain architecture with state sharding
Mainnet launched in July 2020
15,000 TPS, 6s latency, $0.001/tx
263k TPS in public testnet
IDE with debugger and Rust framework for SCs
Validated through multiple audits from Trial of Bits & others
Elrond Bootstrapping Phase 3:
Staking: direct & delegation
Elrond Governance: Voting system
Maiar: staking, DeFi
DeFi 2.0 module