Elrond is a project aimed at creating a highly scalable public blockchain for the digital economy. The architecture of which is based on the technology of adaptive State sharding and a new consensus mechanism – Secure PoS.
What is the purpose of the project is Elrond
The emergence of secure public blockchains such as Bitcoin, and then Ethereum, has generated great interest and an influx of large capital – as a result, forming a full crypto-industry. Which was expected to provide a wave of innovations and fundamental changes in many areas. But despite the expectations of many, creating a decentralized secure and highly scalable public blockchain has proven to be a very difficult task.
Overview of Elrond project which creates the project
The developers of the Elrond project offer a new solution to this problem. They want to create a new architecture that is technically far ahead of existing systems. To achieve this, the team intends, through the introduction of State of technology of Sharding able to show their best performance scalability.
With the exception of energy and computational costs by a fair consensus-building mechanism SPoS (Secure Prof of Stake). In addition, the Elrond blockchain is built in such a way as to provide high protection against various attacks on the network, by shuffling nodes inside and between the shards.
Overview of Elrond IEO project which creates the project
The ultimate goal is to create a reliable and fast public blockchain. Which in the future can be used for improvements in many areas such as; real estate, Finance, gambling, Internet of things, healthcare, markets forecasts, cross-border payments and more.