Elrond is a novel architecture which goes beyond state-of-the-art by introducing a genuine State Sharding scheme for practical scalability, eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus mechanism. Having a strong focus on security, Elrond’s network is built to ensure resistance to known security problems like Sybil attack, Rogue-key attack, Nothing at Stake attack and others. In an ecosystem that strives for interconnectivity, Elrond’s solution for smart contracts offers an EVM compliant engine to ensure interoperability by design.
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Elrond (or "the Project") is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability by employing two key elements: Adaptive State Sharding and a new Secure Proof of Stake ("SPoS") consensus mechanism.
Elrond's testnet is already live and can process upwards of 10K TPS, with 5-second latency and minimal cost (based on 5 shards). The Project aims to be a platform for easy deployment of programmable money and dApps, thus becoming the backbone of an open, permissionless, borderless, globally accessible internet economy.
Elrond's goal is to be a high throughput, fast transaction speed and low transaction cost platform, allowing efficient and competitive dApp user experiences in real world use cases.
Elrond believes that its high scalability, fast transaction speed, and low transaction cost makes it well-suited for machine-to-machine transactions and the IoT economy.
Elrond Token Ecosystem
The Elrond token (ERD)'s uses include, but are not limited to: payment for transaction fees and payment for the cost of deploying dApps on the network and rewards for various contributions to the network.
During its first few years, the Project's main focus will be on establishing Elrond as a global public utility within the internet ecosystem, offering a scalable, efficient, and interoperable blockchain architecture, only accessible through ERD tokens. All activity within the network (i.e. making transactions, running smart contracts, providing services like staking, or running a validator node) will be fueled by the ERD token. Both startups and large-scale enterprises will be able to build decentralized applications on top of Elrond's network and integrate Elrond as part of their infrastructure solution for products and services.
Comparable in throughput as to centralized counterparts.
Our architecture goes beyond state of the art and can be seen as an augmentation of the existing models, improving the performance while focusing to achieve a better nash equilibrium state between security, scalability and decentralization.
Minimal energy and computational requirements.
Elrond eliminates the need for intensive PoW consensus algorithms and proposes a novel and more robust Secure Proof of Stake consensus, enhancing intra-shard communication and pruning the blockchain state to the most essential.
Increased security due to the randomly selected block proposer.
Elrond introduces an improvement which adds security and reduces latency, allowing each node in the shard to determine 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.
Decentralizing cross-blockchain operations.
The Elrond Virtual Machine’s implementation will hide the underlying architecture isolating the smart contract developers from system internals ensuring a proper abstraction layer. In Elrond, cross chain interoperability can be implemented by using an adapter mechanism at the Virtual Machine level. This approach requires specialized adapters for each chain that is non EVM compatible and wants to operate with Elrond.
Token Supply Distribution:
- Launchpad sale tokens comprise 25% of total supply.
- Private sale tokens comprise 19% of total supply.
- Team tokens comprise 19% of total supply.
- Reserve tokens comprise 17% of total supply.
- Advisors received 2.5% of total supply.
- Ecosystem Rewards tokens comprise 7% of total supply.
- Marketing tokens comprise 8.5% of total supply.
- Community tokens comprise 2% of total supply.
Token Overview & Use Cases
The use cases intended for ERD include but are not limited to: (1) payment for transaction fees, (2) payment for the cost of deploying dApps and (3) rewards for staking and various contributions to the network.
The ERD token is used to stake and participate in the Secure Proof of Stake consensus of the network.
In addition, the ERD token is used to pay for transactions, storage fees, and as gas. The token also serves as rewards to the SPoS validators.
The ERD token will also be used for voting and on-chain governance at a later stage, once on-chain governance is enabled.
In Elrond, rewards are paid through an emission of ERD defined in the protocol. The majority of all newly issued ERD will go to validators, while a very small part will go to a reserve pool. The reserve pool will be used to fund development and ecosystem expansion, increasing the security and value of the network in the long term.
Each time a transaction happens in Elrond, a percentage of transaction fees will go to validators, another percentage will be burned, while the small remaining part will either be: a) donated to the Elrond Community Fund or b) also burned. The percentages will be released publicly in upcoming releases from the team.
- Private testnet launch
- Implement cross-shard communication
- Initiate consensus node reshuffling
- Implement BLS single sig for randomness generation
- Add BLS multisig for consensus signature aggregation
- Launch Elrond block explorer & wallet
- Public testnet launch
- Launch VM Integration
- Finalize Elrond Game dApp
- Finalize Elrond token economics
- Develop shard adaptivity
- Develop shard pruning
- Complete security audit
- Elrond mainnet launch
- Initiate token swap and staking
- Implement functional payment gateway
- Launch of Elrond dApp store
- Launch of Elrond name service
- Introduce Elrond digital identity
- Launch Elrond DEX