A Highly Scalable Public Blockchain via Adaptive State Sharding and Secure Proof of Stake.
Elrond introduces a novel blockchain architecture which goes beyond state-of-the-art and is designed for practical scalability via Adaptive State Sharding and Secure Proof of Stake (SPoS). On the one hand solution offers scalability while preserving security and decentralization; on the other it ensures large scale efficiency and sustainability by eliminating intensive PoW energy and computational waste. Last but not least, we believe interoperability to be instrumental for the future of the blockchain ecosystem, hence we design Elrond to be EVM compliant and cross-chain interoperable.
Elrond is the first highly scalable public blockchain that uses the newly proposed Secure Proof of Stake algorithm in a genuine state-sharded architecture to achieve VISA level throughput and confirmation times of seconds. Elrond’s novel approach on adaptive state sharding improves on Omniledger’s proposal increasing security and throughput, while the built-in automatic transaction routing and state redundancy mechanisms considerably reduce latencies.
Several challenges must be addressed properly in the process of creating an innovative public blockchain solution designed to scale:
Security through multi signing
This scaling technique can be used in blockchains to partition states and transaction processing, so that each node would process only a fraction of all transactions in parallel with other nodes. As long as there is a sufficient number of nodes verifying each transaction so that the system maintains high reliability and security, then splitting a blockchain into shards will allow it to process many transactions in parallel, and thus greatly improving transaction throughput and efficiency. Sharding promises to increase the throughput as the mining network expands, a property that is referred to as horizontal scaling
Each node from the list E can be selected as part of j an optimally dimensioned consensus group, by a deterministic function, based on last block’s aggregated signature, the round r and a set of variation parameters. The random number, known to all shard nodes through gos-sip, cannot be predicted before the block is actually signed by the previous consensus group. This property makes it a good source of randomness and prevents highly adaptive malicious attacks. We define a selection function to return the set of chosen nodes
Sharding approach shows a linearly increasing throughput.
Shard storage pruning
To reduce storage requirements and bootstrapping time.
Uncompromising security is paramount
Elrond randomness source ensures a truly unpredictable consensus group selection, rendering any kind of collusion or bribery attacks useless. During each epoch, shards are randomly reorganized, adding a further security layer against takeover attack vectors. Publicly verifiable multi-signature seals the blocks, provides traceability and ensures a highly effective cryptographic layer.
Cross-chain interoperability is instrumental
Rapidly advancing towards a world with thousands of blockchain iterations, each with different capabilities, optimizations and use cases, where cross-chain communication will become instrumental.
Elrond was designed to be EVM compliant and cross-chain compatible, effectively opening the way to productive cross-chain development.
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