Overview

A Highly Scalable Public Blockchain via Adaptive State Sharding and Secure Proof of Stake.

Project stage

Prototype

Detailed description

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.

Problem

Several challenges must be addressed properly in the process of creating an innovative public blockchain solution designed to scale: 

  • Full decentralization - Eliminating the need for any trusted third party, hence removing any single point of failure;
  • Robust security - Allowing secure transactions and preventing any attacks based on known attack vectors; 
  • High scalability - Enabling the network to achieve a performance at least equal to the centralized counterpart, as measured in TPS;
  • Efficiency - Performing all network services with minimal energy and computational requirements;
  • Bootstrapping and storage enhancement - Ensuring a competitive cost for data storage and bootstrappingp;
  • Cross-chain interoperability - Enforced by design, permitting unlimited communication between external services.

Solution

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

Randomness source
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

Performance
Sharding approach shows a linearly increasing throughput.

Shard storage pruning
To reduce storage requirements and bootstrapping time.

Features

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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Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : ERD
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : NA
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Own blockchain ()
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :NA
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :NA
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Without whitelist
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :NA
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No
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  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    NA

Sale schedule

Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
Public sale — Soon
Start Soon
NA No - Uncapped Uncapped
  • Team

    • Beniamin Mincu photo
      Beniamin Mincu
      CEO
    • Lucian Todea photo
      Lucian Todea
      COO
    • Lucian Mincu photo
      Lucian Mincu
      CIO
    • Alexandru Butean photo
      Alexandru Butean
      Head of Research
    • Radu Chis photo
      Radu Chis
      Lead Scientist
    • Sebastian Marian photo
      Sebastian Marian
      Core Developer
    • Adrian Dobrita photo
      Adrian Dobrita
      Core Developer
    • Andrei Tara photo
      Andrei Tara
      Core Developer
    • Iulian Pascalau photo
      Iulian Pascalau
      Core Developer
    • Ion Ceban photo
      Ion Ceban
      Core Developer
    • Dan Voicu photo
      Dan Voicu
      Head of Communication
    • Larisa Oltean photo
      Larisa Oltean
      UI / UX
  • Advisors

    • Raul Jordan
      Technical Advisor
    • Fabio C. Canesin
      Technical Advisor
    • Ethan Fast
      Technical Advisor
    • Alex Iskold
      Business Advisor
    • Alex Tabarrok
      Economics Advisor
    • Andrei Pitis
      Business Advisor
    • Patrick Storchenegger
      Legal Advisor

Roadmap

  • Q3 2017

    Technical work begins

  • Q2 2018
    • Preminary Technical Proof of Concept FInalized
    • Elrond Prototype
  • Q4 2018

    Fully Featured Testnet

  • Q1 2019

    Elrond Mainnet

Activity