UNDERSTANDING ELROND || 10% payout to tron-fan-club

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INTRODUCTION

The problem of many project in recent years is being able to handle huge amount of transactions because there are people coming the crypto world every day. This has brought some inconvenience when people us trader Bitcoin or Ethereum because of the slow transaction speeds and also unrealistic transaction fees.

Even though Bitcoin and Ethereum transaction speed are slow and there gas fees are expensive, it is difficult for people to turn their backs on these cryptocurrencies because they have massive advantages. For instance, Bitcoin have it main power to store value through scarcity, and that make it a gold standard while on the other hand is a programmable blockchain that brought about smart contract and the world of decentralized finance application. In recent years, developers have been looking for ways merge the qualities of bitcoin and ethereum and the have achieved their goal.

Elrond was created 2017 to solve the scalability issue. Elrond is public blockchain that provides the majority of what good blockchain need including the adaptive state sharding and secure PoS. Elrond blockchain don't just have a fast transactions, but is also an absolute fintech and decentralized financial ecosystem. In other word, the developers can use this blockchain to develop different types of decentralized applications easily. The developer don't want to give up some important things a blockchain should have and that is the reason why they developed Elrond to have the ability to process up to 10,000 transactions per second while keeping transaction finality and transaction fees very low. In other word, the developer want transactions to be fast and cheap.

They also want to take away the use of centralized exchanges and trading platforms to be the major way investor switch from one blockchain to another. In recent years, it people want to move from one blockchain to another, they will have to sell their cryptocurrencies to a centralized exchange platform like Binance and then use the money to buy cryptocurrency which they could transfer to somewhere else but Elrond has removed this long process by using bridges and Elrond virtual machine.

HOW DOES ELROND WORK?

Just as I said earlier, Elrond is using adaptive state sharding and its uncommon secure PoS algorithm to offer the scalability people want. Elrond has it own token called e-gold.

• ADAPTIVE STATE SHARDING

Elrond have an uncommon sharding technology when it come to scalability. What they simply do is to build a database optimization method that makes itself as being one to the top blockchain driven solutions. Most of the blockchains out there that have a sharding technology usually divide their network into several pieces and are just several versions of the network that are assessed by a master shard.

The network chronology is structured based on a timeline which are distributed into a rounds and epochs. Rounds are created to exist at particular time lapse and in every round, the blockchain pick a new group of for specific shard and make it create a new block. It simple definition, a shard in a mini blockchain.

• EPOCH

Epoch can go through the process of modification alongside with network's structure and they exist within a specific timeframe. They usually expire and when they expire they trigger the pruning and rearrangement of all the shards.

The use of shard by Elrond is driven by their desire to accomplish some particular objective.

THINGS THAT ELROND WANTS TO ACCOMPLISH

• They want to achieve scalability messing with the availability. In other words, whenever there is movement in the available shards due to some development of the network, it should not affect update or downtime.

• Instant dispatching and traceability. In simple definition, it mean that we want to let the network to know where everything is on network at once.

• They want to achieve an absolute adaptability and maintain shard balance consistently. What simply want to do is to make the network adapt well to what the user needed. So, they basically grow and shrink the network.

ELROND'S CONSENSUS MECHANISM

It is actually a method they use to make sure that every user agree on the transactions on the block chain. Like I mention earlier, it use a PoS mechanism and it PoS mechanism comes as an improvement to the usual PoS consensus mechanism. The Elrond PoS algorithm reduces delay. Elrond also have special model rating, the more coins you have and the more honest you have been in the past, the more your vote count.

METACHAIN

It is a protocol that driven a particular shard which focus on creating communication speed between the shards. The Metachain don't only does that, it also do some amazing stuffs like triggering new epoch, rewarding stakers, storing and maintain the validators data, and approving the block header of processed shards.

Elrond have it own token called e-goldthat is basically used to pay for transactions, validators rewards, store value, decentralization application development and smart contract execution. The main ideology of e-gold is store value and act a rival of Bitcoin as a store value.

ELROND TOKENOMICS

E-GOLD has limited supply of 20million token, tokens are minted every day to reward validator. For every transactions, some percentage of the transaction goes to the validators and some goes to Elrond network fund. Because e-gold is non-inflationary since it have limited supply, if the demand goes up, the price will go up.

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