Scalability is a concern shared by many legacy blockchains. Lucian Todea, Benjamin Mincu, and Lucian Mincu launched Elrond in 2017 to address this issue and other common concerns, such as a lack of security. Elrond protocol is ideal for hosting dApps and other enterprise-grade use cases due to its superior speed, security, and scalability.
Elrond’s unique sharded architecture enables it to overcome many of the blockchain’s most significant limitations and achieve high throughput. Elrond reduces storage and bootstrapping costs significantly for long-term sustainability.
About Elrond
Elrond is a blockchain protocol designed for speed, scalability, and security. Its network is capable of functioning on a “internet scale.” The protocol employs adaptive sharding and Secure Proof of Stake to boost throughput and resolve the blockchain trilemma. According to the blockchain trilemma, it is currently technologically impossible to simultaneously achieve security, scalability, and decentralisation. However, Elrond’s unique modus operandi could solve this trilemma.
Elrond Conformity Mechanism
Secure Proof of Stake (SPoS) is an enhanced version of Proof of Stake that ensures distributed fairness and long-term security on the Elrond blockchain.
It employs a random consensus group selection for increased security and eliminates computational waste.
Key Attributes of Elrond
Elrond employs adaptive sharding to improve throughput and efficiency.
Elrond VM (Elrond Virtual Machine) serves as the protocol’s smart contract execution engine. It is one of the most efficient virtual machines in the blockchain industry.
Using the Secure Proof of Stake consensus mechanism, Elrond maximises security.
Elrond’s automatic transaction routing and state redundancy mechanisms reduce latencies significantly.
Transaction fees are negligible, averaging $0.001 per transaction.
Founder
In 2017, Lucian Todea, Benjamin Mincu, and Lucian Mincu founded Elrond. Lucian Todea is the current COO, Beniamin Mincu is the CEO, and Lucian Mincu is the Chief Information Officer.
Popular Use Cases of Elrond
Maiar exchange is a DEX market maker that is automated.
CryptoBubbles is an entertaining game based on Elrond.
Maiar wallet is a wallet that can be created in seconds using your phone number.
Elrond Foundational Instruments
Developer IDE
The Elrond IDE
Elrond IDE is an extension for Visual Studio Code that provides Elrond Smart Contract development support.
Network Metrics
Coin Market-ELrond
Elrond is a blockchain protocol that utilises sharding to provide extremely fast transaction speeds. The project identifies itself as a technology ecosystem for the new internet, including fintech, decentralised finance, and the Internet of Things. Its platform for executing smart contracts reportedly supports 15,000 transactions per second, six-second latency, and a transaction cost of $0.001.
Node Explorer
The Elrond blockchain browser
A blockchain platform that is highly scalable, quick, and secure for distributed applications, enterprise use cases, and the new internet economy.
Smart Contract
elrond Docs:
The Elrond Network supports smart contracts written in any programming language, but they must be WebAssembly-compiled.
Testnet
Elrond testnet wallet
Faucet
Elrond R3D4:
This faucet supplies the Testnet network with xEGLD and ESDT.
Wallets
Elrond’s Wallet:
You can securely transfer, receive, and store your Elrond tokens while interacting with Elrond decentralised applications using this wallet.
Support for Programming Languages on Elrond
- Go
- Rust
- Typescript
- C++
- Javascript
Elrond SDKs
ReactJS SDK is a library that provides a collection of components along with their HOCs and helper functions to facilitate the integration of blockchain technology into React applications.
Android SDK provides sample source code, libraries, an emulator, a debugger, documentation for android APIs, tutorials for the android operating system, and documentation for android APIs to facilitate the development of various android applications.
Dotnet SDK is a collection of tools and libraries consisting of components such as Dotnet command-line interface (CLI) and Dotnet driver that facilitate the development of Dotnet applications and libraries.
Rust SDK provides a comprehensive collection of open-source libraries and tools curated specifically for Rust developers, enabling them to build and deploy Rust-based applications with ease.
Javascript
Dart SDKs include the libraries and command-line tools necessary for developing Dart command-line web apps and servers that do not use Flutter.
Java SDKs provide tools to write, edit, sign, compile, package, test, and debug software, thereby enhancing developer productivity and accelerating software development.
Elrond Add-Ons
VSCode
The Elrond IDE
Elrond IDE is an extension for Visual Studio Code that provides Elrond Smart Contract development support.
Plugins
zabbix-elrond-plugin
This Zabbix custom plugin and templates will enable automatic discovery of your Elrond nodes, monitoring of the most critical items, and configuration of triggers and charts.
Collaborator
Pay Alchemically
Elrond Network Partners With Alchemy Pay To Enable Crypto To Fiat Payments, Seeking to Connect Elrond’s EGLD and ESDT to 200M+ Merchants Through Virtual Cards And Payment Gateways.
Swapping Tools
Simpleswap Elrond (EGLD) is an easily obtainable cryptocurrency on SimpleSwap.
Unaffiliated Services
Oracle Compatibility
This repository contains a collection of Smart Contracts that interact with the Chainlink ecosystem for the Elrond network.
Cloud provider
Cloud of Elrond
Cudos Distributed Cloud Computing Platform Offers Decentralized End-to-End Hosting for Elrond dApps.
Why does EGLD have value?
Elrond’s cryptocurrency, EGLD, is essential for network maintenance and can be used for sending, rewarding network contributors, and running smart contracts.
By holding and staking EGLD, users gain the ability to vote on network upgrades and are rewarded with freshly issued EGL in proportion to the amount staked.
Elrond distributes 30% of the transaction fees as “smart contract royalties” to the authors of smart contracts. Elrond also deducts 10% of all transaction fees for the purpose of compensating community members who participate in special events, bounty projects, and network development.
According to the software’s rules, there will never be more than 20 million EGLD, similar to the limited supply of many other cryptocurrencies.
End Note:
By the above theory about Elrond blockchain, we learnt about Elrond’s history, key features, use cases, foundation tools, SDK, and more. With all these feature packed elements, Elrond still rank #5 among other blockchains according to Scortik. Scortik is a Blockchain Protocol Review and Rating platform where they rank the protocols based on their features, tools and all other elements. Check Elrond Review and Rating on Scortik carefully reviewed by top blockchain experts to find the reason why it lacks behind 4 other blockchain protocols and what are those top blockchain protocols are.
