Elrond is an easy to integrate blockchain with unprecedented scalability, high speed, and low transaction cost. Genesis staking is the final phase leading to the Elrond Mainnet launch. Thus all Elrond eGold (EGLD) holders are incentivized to support the Elrond network and mainnet launch, by locking their EGLD into a smart contract, contributing to reach the necessary economic security threshold, and earning rewards while delegating or running a validator node.
Elrond has positioned itself as an ideal blockchain for decentralized finance (DeFi) developers to use for their apps, as well as for other kinds of decentralized apps (dapps). Elrond’s creators suggest that the technology is to previous blockchains what broadband was to dial-up connections, enabling dramatically greater bandwidth to handle higher volumes of transactions and more demanding decentralized apps. While targeted at dapp developers, Elrond also aims to be a more consumer-friendly blockchain platform, as first demonstrated via its Maiar payments app.
Sharding is a technique that breaks data down into smaller pieces and distributes them across multiple chunks of the network, or shards, each comprising a number of nodes that process transactions. As a core concept, it’s not unique to Elrond; Zilliqa is another sharded blockchain with similar aims, while Ethereum 2.0 will also implement sharding techniques. What Elrond does a bit differently is to implement three different kinds of sharding—state, transactions, and network—and use parallel processing to speed up transaction time and handle more at once.
Elrond also uses what it calls a secure proof-of-stake system consensus mechanism. It pairs the weight of a validator’s staked EGLD tokens with a network rating for each node, creating something of a meritocracy, plus it implements random validator selection and regularly reshuffles nodes between shards. It’s said to be a secure, low-latency solution for consensus.
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