Advantages of the Elrond blockchain
The Elrond blockchain is a pioneering open-source transaction technology focused on security, speed, scalability, and lowering transaction costs.
Why Elrond?
The Elrond blockchain is a groundbreaking open-source transaction technology for the exchange, validation, and documentation of valuable data, such as that generated during payment transactions, the conclusion of contracts or the transfer of rights. Transactions are decentralized which obviates the need for intermediaries such as states, banks or other third parties.
With the help of smart contracts, decentralized applications can be developed on the Elrond blockchain for numerous use cases and industries. Own tokens in the ESDT standard are just as secure, fast, and scalable as Elrond’s native token EGLD.
Energy-saving
The Elrond blockchain is particularly energy-saving because it runs on commercially available hardware.
Also: Due to the Secure PoS consensus process, Elrond scores with an optimized eco-balance compared to the proof-of-work consensus process used by blockchains like Bitcoin.
Further information from Elrond
What makes the Elrond blockchain so special?
Lightning-fast transactions and optimal scalability
Elrond is among the most powerful blockchains and solves the scaling and speed problem by processing transactions in parallel (Adaptive State Sharding).
With more than 250,000 transactions per second (testnet), the Elrond blockchain can execute transactions in near real-time.
For project developers, this is a key requirement for scaling blockchain projects (globally). Users benefit from an optimal user experience – an important prerequisite for customer acceptance of the technology.
Maximum safety
During a transaction, the data is stored in encrypted form on millions of computers (nodes), the hardware framework of the blockchain.
When a new data record is created, all nodes are updated so that every node has all the data at all times. Cryptographic processes ensure that data is tamper-proof.
Elrond maximizes the security of the blockchain through what is known as the Secure Proof-of-Stake consensus (SPoS) process.
For consensus building, validators are randomly selected – within 100 milliseconds or less. This de facto rules out manipulation.
Minimal transaction costs
Adaptable Smart Contracts
Smart contracts enable the widespread application of blockchain technology in numerous use cases.
This involves enforcing the contractual terms of a transaction in real time on a blockchain. While most smart contracts are not adaptable once launched, Elrond has developed technology that solves this problem.
This allows your business case to evolve flexibly, taking into account changing user requirements.
Elrond Ecosystem
In interaction with customers and partners, an ever-growing socio-technical ecosystem is emerging around the Elrond blockchain.
Both Elrond’s DeFi 2.0 module and independent platforms are contributing to the emergence of an internet-based economy.
This accelerates the market penetration of Elrond blockchain technology.
Optimal for software developers
The Elrond Virtual Machine is a special engine for executing smart contracts that builds on WASM. It extends the family of languages available to smart contract developers to include Rust, C/C++, C#, and Typescript.
This allows you to write smart contracts in the programming language you are familiar with. WASM can already compile a variety of programming languages and WAT allows easy debugging in human-readable format.
More advantages
- open source source code
- global developer community
- Native token EGLD
- IT security (audits/certificates)
- 30% royalties for smart contract authors to refinance their projects
Elrond architecture
The following components form the basic framework of the Elrond network
Users & Nodes
Users perform transactions, as a transfer of value or as an execution of a smart contract. Nodes are the devices in the network that process these transactions.
Validators
Validators – like Istari Vision – provide block generation and consensus building for transactions and are rewarded for this. They must use tokens to qualify and are randomly selected by the network (SPoS process).
Shards
Shards are smaller partitions of the Elrond network and are used for scaling: each shard is responsible for a part of the state (accounts, smart contracts, blockchain) and transaction processing.
Metachain
The metachain runs in a dedicated shard and performs tasks such as authenticating and finalizing shard block headers or facilitating communication between shards.
EGLD-Token
Elrond’s native token – EGLD (eGold) – is used to pay for e.g. smart contract executions, transactions or rewards for validators.
Users & Nodes
Users perform transactions, as a transfer of value or as an execution of a smart contract. Nodes are the devices in the network that process these transactions.
Validators
Validators – like Istari Vision – provide block generation and consensus building for transactions and are rewarded for this. They must use tokens to qualify and are randomly selected by the network (SPoS process).
Shards
Shards are smaller partitions of the Elrond network and are used for scaling: each shard is responsible for a part of the state (accounts, smart contracts, blockchain) and transaction processing.
Metachain
The metachain runs in a dedicated shard and performs tasks such as authenticating and finalizing shard block headers or facilitating communication between shards.
EGLD Token
Elrond’s native token – EGLD (eGold) – is used to pay for e.g. smart contract executions, transactions or rewards for validators.
More about the Elrond blockchain
Let us show you why we are convinced of the Elrond blockchain technology.
Functional Comparison
Elrond is a high-performance blockchain technology based on the proof-of-stake consensus mechanism. It was developed to eliminate vulnerabilities of other blockchains. Actually, we claim that Elrond is the best blockchain technology in the world.
Orientation Call
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Cost Calculator
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Contact us
Want to learn more about the potential of the Elrond Blockchain for your business?
Book your orientation call now!
We are also available by phone and will be happy to call you back!
Phone: +41 415 11 777 1
E-mail: hello@istari.vision
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References
Visit Elrond and Istari Vision customers and partners
More about the Elrond blockchain
