Elrond completed its IEO with Binance launchpad. As of now, ERD tokens are powered by Binance chain and can be stored on Binance BEP2 compatible wallet. Let’s discuss the best ERD wallets available (BRP2) and exchange where user can buy it. We will update the article and compatible wallet list once token migration started after Elrond main net launch which is scheduled in Q4-2019.
Elrond is a secure public blockchain ecosystem that has been built on the “sharding mechanism” and is based on the Secure-Proof-of-Stake or SPoS consensus mechanism. Cryptocurrency has been a booming market but it has been always been infiltrated by certain limitations like scalability which is a major issue, third-party adherence, security issues, and cross-chain interoperability.
Elrond has been designed to overcome these problems and to provide a more adaptive and fully decentralized ecosystem. In this article, we will discuss features of the project and information related to Elrond Network ICO. Here is how Elrond is dealing with scalability issue of the blockchain.
How does it work?
Elrond works on the dynamic sharding mechanism that provides shard computation based on the number of active network nodes.
- By using the Binary tree mechanism, the wallet space is divided into the exact number of shards required in a certain epoch.
- Each node is rewarded in the network through the balancing of the shards through architectural equilibrium.
- The built-in mechanism for the automatic transaction of shards for improved latency.
- The shard pruning mechanism ensures improvement in bootstrapping and storage as well as an overall increase in TPS or transactions per second.
Furthermore, the Proof-of-Stake (PoS) consensus mechanism ensures full security and reduces latency on each node. Elrond aims to overcome the extensive energy consuming PoW consensus mechanism and more robust state-of-the-art blockchain and increased communication. The eligible validator keeps the nodes evenly distributed in the binary tree level. The transactions on each block are validated and accepted or rejected.
Advantages and Features
Elrond has been designed to overcome some of the major security issues like Sybil attack, Rogue-key attack, Nothing at Stake attack and many more. Elrond also ensures interoperability and a more comprehensive design system for improved performance of the blockchain.
Let us now look into some of the key features and advantages of the Elrond blockchain network.
- Elrond ensures high scalability into the blockchain. Through the Adaptive State Sharding mechanism, Elrond aims to improve scalability by 1000x and more nodes joining the network and hence more rewards.
- Improve in overall efficiency. Most of the earlier blockchain was based on Proof-of-Work or PoW consensus mechanism where each node is required to solve a puzzle in order to get the reward. This mechanism involved high energy consumption prevented double spending and also were susceptible to Sybil and DDoS attacks. Elrond is based on PoS mechanism and is more efficient and also consumes less energy. The Secure PoS or SPoS consensus mechanism allows random validators selection through stake rating.
- Improved security. Elrond has a special security mechanism to deal with threats like Sybil attack, Rogue-key attack, etc. A collective signature is taken for each node that participates in the process and the signature cannot be altered or influenced in any way. Validators are selected on the basis of last block signatures. The pruning mechanism and multiple signatures decrease the security issues to a great extent.
- Cross-chain interoperability through EVM compliance is implemented through an adapter
- Elrond is much more energy optimized and eliminates the energy waste via PoW consensus mechanism algorithm through SPoS sharding mechanism.
- Elrond operates on random selection through the sharding mechanism and also reduces selection time maximum up to 12 seconds.
- Adaptive State Sharding improves communication inside the shards, increases performance, and allows shards to change dynamically according to the available resources. The State Sharding mechanism is based on Binary Tree structure.
- It allows full decentralization eliminating any third-party intervention thus more privacy to its clients.
- Improved efficiency through minimal energy consumption and computations.
- Improved bootstrapping and storage intervention.
- High performance through the sharding approach.
- The shared storage pruning reduces storage requirements and bootstrapping time as well.
- ERD is the official token of the network.
How to Buy Elrond (ERD) Tokens?
Elrond has completed IEO and token listed on Binance on 04/Jul/2019 (08:00 AM UTC) where users can exchange ERDs with other cryptocurrencies. Supported trading pairs are listed below:
- ERD/BNB
- ERD/BTC
- ERD/USDT
- ERD/PAX
- ERD/USDC
Best Elrond Wallets (BEP2 Compatible ERD wallet)
BEP2 tokens are the tokens fuel by Binance chain. We have discussed all secure BEP2 compatible wallets in our last article. Few of them are listed below:
Read the full list of wallets: https://coinfunda.com/best-binance-wallets-bnb-bep2-tokens/
Conclusion
Elrond is based on a highly scalable distributed ledger and as more and more nodes join the network there will be an increase in the overall output of the blockchain. There is a highly efficient team behind the Elrond network. The main idea is to improve the sharding process efficiency by introducing more regular clients into the network which will invariably reduce the overall cost with time.
Recommended post: Sharding vs. Off-Chain: What’s Better For Blockchain Scalability
The AI-based protocol will detect security issues quickly and efficiently. The network also ensures full privacy of its clients at all levels. Elrond is the first public blockchain network based on Secure Proof of Stake consensus mechanism that also ensures secure and fair distribution of nodes in the system.
