Momentum is gaining among blockchain proponents that the next generation of applications, free from the centralized data monopoly of big tech, is just over the horizon. At the core of the race towards more scalable, decentralized applications is the hope that recent advances in the underlying technology, ranging from sharding to proof-of-stake, can provide the type of infrastructure that these dApps need to become widely adopted.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel adaptive state sharding mechanism and a secure proof-of-stake algorithm. The second key innovation in Elrond is its secure proof-of-stake algorithm. Elrond has attempted to depart from the energy-intensive and unsustainable proof-of-work and come up with a solution compatible with a globally scalable architecture. Thus, we employ proof-of-stake to significantly improve energy efficiency and prevent Sybil attacks, random sampling of the consensus group to make it very secure, unpredictable and use of a PBFT consensus variation for breakneck execution speed.
Adding on this, Elrond aims to integrate Chainlink to amplify the utility and functionality of its smart contracts by enabling them to interact with real-world data feeds securely. By providing developers with more flexible and sophisticated tools to build on, we aim to take smart contracts to the next level and transform them into the de facto choice of digital contracts.
So while we are starting with a focus on developers, we intend to move one step beyond that, abstracting away complexity and bringing the most useful blockchain features to the end-users.
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