On my last post, I discussed what Elrond is, and its uniqueness among the existing blockchain networks, the post can be seen here. I'm here now to discuss some of its amazing features.
Elrond possesses a lot of uncommon features which will come in handy in its aim of expanding blockchain infrastructure and create a not seen before fast, scalable, and secure blockchain with a high throughput network.
It has also been created to overcome various major security threat the Sybil attack, Nothing at stake attack, Rogue-key attack and more. All done with a new improved Elrond blockchain.
Let's take a look at these features and its advantages as I take you on an amazing Elrond journey with me.
Advantages And Features
Improved Scalability: Elrond enables an high level of scalability to its blockchain through the use of an Adaptive State Sharding Mechanism. Elrond designed this mechanism in its bid to improve scalability by 100 times which enables more nodes to join the network, directly yielding more rewards. The network is able to process about 10000 transactions per second (TPS) while supporting a large number of dApps.
Improved Security: The Elrond team designed a unique security mechanism to thwart threats posed to the network. This includes the Rybil attacks, DDoS attacks, Long range attacks, Nothing at stake attacks, double spend, bribery attacks and more. The network assumes a byzantine adversarial model, where at least ⅔n+1 of the participating nodes in a shard are honest.
They enable this by allowing each node that participates in the process to have a collective signature. This signature can not be altered in any way. Validators are also selected base on their last block selection. This mechanism minimises the security problems to an extent.
Improved Efficiency/Performance: Unlike most of the traditional blockchain that was based on the Proof of Work consensus algorithms, where each node is to solve a puzzle to get rewards, this consumes a high energy. Elrond will be utilizing a Secure Proof of Stake consensus algorithm which is more efficient and consumes lesser energy. This consensus algorithm allows random validator selection through stake rating.
Custom Token: Elrond has designed a native token called Elrond with the ticker ERD, that will be used as a low cost, high speed cryptocurrency for various transactions. Its most important function is to govern the network as the SPoS consensus algorithm demands that each node holds a reasonable number of ERDs in order to influence the network.
The network will also operate a masternode model that will reward holders for staking their coins to help confirm transactions and system regulation.
By now, your curiosity level must have increased as in time like this, it's difficult to find such an amazing network that is specifically made for users. I'll be coming with so much more on my next post.
To read more on your own, visit the following links.
https://t.me/ElrondNetwork