Bitcoin Forum

Elrond is a complete rethinking of public blockchain architecture, solving scalability through adaptive state sharding, efficiency through secure proof of stake, and will enable EVM compliance by design. Elrond attempts to bring a 1000x improvement compared to the current status quo, aiming for 10,000 TPS, low latency, and minimal fees.
 
Abstract: The advent of secure public blockchains through Bitcoin and later Ethereum, has brought forth a notable degree of interest and capital influx, providing the premise for a global wave of permissionless innovation. Despite lofty promises, creating a decentralized, secure and scalable public blockchain has proved to be a strenuous task. This paper proposes Elrond, a novel architecture which goes beyond state of the art by introducing a genuine state sharding scheme for practical scalability, eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus. Having a strong focus on security, Elrond’s network is built to ensure resistance to known security problems like Sybil attack, Rogue-key attack, Nothing at Stake attack and others. In an ecosystem that strives for interconnectivity, our solution for smart contracts offers an EVM compliant engine to ensure interoperability by design. Preliminary simulations reflect that Elrond exceeds Visa’s average throughput and achieves an improvement of three orders of magnitude or 1000x compared to the existing viable approaches, while drastically reducing the costs of bootstrapping and storage to ensure long-term sustainability. - https://elrond.com/files/Elrond_Whitepaper_EN.pdf

We've just published our latest version of the paper and are curious to hear some feedback. More info here: https://bitcointalk.org/index.php?topic=4430681.msg48270875#msg48270875

I'm not even interesting with how fast your platform that being implemented a big improvement on its scalability. But the main problem is it having utility usage? i mean let's focus on the utility rather than scalability. A lot of tokens and platforms are focusing on the scalability rather than make it being compliance with the regulations.

Fair point!

We've just published a new announcement on that front now.

Elrond Initiates Cooperation With Leading Payment Provider NETOPIA Payments: https://medium.com/elrondnetwork/partnership-announcement-elrond-initiates-cooperation-with-leading-payment-provider-netopia-223e7c9217b5

Utility is key for us, but without an efficient technical architecture, you can add too little of it.

With Elrond, we've built a very compelling architecture and will continue to make some important announcements during adding to its utility in the next couple of weeks.

I don't know why people think speed is the only thing when it comes to launching a new platform, we have seen  recently that speed do matter but not the main thing, the compromise of security of the platform for speed in this space is alarming, as we have seen with Ethereum and even EOS.

Well, the speed is the most important factor because the cryptocurrency must be a tool for payments. and for it to be so and effective, it is necessary that the blockchain can process a large number of transactions in a small amount of time

So in theory, throughput in Elrond increases with the number of nodes. However in practice, if the network size grows really large.. say to 1 million nodes, then broadcast becomes an issue? Is there a sweet spot until which the throughput can linearly increase?

Thank you have created sub-post of Elrond.
I happened follow this project, I have to say this really interesting project.

Highly interactive development team and have a good long planning.
Just now they have re-issued on WP 2.0 such technical on sharding, scalability and other. However I don’t know exactly the utility such as elrond Token release in ICO or not.

Seems on point. Security is critical and decentralization is a necessity. The challenge lays in creating a platform with high throughput while assuming adversarial behavior and decentralization.

After we have speed for payment transactions, we will have that also for smart contracts.

Hopefully being able to implement some privacy features subsequently.

There are already blockchains offering TPS near to that and many aiming for much higher. There are multiple already near to 1m+ TPS so how will Elrond compete with that? Especially if they're not already close to delivering on their blockchain.

There are no public and decentralized blockchains that can process 1m TPS. Note we are not speaking of permissioned versions here. Most of the things you read are inflated marketing gimmicks, or outright BS. In fact, we have published a special section in our latest technical update on how to detect BS sold by some blockchain projects: https://medium.com/elrondnetwork/elrond-technical-progress-update-some-talk-about-it-we-build-it-3-2c556355d3ae

"To understand how ridiculous latest performance claims have become, let’s assume that a transaction is 0.3 KB in size and we could process 1 million transactions per second.

Each second we would generate 300MB of transaction data that would need to be synchronized across shards/the network. Additionally, other data like blocks (headers, receipts, signatures, tx hashes), consensus messages, requests/responses for synchronization of new nodes would impose even more overhead on communication.

    Without sharding, every node would have to synchronize all this information (>300MB) each second. Newly added nodes would need to have a bandwidth much greater than 300MB/s in order to catch up to the current state.(!)

An approach where not all sharding types (network, transaction and state) are combined, would have a small improvement on communication and storage requirements. 300 MB/s would translate to 17.58 GB/min, ~ 1054.6 GB/hour and ~ 25312.5 GB/day. This would mean that at least 3Gbps network is required, but for desynchronized nodes definitely more. The huge requirements for network speed, processing power and storage lead to centralization."

Moving beyond this what we have demonstrated is that we can do linear scalability, so 10k TPS is not the upper limit, but rather a significant point at which scalability will be considered solved, and people will be able to focus on building stuff to leverage that kind of speed and infrastructure.

Yes, this should be the case. Will probably make some clear announcement in December as we announce the testnet launch.

Be sure to follow our official thread of latest announcements: https://bitcointalk.org/index.php?topic=4430681.20

We will publish some notes on token distribution during December.

Do you have your own website? I want to know about this project more.

Sure, please take a look at www.elrond.com

This is the official thread to follow: https://bitcointalk.org/index.php?topic=4430681.20

Our "Adaptive State Sharding" approach, does not need to broadcast all messages over the entire network. The network sharding, partitioning the nodes in smaller groups, optimizes communication so that messages are only broadcast inside the shard to around 600 nodes. We are also considering grouping accounts that generate a large number of transactions between them in the same shard, to remove the cross-shard communication overhead. With 1 million nodes we could have ~1600 shards and here the communication with the Meta-chain could introduce an non neglectable overhead, so that the throughput does no longer increase linearly. We are also taking into account the actual usage of our network when increasing the number of shards: although with 1 million nodes we could create ~1600 shards, we could get away just fine with 150 shards, reducing potential cross-shard communication by 90%. Future tests will further guide us towards the sweet spot, but right now the bandwidth of the Meta-Chain seems to limit our linear scalability. Each shard sends a 5 KB message to the Meta-Chain and an upper limit right now could be 1000 shards: 5 KB * 1000 shards = 5 MB have to be received every round by the Meta-Chain, processed and sent back to shards. As internet speeds and processing power increase, the upper limit could also increase.

It was very good, we are waiting for a response that comes to us all the course information news etc.

Regarding the testnet is just as scalability like TPS only or including new indpenden protocol?
Is there any plan of elrond stand alone not on Dapps ethereum platform?

To clarify, elrond is a completely new and independent blockchain architecture, it will not run on ethereum or other platforms.

Still, we will likely launch with an erc20 token first and do a token swap once the mainnet is launched.

Woww this super ;)  but unfortunately will be really long released quickly this project, but I hope the developer goes without a hurry. But could you give me a progress on questions such as below!

Do ready testnet, so can you refer me for the prototype or MVP also maybe of transaction per/seconds Tps?
Your information thread over 1000 Tps, right. How many your support shards and nodes under scalability elrond?

Here is an article explaining the same:
https://ambcrypto.com/can-sharding-solve-the-public-blockchain-scalability-problem-elrond-believes-it-can/

Please any guide on how develop dApps and smart contracts on Elrond

I really don't know why all the new blockchain keeps on competing about the scalability and speed of their own chain? I know its really matter nowadays but the most important is the security of the blockchain and the usage of it. Lets say you have the fastest and most scalable blockchain in the world, but who will gonna use it? So I think the most important thing is the company/institution that will uses it and the security of it.

'Ethereum is reached to 1000TPS easily on testnet.' Vitalik said.

Any project and claimed they can or already solved the scalability ,reached 1Million TPS,or anything before mainnet alive.This is mainly just for market promotion,do need to take seriously.

So,just release the fully decentralized mainnet and let community check the result.

So far ethereum is still the queen of the Dapps.

Let's hope that what many new blockchains say about scalability is true and have other options. But above all to push also ethereum to improve the scalability aspects.

Competition is good for the market, for the users.