Review on Elrond by Fanuel PORPORTY
The Elrond Network is built around providing a high-throughput performance paired with interoperability and high-level scalability.
Elrond network wants to offer a blockchain that responds to current issues: speed, efficiency, security, decentralization, competitive storage price, interoperability between chains (possibility of communication between several systems). For this, the team relies on two new principles: an adaptive fragmentation mechanism (state sharding) and an improved PoS consensus called "Secure Proof of Stake" (via an Algorand improvement) to guarantee security and better decentralization while avoiding excessive power consumption of PoW (Proof of Work).
Elrond network has a different approach to the ICOs that we have been able to attend recently. The team is mainly focused on the development of their technology before embarking on the financing process. The project went out of its stealth mode by giving weekly advancements on the recruitment of new members in their team, their legal structure and on strategic questions.
Pros
- Elrond aims to offer linear scaling and near instant transaction performance that should not come at the expense of its other features. As stated on the project’s website, the Elrond platform should be able to process 10 000 transactions per second (tx/sec) with latency kept to a minimum, just the fees on the network.
- Elrond is big on efficiency, with the developers’ hopes being set on minimizing energy and computational requirements for the use of the network services.
- Elrond wants to combine decentralization with cross-chain interoperability based on their perceived dependence. The Elrond team aims to deliver full decentralization of its platform with the purpose of minimizing the risk of exploitation of a single point of failure.
Cons
- the quantity of tokens issued is high (20 billion tokens)
