Review on Elrond by David Olayide
Elrond Problem Solutions
Elrond is a cryptocurrency project that is actually in the rising leagues. The project is basically created as a public blockchain, to provide high level scalability, high throughput and interoperability. The aim as can be seen, is to create a properly decentralized network that will give it’s users adequate security. By using the technology known as the Secure Proof of Stake consensus mechanism(SPoS), and the unique Adaptive State Sharding, I am pretty certain that Elrond will achieve it’s goal.
The project had its mainnet release sometime in 2020. I have particularly noticed some of the features of the Elrond Network. It has a very fast transaction speed. The network has made claims of being able to process upwards of 250,000 transactions per second. In fact I was surprised when their testnet results showed amazing figures of 260,000 transactions per second while implementing the shard technology. I would say that this is not bad at all, given the size of the network itself.
The project also plans to provide cross chain interoperability and somehow plans to phase our the use of exchanges. I for one, think this will be interesting to see. I would really like to see how this will happen.
The ERD token was used to power the network, but now the token has been migrated to the new eGLD coin. You will find eGLD listed for trade on Binance and OkEx.
Pros
- Use innovative technology to improve scalability issues
- Interoperability
- High scalability
- Fast transactions and large volume of transactions per second
Cons
- No disadvantages I have noted
