NEW Exclusive Interview in Forbes with Beniamin Mincu, CEO of Elrond: How This Company Is Pushing The Limits Of Blockchain Technology To Achieve ScalabilityBeniamin Mincu, CEO of Elrond
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 (dApps) 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.
One of the platforms pushing the envelope in the underlying technology is Elrond, a high-value transfer network that relies on secure proof-of-stake consensus and a bleeding-edge integration of sharding with a public blockchain.
Sharding is an ambitious take on scaling public blockchains at the convergence of decades-old technology for horizontal database partitioning and decentralized networks. Elrond has made some significant headway producing a working sharding implementation, and already has a testnet live with an early version of their platform.
I had a chance to speak with Beniamin Mincu, CEO of Elrond, on the progress and future direction of the technology, along with its potential industry-wide implications.
Joresa Blount: Can you give a high-level overview of the technology (i.e., sharding & proof-of-stake) that underpins your network?Beniamin Mincu: 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 (sPoS) algorithm.
The key insight with sharding is that you can partition the network into smaller networks to enable parallel transaction processing. Once you can do that, a new performance paradigm opens up. There are 3 levels of sharding, each posing a more difficult challenge that needs to be solved: transaction sharding (level 1), network sharding (level 2), and state sharding (level 3). After more than one and a half years of work, Elrond has validated the technical model proposed in its technical paper, and has come with a practical solution to the most difficult of the problems that can radically increase performance.
The adaptivity of our sharding model means that unlike other networks, in Elrond, as more nodes join, the network can expand and contract in real-time. In other words, as more nodes join the network to reap validator rewards, new shards are formed based on a clever binary tree model, and scalability increases even further.
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.
The implication of these improvements is hard to overstate, and businesses are starting to pay attention because, for them, they make all the difference.
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Community
https://community.elrond.comTwitter:
https://twitter.com/elrondnetworkOfficial website:
www.elrond.comElrond Github:
https://github.com/ElrondNetwork
Topic: Elrond - A scalable value transfer protocol for the digital economy (Read 2398 times)