Elrond is a complete rethinking of public blockchain infrastructure, specifically designed to be secure, efficient, scalable and interoperable. Elrond’s main contribution rests on two cornerstone building blocks:
- A genuine State Sharding approach: effectively partitioning the chain state into multiple shards, handled in parallel by different participating validators.
- Secure Proof of Stake consensus mechanism: an improved variation of Proof of Stake (PoS) that ensures long term security and distributed fairness, while eliminating the need for energy intensive PoW algorithms.
Problems & Solutions
Cryptocurrency and smart contract platforms such as Bitcoin and Ethereum have sparked considerable interest and have become promising solutions for electronic payments, decentralized applications and potential digital stores of value. However, when compared to their centralized counterparts in key metrics, the current state of affairs suggests that present public blockchain iterations exhibit severe limitations, particularly with respect to scalability, hindering their mainstream adoption and delaying public use. In fact, it has proved extremely challenging to deal with the current engineering boundaries imposed by the trade-offs in the blockchain trilemma paradigm. Several solutions have been proposed, but few of them have shown significant and viable results. Thus, in order to solve the scalability problem, a complete rethinking of public blockchain infrastructures was required.
Elrond solves this challenge by:
Dividing the account address space in shards, using a binary tree which can be built with the sole requirement of knowing the exact number of shards in a certain epoch. Using this method, the accumulated latency is reduced and the network liveness is improved in two ways. First, thanks to the designed model, the dividing of the account address space is predetermined by hierarchy. Hence, there is no split overhead, meaning that one shard breaks into two shards, each of them keeping only one half of the previous address space in addition to the associated state. Second, the latency is reduced through the state redundancy mechanism, as the merge is prepared by retaining the state in the sibling nodes.
Introducing a technique of balancing the nodes in each shard, to achieve overall architecture equilibrium. This technique ensures a balanced workload and reward for each node in the network.
Designing a built-in mechanism for automatic transaction routing in the corresponding shards, considerably reduces latency as a result. The routing algorithm is described in chapter IV.4 - Elrond sharding approach.
In order to achieve considerable improvements with respect to bootstrapping and storage, Elrond makes use of a shard pruning mechanism. This ensures sustainability of our architecture even with a throughput of tens of thousands of transactions per second (TPS).
Features & Highlights
Adaptive State Sharding: Comparable in throughput as to centralized counterparts. Our architecture goes beyond state of the art and can be seen as an augmentation of the existing models, improving the performance while focusing to achieve a better nash equilibrium state between security, scalability and decentralization.
Secure Proof of Stake: Minimal energy and computational requirements. Elrond eliminates the need for intensive PoW consensus algorithms and proposes a novel and more robust Secure Proof of Stake consensus, enhancing intra-shard communication and pruning the blockchain state to the most essential.
Decentralized: Increased security due to the randomly selected block proposer. Elrond introduces an improvement which adds security and reduces latency, allowing each node in the shard to determine the members of the consensus group (block proposer and validators) at the beginning of a round. This is possible because the last block’s aggregated signature is used as the randomization factor.
Communication: Decentralizing cross-blockchain operations. The Elrond Virtual Machine’s implementation will hide the underlying architecture isolating the smart contract developers from system internals ensuring a proper abstraction layer. In Elrond, cross chain interoperability can be implemented by using an adapter mechanism at the Virtual Machine level. This approach requires specialized adapters for each chain that is non EVM compatible and wants to operate with Elrond.
Token Sale & Economics
- Project website: https://www.elrond.network/
- Project whitepaper: https://elrond.com/files/Elrond_Whitepaper_EN.pdf
- Token sale start time: 2019-07-02 06:00 UTC
- Ticker: ERD
- Token type: ERC20
- Total hard cap: $4,750,000
- Total supply: 20,000,000,000 ERD
- Initial circulating supply: 37.5% of total supply
- Public sale token price: 1 ERD = $0.00065
- Public sale allocation: 25% of total supply
- Private sale token price: 1 ERD = $0.0005
- Private sale allocation: 19% of total supply
- Private sale vesting period: 7.5% unlocked at IEO, remaining 92.5% unlocks 15.42% every quarter over 18 months.
- Seed sale token price: No seed sales
- Seed sale allocation: No seed sales
- Seed sale vesting period: No seed sales
Token Release Schedule
Token Allocation & Release Note
- Public Sale (IEO): 25% of total supply
- No lockup
- Private Sale: 19% of total supply
- 7.5% unlocked at IEO, remaining 92.5% unlocks 15.42% every quarter over 18 months
- Team: 19% of total supply
- Locked until 2020 with 3.5 years vesting period: 10% — 6 months after IEO, 10% — 12 months after IEO, another 15% — 18, 24, 30 and 36 months after IEO, 20% — 42 months after IEO
- Advisors: 2.5% of total supply
- 100% 1 year after TGE
- Ecosystem: 7% of total supply
- These tokens will be used only for incentivizing users to join the platform and/or use future products and services. 50% at TGE, 50% 6 months after TGE
- Community: 2% of total supply
- These funds will be distributed in accordance with the decisions made by the community through the governance system. 33% at TGE, 33% 6 months after TGE, 34% 12 months after TGE
- Marketing/Grants/Accelerator Pool: 8.5% of total supply
- These funds will be distributed to individuals, developers, companies or startups willing to build and/or promote interesting tools, services or dApps on top of Elrond. 100% at TGE
- Company Reserve: 17% of total supply
- These tokens are retained by Elrond to support the Elrond network and ecosystem. 33.3% at TGE - Can only be used for staking during 1 year after TGE. 66.6% in 3 equal tranches over 3 years, starting 1 year after TGE
Token Utility & Use Cases
The use cases intended for ERD include but are not limited to: (1) payment for transaction fees, (2) payment for the cost of deploying dApps and (3) rewards for staking and various contributions to the network.
The ERD token is used to stake and participate in the Secure Proof of Stake consensus of the network.
In addition, the ERD token is used to pay for transactions, storage fees, and as gas. The token also serves as rewards to the SPoS validators.
The ERD token will also be used for voting and on-chain governance at a later stage, once on-chain governance is enabled.
In Elrond, rewards are paid through an emission of ERD defined in the protocol. The majority of all newly issued ERD will go to validators, while a very small part will go to a reserve pool. The reserve pool will be used to fund development and ecosystem expansion, increasing the security and value of the network in the long term.
Each time a transaction happens in Elrond, a percentage of transaction fees will go to validators, another percentage will be burned, while the small remaining part will either be: a) donated to the Elrond Community Fund or b) also burned. The percentages will be released publicly in upcoming releases from the team.
Roadmap & Updates
- Oct 2017
- Technical works begin
- May 2018
- Technical Whitepaper 1.6
- Jul 2018
- Elrond Prototype
- Elrond Prototype opensource
- Nov 2018
- Technical Whitepaper 2.0
- Q1 2019
- Elrond Testnest ver 1.0
- Q2 2019
- Elrond VM
- Elrond Tesnest Audit
- Elrond Mainnet
Beniamin Mincu, CEO, Beniamin is an entrepreneur and early blockchain investor with more than 4 years experience with blockchain startups. He was previously part of the NEM core team, where he led the business, marketing and community efforts for 1,5 years, helping bootstrap the NEM blockchain from an idea to a global product. He has also invested and supported some 30 blockchain projects among which Icon, Matrix and Zilliqa. General Partner of Metachain Capital. Linkedin, Twitter.
Lucian Todea, COO, Lucian is a successful entrepreneur and active investor in startups and the blockchain space, with more than 15 years experience in tech businesses. He has lead one of the fastest growing startups in Europe and is a technology executive with significant operational, business development, general management, leadership and international experience. He is also CEO, founder and partner in several tech companies. Linkedin, Twitter,
Lucian Mincu, CIO, Lucian is a skilled infrastructure engineer, with 8 years experience spanning from developing end-to-end startup products, to designing and implementing highly technical yet comprehensive infrastructure and network solutions for large enterprise clients like the German State. He loves cutting edge technology, and has joined the blockchain space in 2016, where he co-founded Metachain Capital and ICO Market Data. Linkedin, Twitter.
Felix Crisan, Head of research, The intersection of payments, big data and distributed systems led him to Bitcoin and the blockchain industry where he Co-founded BTKO, Romania’s first Bitcoin exchange platform. Felix is currently the Co-founder and CTO of Netopia where he implemented market leading solutions for online and mobile payments. He has more than 20 years of working experience in IT and teaches BigData concepts and technologies, including Machine Learning and Artificial Intelligence algorithms. Bitcoin Lightning Network contributor. Linkedin, Twitter.
Radu Chis, Head of technology, Radu holds a PhD in Computer Science, his main research spanning over Advanced Computer Architecture, Design Space Exploration and Machine Learning. He has published several scientific papers in prestigious journals and international conferences. He participated in EU funded research projects and has over 10 years experience as a software engineer, deploying enterprise solutions for multiple sectors. Linkedin, Twitter,
Adrian Dobrita, Head of engineering, Adrian won 1st Place in a national Ai Multi-Agent Systems Competition. He holds a Bachelor’s degree in Computer Science and Master’s degree in Advanced Computing Systems. He is a software engineer with more than 10 years experience and skills in a wide range of programming languages. Adrian has worked for leading companies such as Intel, ST-Ericsson, Continental, developing industry-grade embedded software in areas such as mobile and automotive. He has also worked for several startups as back-end developer. Linkedin, Twitter.
Iulian Pascalau, Core developer, Iulian holds a Bachelor’s degree in Computer Science and has designed and implemented rugged, industrial-grade software for more than 10 years. He has extensive experience in C#, ASP.NET, ABAP, Python, SQL, interfacing PLC's, ERP systems (SAP and others) and is a passionate engineer with strong knowledge about IoT devices, network infrastructures, as well as analog and digital electronics. Linkedin, Twitter.
Sebastian Marian, Core developer, Sebastian is four times winner of the 3rd place in the prestigious global AI competition RoboCup. He is member of the RoboCup Executive Committee, and was previously member of the RoboCup Technical Committee. He has extensive experience in Multi-Agent Systems, Machine Learning and AI. He holds a Bachelor’s degree in Computer Science and is a software engineer with more than 18 years experience in a wide rage of languages and technologies. Linkedin, Twitter.
Mihai Dorian Stancu, Software engineer, Mihai is a Machine Learning PhD student with a creative mindset and a passion for optimization and AI. He has more than 10 years of experience in software engineering with focus on enhanced security, reliability and scalability. He has built enterprise software solutions and has provided his technical expertise to EESSI, a European IT system that helps social security institutions across the EU exchange information more rapidly and securely. He has a deep understanding of cryptography, blockchain architectures and algorithms. Linkedin.
Andrei Marinica, Software engineer, Andrei holds a BA in Computer science and an MA in Advanced Computing Systems. He brings to the team an impressive amount of know how from his experience formed at companies such as Microsoft, BOC Group and Qiagen. With an interest in mathematics and formal models he joins Elrond as a valuable member of the team driven to create a safe, open and scalable platform. Linkedin.
Robert Sasu, Software engineer, Robert holds a BA in Software Engineering and a MA of Engineering in Graphics, Multimedia and Virtual Reality. In the early days as a programmer he was three times Google Summer of Code Student. In the past few years he developed complex algorithms for the Advanced Driver Assistance Systems of Continental. He applied for more than 20 patents in the autonomous car industry and co-founded an eMobility start-up which won an international competition. Linkedin.
Camil Ioan Bancioiu, Researcher, Camil holds a Bachelor’s degree in Computer Science, a Master’s degree in Advanced Computing Systems and is currently working on his PhD in Machine Learning. He is very enthusiastic about theoretical Computer Science and has accumulated more than 10 years of experience as a software engineer in Scotland, Romania and Germany, before becoming a freelancer engineer and consultant.
Beniamin Drasovean, Software engineer, Beniamin is a junior software developer part of Elrond team currently as an intern. He is enrolled in a 4 years Bachelors Computer Science programme. Being fascinated by blockchain technology he joins the team to learn more and become an expert in the field. He is dedicated to Elrond’s mission in creating a scalable value transfer protocol for the digital economy. Linkedin.
Dan Voicu, Head of communication, Dan has a Bachelor’s degree in Politics, and a Master’s degree in International Business Administration. He has strong communication skills and is especially focused on authentic community building. He believes firmly that decentralization is a very compelling means of changing the status quo. Linkedin, Twitter.
Daniel Serb, Head of marketing, PR, Daniel holds a Bachelor degree in Politics and International Relations. He worked for leading companies such as Frank Recruitment Group based in the UK, where he was responsible for building the company’s influence on the Nordic market. At Continental AG he focused on recruitment and employer branding creating innovative marketing strategies. Throughout the years he developed skills in Software and IT recruitment, employer branding, social media and marketing. Linkedin, Twitter.
Larisa Oltean, UI/UX designer, Larisa holds a Master’s degree in Design. Her extensive experience as a freelancer helps her understand complex requirements and then come up with simple and logical solutions. At Elrond she is focused on translating complex user stories into clear and intuitive design. Linkedin, Twitter.
Alex Iskold, Business advisor, New York based entrepreneur and investor. Managing Director at Techstars NYC. Alex was founder/CEO at GetGlue, founder/CEO of Information Laboratory, Chief Architect at DataSynapse. Award winner and seasoned investor with presence in over 90 startups. In addition to being serial entrepreneur, Alex also wrote hundreds of articles on ReadWriteWeb, and taught an award-winning undergraduate software engineering class at New York University. Linkedin, Twitter.
Alex Tabarrok, Economics advisor, Professor of economics at George Mason University. He holds the Bartley J. Madden Chair in Economics at the Mercatus Center. Co-founder of Marginal Revolution University: An Online Platform for Learning Economics. Alex is the author of numerous academic papers in the fields of law and economics, criminology, regulatory policy, voting theory and other areas in political economy. He is co-author of Modern Principles of Economics and co-author of the Marginal Revolution economics blog. Twitter.
Raul Jordan, Technical advisor, Ethereum core developer. He is Co-Leading Prysmatic Labs, the first Sharding Implementation for the Ethereum Protocol. He is a partner at zk Capital, a research-focused blockchain investment fund. In 2014, Raul Co-Founded Kynplex the first ever network of its kind in the life sciences that brings together hubs of scientific innovation online. Thiel Fellow '16. Harvard dropout. Linkedin, Twitter.
Grigore Rosu, Technical advisor, Grigore Roșu is a computer science professor at the University of Illinois at Urbana-Champaign (UIUC), where he leads the Formal Systems Laboratory (FSL). Previously, he was a scientist at NASA, where he coined the term runtime verification with his colleagues. He is interested in programming languages, formal methods and software engineering, and especially in how to combine these to increase the safety, security and dependability of computing systems. Grigore got his Ph.D. from the University of California at San Diego. Linkedin, Twitter.
Fabio C. Canesin, Technical advisor, Co-Founder of City of Zion and NEX, he holds a MSc in computational mechanics and variational multi-scale modeling, and is a researcher engineer in the petroleum industry. Fabio has developed software in several large projects that have had deployed impact on billions of dollars of assets. He is also Co-founder and CTO of Lemonaid Learning Analytics. Linkedin, Twitter.
Ethan Fast, Technical advisor, CS PhD from Stanford, Co-Founder of City of Zion and NEX. Creator of Neon wallet. Ethan is an entrepreneur and research scientist with a background in HCI, AI, and blockchain. He has led more than 10 projects to publication in top venues such as CHI, UIST, EMNLP, and AAAI, where they have won multiple awards. In May 2011, Ethan founded a Y Combinator funded startup, Proxino. Linkedin, Twitter.
Andrei Pitis, Business advisor, VP of Engineering and Head of Bucharest Office at Fitbit. Founder and CEO at Vector Watch. Angel Investor with several tech leadership positions. He serves on board of ANIS – the most active Romanian software association and co-founded Tech Angels and Innovation Labs. From 1995 to 2015 he was an Associate Professor at Politehnica University of Bucharest. Linkedin.
Nash, (formerly known as NEX) is a decentralized finance platform made for exchanging digital assets, interaction with cryptocurrency wallets, and browser-based blockchain-powered web-app development. Nash also introduced the world’s first fully regulatory compliant exchange security token.
NETOPIA is the biggest electronic payment processor in Romania, expecting to process in 2018 more than 13 million digital transactions with a total value of around $400 Million.
|Immediate Finality||Yes-immediate finality||No-60min (6 confirmations)||No-6min (25 confirmations)||Yes-immediate finality||No-10sec (2 confirmations)||Yes-immediate finality|
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