“Elrond is 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” elrond.com/files/Elrond_Whitepaper_EN.pdf

All currently existing cryptocurrencies have one main problem — scalability. Let’s see what it is? Scalability is a certain ability to handle a large influx of a huge number of transactions at the same time. Consider an example of how this happens in the network of the well-known cryptocurrency Bitcoin. The Bitcoin network can function normally only at a speed of seven transactions per second. What happens if the number of transactions is greater than seven? They’ll line up in a huge line. Since the fee for each transaction can vary, the one who pays a large amount will be able to send the transaction faster than the others. This forces people to sometimes wait for hours for their turn. Such situations in the blockchain arise due to the fact that each block has a strictly prescribed amount of information that it can contain. This restriction helps the system to fight DDoS attacks on the network. Transactions — this is the information that is written in blocks to confirm the transfer. It takes a certain amount of time to create each block. All cryptocurrencies have different times for this process. In the Bitcoin network, it takes about 10 minutes. Even with large fees and small block sizes, different cryptocurrencies can not provide simultaneous execution of a huge number of transactions. In the case of a large number of operations, the system can not cope with the influx of traffic. In such a situation, the network stops and comes stupor. This problem can seriously damage the reputation of any platform and significantly affect the price of the cryptocurrency.

Scalability greatly affects the speed of development of cryptocurrency technology and the introduction of this technology in everyday life. It is not profitable for trading networks to accept payments in tokens because of possible delays in scalability and various related problems associated with this. That is why it is very important now is the search for options and the elimination of all these shortcomings.

In the cryptocurrency market, there are many proposals to improve scalability. But I want to focus on the most successful project. It is a platform Elrond, which has reached in this field amazing results. The Elrond network works well under heavy loads and allows today (in test mode) to carry out a huge number of transactions at the same time. This became possible with the coordinated work of talented professionals who gathered under the leadership of Beniamin Minku.

He is the main inspirer of this project. In order not to burden you with technical terms that are difficult to understand, it will be enough to say that before the launch of the main network of mines, the developers of Elrond break records for the speed of scaling. But the work does not stop there. Every day Elrond specialists improve the functionality of the platform, make it more flexible and versatile. This is evidenced by the conclusion of numerous partnership agreements with various projects on the blockchain. Popularity Elrond is growing with stunning speed and spread to all continents. Fans try to spread information about the Elrond project in different ways. Someone produces t-shirts with the logo “Elrond Network”, someone makes creative videos and puts them on YouTube, and some write articles in order to as many people as possible to learn about the existence of a wonderful project.

It is possible that the implementation of this project will be a turning point in the entire industry. Ten years ago, no one could have imagined that our world would stand on the threshold of the blockchain revolution. Today it is already a reality. Do not waste your time, learn blockchain technology, read the Whitepaper of the Elrond project and join the numerous army of fans of this project. Elrond is the future well-being of all progressive people.

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