Elrond is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability by employing two key elements: Adaptive State Sharding and a new Secure Proof of Stake ("SPoS") consensus mechanism. Elrond's goal is to be a high throughput, fast transaction speed, and low transaction cost platform, allowing efficient and competitive DApp user experiences in real-world use cases.
$EGLD is the native asset of Elrond and is used to pay for transaction fees and the cost of deploying DApps on the network, along with rewards for various contributions to the network.
Elrond Network transformed and expanded into MultiversX on Nov 03, 2022. According to Beniamin Mincu, founder & CEO of Elrond, MultiversX is a highly scalable, secure, and decentralized blockchain network created to enable radically new applications, for users, businesses, society, and the new metaverse frontier. Expect in the next month, all Elrond products will be merged into the MultiversX ecosystem, transitioning to the new brand and positioning.
The MultiversX ecosystem will contain:
- Elrond Wallet to xWallet
- Maiar Launchpad to xLaunchpad
- Maiar Exchange to xExchange
- Inspire to xSpotlight
- Ad Astra bridge to xBridges
- Utrust to xMoney Crypto
- Twispay to xMoney Fiat
- xFabric: Sovereign blockchain module, and core blockchain applications. Deployable in minutes. Fully customizable. Including a set of features and use cases for any creative, brand, or company.
- xPortal: The portal to the Metaverse. Including financial and social functions. Accessible to anyone, anywhere in the world.
- xWorld: A world creation engine. A network of interoperable metaverses. The very first Metaverse planet of the new world.
The native token, $EGLD of Elrond will power the MultiversX Network. Its utility comprises all core network functionalities, such as staking, governance, transactions, smart contracts, and validator rewards.
Elrond is a complete redesign of blockchain architecture with the aim to achieve global scalability and near-instant transaction speed. Elrond's architecture rests on the following key innovations:
- State sharding (transaction, data & network sharding)
The dynamically adaptive sharding mechanism will perform shard merging and shard splitting while taking into consideration both the number of available validator nodes and also the network usage.
- Secure Proof of Stake ("SPoS") consensus mechanism
Secure Proof of Stake Consensus, completed in just two communication steps, using modified Boneh–Lynn–Shacham ("BLS") multi-signatures among the validators of the consensus group. Moreover, nodes inside the shard are randomly selected for the consensus group with no possibility of knowing the group's composition more than one round in advance.
- High resiliency to attack
High resiliency to malicious attacks due to periodical node reshuffling across shards. Every epoch, up to 1/3 of the nodes in every shard are reshuffled to other shards in order to prevent collusion.
- Secure randomness beacon with BLS signing
Non-biasable and Unpredictable.
An fast virtual machine for executing smart contracts written in any programming language that can compile to WebAssembly.
- Smart contracts on a state-sharded architecture with a balanced load on shards
Balancing smart contracts across shards allows Elrond to run multiple SCs in parallel, while the cross-shard calls are handled by an asynchronous cross-shard execution process.
- Fast finality for cross-shard transactions (seconds)
Fast cross-shard finality is naturally handled by Elrond at the protocol level, using a dispatching algorithm and a routing protocol.
Elrond is built by a team of entrepreneurs, along with 13 engineers and researchers who have worked at various tech companies, such as Microsoft, Google, Intel, and NTT DATA, and have experience working with blockchain platforms. The team includes two PhDs in CS and AI, multiple math, CS, and AI Olympiad champions, and a former member of the NEM core team.