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– TIMESTAMPS –
1:37 What is Elrond?
3:32 Secure Proof of Stake?
5:48 Adaptive State Sharding
8:26 Virtual Machine
10:14 ERD Tokenomics
11:56 Elrond Gold Mainet
14:26 ERD Potential
⛓️ 🔗 Useful Links 🔗 ⛓️
► Elrond Website: https://elrond.com/
► Blog: https://elrond.com/blog/
► GitHub: https://github.com/ElrondNetwork
► Docs: https://docs.elrond.com/
► Database Sharding: https://www.digitalocean.com/community/tutorials/understanding-database-sharding
► Cointelegraph Article: https://cointelegraph.com/news/elrond-mainnet-launches-today-after-testnet-hits-260-000-transactions-per-second
► Bitcoinist Article: https://bitcoinist.com/elrond-now-live-on-mainnet-with-first-app-and-new-erd-token-model/
► Binance Lottery: https://launchpad.binance.com/en/lottery/cf81ccb5acf34a568d6bc6c5b041983a
📝 What is Elrond? 📝
Elrond is a distributed transactional cryptocurrency protocol that relies on proof-of-stake consensus as well adaptive state sharding. It is a blockchain that also has smart contract support which means that dApp developers can build other applications on top of the Elrond network.
💻 Secure Proof of Stake 💻
Elrond has called their consensus method ‘Secure Proof of Stake’ or ‘SPoS’. This is a Byzantine Fault Tolerant consensus method that maintains a high degree of security.
Here are the main takeaways:
– It uses a random sampling of the consensus group
– Random reshuffling of nodes into other shards
– Randomness source comes from block proposer signing a previous random source.
The more random the selection of the validator nodes, the harder it is for any nodes to collude. The harder it is for any nodes to control the network. The harder to launch a Sybil attack and undermine the security of the network.
📈 Adaptive State Sharding 📈
There are three components that make it unique.
Firstly, you have the network sharding. This basically handles the way that the different nodes are grouped into the shards. They need to be allocated and mapped in such a way that messaging within these shards can be done quickly and efficiently.
Secondly, you have the transaction sharding. This handles the way that the transactions on the network are mapped to the separate shards. Transactions emanating from a particular account will be routed to the shard that is able to process that transaction.
Finally, you have something called ‘state sharding’. This is basically sharding the blockchain where each of the shards will maintain a different “state” of the blockchain.
👨🏼💻 Arwen VM 👨🏼💻
This is the engine that will execute all those Elrond smart contracts. Arwen VM executes in Web Assembly. The main benefit of this is that it means that smart contract code can be written in any programming language that compiles in Web Assembly. These include the likes of C, C++, Rust, Go, etc.
📈️ Tokenomics of Elrond 📈
Elrond completed an IEO on Binance back in July of last year. They sold 5 billion ERD tokens which was 25% of the total token supply of 20 billion. There was also a prior private sale where the team was able to raise about $1.9 million.
ERD tokens were issued on the Binance Chain blockchain initially as BEP-2 tokens. However, in November of last year they started burning the BEP-2 ERD tokens and minting a corresponding ERC20 token (one for one). This was done in order to better represent ERD across the two different chains.
There have been over 7 billion ERD that have been migrated over to ERC20 tokens.
💰️ Mainnet Launch 💰
The Elrond Gold crypto will have a ticker eGLD and Elrond plans to migrate all remaining ERC20 and BEP-2 tokens to this token.
However, there will be an exchange ratio of 1,000 ERD tokens per 1 Elrond Gold. So, it will have an effect of reducing the total outstanding number of tokens. Instead of 20 billion ERD, the total supply will start out with 20 million eGLD.
There is one significant change from the old ERD model in that the total amount of tokens on the market is capped. This is because the total validator reward is capped at just below 11.5 million tokens.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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