Elrond Network ICO Review

Elrond Network

A salable value transfer protocol for the digital economy

Elrond Network Score



Adaptive State Sharding – Elrond proposes a dynamically adaptive sharding mechanism that enables shard computation and reorganizing based on necessity and the number of active network nodes. The reassignment of nodes in the shards at the beginning of each epoch is progressive and nondeterministic, inducing no temporary liveness penalties. Adaptive state sharding comes with additional challenges compared to the static model. One of the key-points resides in how shard-splitting and shard-merging is done to prevent overall latency penalties.

TOKEN SALES

METRICS

Green lights

  • Strong technical Team with a lot of Blockchain Experience
  • Strong development since their private sale. 
  • City of Zion are advisors, who have a strong preference to who they advise. 

red flags

  • So far not enough Business Development has happened.
Full overview

ICO Review Elrond Network

Elrond contribution proposal

Adaptive State Sharding – Elrond proposes a dynamically adaptive sharding mechanism that enables shard computation and reorganizing based on necessity and the number of active network nodes. The reassignment of nodes in the shards at the beginning of each epoch is progressive and nondeterministic, inducing no temporary liveness penalties. Adaptive state sharding comes with additional challenges compared to the static model. One of the key-points resides in how shard-splitting and shard-merging is done to prevent overall latency penalties.

Elrond solves this challenge by

  1. Dividing the wallet 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.
  2. 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.
  3. Designing a built-in mechanism for automatic transaction routing in the corresponding shards, considerably reduces latency as a result.
  4. 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).

Secure Proof of Stake  – As 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. Elrond introduces an improvement which reduces the latency allowing each node in the shard to deter-mine 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. In addition to the stake factor generally used in PoS architectures as a sole decision input, Elrond refines its consensus mechanism by adding an additional weight factor called rating. 

Main problems tackled: 

  1. Full descentralization – Eliminating the need for any trusted third party, hence removing any single point of failure
  2. Robust security – Allowing secure transactions and preventing any attacks based on known attack vectors;
  3. High scalability  – Enabling the network to achieve a performance at least equal to the centralized counterpart, as measured in TPS;  Initial tests show 5000tps at 4MB/s average bandwidth with 16 shards. Linearly, Elrond has reached 10000tps at 8BM/s with 16shards and 50000 tps at 8MB/s average bandwidth 64shards.
  4. Efficiency – Performing all network services with minimal energy and computational requirements;
  5. Bootstrapping and storage enhancement – Ensuring a competitive cost for data storage and boot-strapping;
  6. Cross-chain interoperability – Enforced by design, permitting unlimited communication between external services

Elrond innovation:

  1. Security through multi signing – This scaling technique can be used in blockchains to partition states and transaction processing, so that each node would process only a fraction of all transactions in parallel with other nodes. As long as there is a sufficient number of nodes verifying each transaction so that the system maintains high reliability and security, then splitting a blockchain into shards will allow it to process many transactions in parallel, and thus greatly improving transaction throughput and efficiency. Sharding promises to increase the throughput as the mining network expands, a property that is referred to as horizontal scaling
  2. Randomness source – Each node from the list E can be selected as part of j an optimally dimensioned consensus group, by a deterministic function, based on last block’s aggregated signature, the round r and a set of variation parameters. The random number, known to all shard nodes through gos-sip, cannot be predicted before the block is actually signed by the previous consensus group. This property makes it a good source of randomness and prevents highly adaptive malicious attacks. We define a selection function to return the set of chosen nodes
  3. Performance – Sharding approach shows a linearly increasing throughput.
  4. Shard storage pruning – To reduce storage requirements and bootstrapping time.

Elrond Network
DETAILED ANALYSIS

ICOs Found

ADVISOR SCORE

Unknown

TEAM SCORE

Medium - High

Read More

ICO Review Elrond: Team & Advisors 

ICO Elrond Review: Team

Beniamin Mincu CEO  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.

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.

 

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.

Felix Crisan Head of Research

he 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.

 

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.

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.

Iulian Pascalau Core Developer

Lulian 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.

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.

HYPE SCORE

Unknown

TOKEN SCORE

Unknown

Github & Tech

ICO REVIEW Elrond: Secure Proof of Stake

Each node wanting to participate in the consensus has to send a transaction containing more than the minimum required amount to the registration smart contract.

After the transaction is processed, the node is added to an “unassigned node pool”, where it waits for the current epoch to finish. At the end of each epoch a node reshuffling phase occurs, where up to 1/3 of the nodes in the shards and the new nodes from the unassigned node pool will be randomly assigned to shards. The reshuffled nodes are first added to the shard’s waiting list, where they get to synchronize the new state. In the following epoch, the nodes become “eligible validators” and can participate in the consensus group and collect rewards.

 

The consensus protocol starts by randomly sampling a smaller consensus group out of all eligible validators in the shard (for reduced communication) using a randomness source derived from the previous block’s signature. The randomness source is unpredictable before the signing of the previous block. The sampling is deterministic once the previous block signature is known, meaning that every node can compute the list of validators in the consensus group and the first node to be selected is the block proposer. The block proposer aggregates transactions into a new block and sends this block to the validators in the consensus group for verification.

 

Each validator will verify the validity of the block, process the transactions and if everything checks out, will also participate in the pBFT consensus. The voting in the pBFT is done for every validator by sending a signature for a multisignature scheme. If the proposer collects more than 2/3 + 1 signatures from the consensus group members, the block is considered validated, the aggregated signature can be added to the block and the block disseminated in the entire shard. The next consensus group will be randomly sampled using the new signature.


 

  • data module to define and describe how the different data types (blocks, transactions, accounts, etc) are connected to each other and stored in the system;
  • execution engine used to process transactions and assemble blocks while replicating the state across the network to ensure consistency and security;
  • chronology module used for synchronization and time-passing perspective, ensuring a well structured bootstrapping process and proper timeouts;
  • consensus module using a rudimentary consensus in a round-robin setting, allowing everyone to take turns in proposing and validating blocks, running independent consensus groups in each shard;
  • sharding module using communication topics and enabling both intra-shard and cross-shard transactions;

 

Elrond ICO Test Net 

Elronds Test net for cross-shard transactions with an average 120 TPS per shard, bringing our combined throughput to over 1000+ TPS with 10 shards and 250 nodes.

 

TEAM

Beniamin Mincu

CEO

Lucian Tode

COO

Lucian Mincu

COI

Felix Crisan

Head of Research

Radu Chis

Head of Tech

Adrian Dobrita

Head of Engineering

Iulian Pascalau

Core Developer

Sebastian Marian

Core Developer

Corcovean Cristian

Software Engineeer

Andrei Marinica

Software Engineer

ADVISORS

Raul Jordan

Tech Advisor

Fabio Canesin

Technical Advisor

Ethan Fast

Tech Advisor

CONCLUSION

ICO REVIEW Elrond Conclusion

 

We are still evaluating this ICO and looking forward to a call with the Tech Team

8.1

ADVISOR

7.5

TEAM

2.4

HYPE

6.4

TOKEN

highspeed

CATEGORY

All information including our "Grading system" rating, is provided merely for informational purposes. ICO DOG does not provide investment advice (read more).

ICO DOG

NO MORE BS REVIEWS.

ICO Dog is a curated directory of the best crypto news resources.
We’re transforming crypto reviews to it’s best!

ICO DOG

NO MORE BULLSHIT REVIEWS.

ICO Dog is a curated directory of the best crypto news resources.
We’re transforming crypto reviews to it’s best!.

ICO DOG

NO MORE BULLSHIT REVIEWS.

ICO Dog is a curated directory of the best crypto news resources.
We’re transforming crypto reviews to it’s best!.