Elrond(EGLD)

Elrond is a blockchain technology platform designed to provide users with a secure, high-performance, and cost-efficient way to access the benefits of blockchain technology. It is a sharded-based blockchain that utilizes a novel Adaptive State Sharding mechanism to ensure scalability, security, and decentralization.

Elrond’s architecture is based on three main components: consensus, networking, and execution. The consensus layer is based on Proof-of-Stake, which provides a secure and efficient way to reach consensus. The networking layer uses a gossip-based protocol for communication, which allows for fast and secure peer-to-peer communication. Finally, the execution layer enables the execution of smart contracts in a highly efficient manner.

The Elrond consensus mechanism is based on a modified version of the Proof-of-Stake consensus protocol. This protocol ensures that all nodes in the network have an equal opportunity to participate in the consensus process and receive rewards. Furthermore, Elrond implements an efficient and secure Byzantine Fault Tolerance algorithm to ensure a high level of security.

Founder: Beniamin Mincu