|Issuing Price||$0.00065 USD|
|Initial Circ. Supply||7,498,333,333 ERD (37.5%)|
|Total Supply||20,000,000,000 ERD|
Elrond is a complete redesign of blockchain architecture with the aim to achieve global scalability and near instant transaction speed. Elrond focuses on combining these key innovations:
Elrond (or "the Project") 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 testnet is already live and can process upwards of 10K TPS, with 5-second latency and minimal cost (based on 5 shards). The Project aims to be a platform for easy deployment of programmable money and dApps, thus becoming the backbone of an open, permissionless, borderless, globally accessible internet economy.
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.
Elrond believes that its high scalability, fast transaction speed, and low transaction cost makes it well-suited for machine-to-machine transactions and the IoT economy.
|Token Type||BEP2 in testnet phase|
|Total Token Supply||20,000,000,000 ERD|
|Initial Circulating Supply||7,498,333,333 ERD (37.5% of total supply)|
|Launchpad Allocation||5,000,000,000 ERD (25% of total supply)|
|Launchpad Sale Token Price||1 ERD = 0.00065 USD (price in BNB TBD)|
|Launchpad Raise||3,250,000 USD|
|Private Sale Allocation||3,800,000,000 ERD (19% of total supply)|
|Private Sale Token Price||1 ERD = 0.00050 USD|
|Private Sale Date (start to end)||April 2019 - May 2019|
|Amount Raised Private Sale||1,900,000 USD|
The Elrond token (ERD)'s uses include, but are not limited to: payment for transaction fees and payment for the cost of deploying dApps on the network and rewards for various contributions to the network.
During its first few years, the Project's main focus will be on establishing Elrond as a global public utility within the internet ecosystem, offering a scalable, efficient, and interoperable blockchain architecture, only accessible through ERD tokens. All activity within the network (i.e., making transactions, running smart contracts, providing services like staking, or running a validator node) will be fueled by the ERD token. Both startups and large-scale enterprises will be able to build decentralized applications on top of Elrond's network and integrate Elrond as part of their infrastructure solution for products and services.
As of the June 2019, Elrond has used approximately 5% of TGE funds according to the breakdown below:
Elrond plans to hold sufficient fiat reserves to fund the operational costs for at least 18 months. The rest of any funds held in crypto will be stored in cold wallets with multisig support.
The following chart represents the number and breakdown of all ERD tokens that are intended to be released into circulation on a monthly basis.
The use cases intended for ERD include but are not limited to: (1) payment for transaction fees, (2) payment for the cost of deploying dApps and (3) rewards for staking and various contributions to the network.
|Planned Date||Milestone||Actual Date||Timing||Comments|
|2018: Q2||Technical paper (release 1): First formalization of Adaptive state sharding and Secure Proof of Stake||2018: Q2||On Time||Formal design of Elrond architecture presented|
|2018: Q3||Prototype Launch||2018: Q3||On Time||Achieved 1,000+TPS with 250 nodes on 10 shards Medium|
|2018: Q4||Open source & whitepaper update||2018: Q4||On Time||Github Technical Paper|
|2019: Q1||Elrond testnet v0.5 initial results||2019: Q1||On time||Validating new implementation in Golang with performance increase up to 3,750+ TPS on a single shard Demo|
|2019: Q2||Testnet launch||2019 Q2||On Time||Testnet max TPS exceeded 12,000 with 5 shards Youtube|
|2019: Q2||Elrond block explorer & wallet launch||2019: Q2||On Time||Explorer Wallet|
Commercial Partnership and Business Development Progress
In order to drive adoption and build a robust ecosystem, Elrond has partnered with several companies and blockchain projects, including the following:
ERD token is not actively traded as of publish date of this report - the token will be available through the Binance Launchpad portal.
The Elrond team currently has 30 private and public repositories.
Java implementation of the Elrond Node Prototype
Cross platform implementation of the Elrond Wallet and Statistics Manager
Go implementation of the Elrond Node
VM code, VM tests and adapters to Elrond Node
Elrond Network blockchain explorer and wallet frontend
Agar.io game for Elrond Network, Smart Contract and frontend for the dApp
Common structures between VM and Elrond Node
The blockchain has low system requirements and can run on anything from an ordinary computer to T2 medium AWS machines.
The blockchain features epochs of ~24 hours and rounds of ~5 seconds.
All the validators in Elrond's network will be split among multiple shards, where they will only have to synchronize the state for the current shards and process transactions only for their current shard. In order to prevent collusion amongst validators, up to ⅓ of the validators in a shard will be reshuffled to other shards at the end of every epoch. Liveness is not affected by this because the fast state synchronization for the newly reshuffled validators needs to synchronize only the state for the current epoch (~24 hours timeframe), while the remaining ⅔ of the unshuffled validators in the shard can still process transactions.
Each shard will consist of 400-600 validators and have a separate chain, accounts and application state. The consensus group (currently set to be n=63) changes every round based on a randomness seed stored in the previous block's header. These validators in the consensus group need to agree on the proposed block in every round of every epoch.
Based on the randomness source in the previous block, n validators are chosen using a deterministic function. Every other validator in the shard can compute the n validators and verify the correctness of this nomination. The first selected validator will be the block proposer for the current round.
The block proposer signs the previous randomness source with a BLS single signature to generate the next randomness source, creates a block with transactions, adds the new randomness source in the block header and broadcasts this block to consensus group members.
Each member validates the block, also validating that the new randomness source is a signature verifiable with the leader's public key on the old randomness source. If both are valid, it creates a BLS signature on the proposed block and sends this back to the leader.
The block proposer selects from among all received signatures, creating a subset of at least ⅔*n + 1 signatures, and creates a bitmap for his selection, where B[i]=1 if the ith member of consensus group was selected and B[i]=0 otherwise. The proposer then aggregates the signatures and attaches the bitmap and signature to the block. It must also sign the end result to "seal" the configuration for (B[ ], aggSig) before propagating the resulted block through gossip inside the shard.
For an in-depth example of how the cross-shard transactions are being executed and how the communication between shards and the metachain occurs, the entire process is illustrated using the simple two shard case and the metachain as shown in the figure below.
The strategy for processing one cross-shard transaction is to use an asynchronous model. Validation and processing is done first in the sender's shard, notarized in the metachain and then finalized in the receiver's shard.
This iteration consists of static state sharding, secure proof of stake consensus, Schnorr signature for transactions, BLS signatures for random seed generation, and modified BLS multisig for blocksigning.
Metrics that are being monitored to check improvement of the network include: latency, bandwidth limitations, running each validator node on a separate machine with very limited compute power (average dual-core CPU with 4GB of memory), and different geographic locations.
Key stats for the current testnet are as follows:
The team is currently working on improving the network stack used for communication to reduce the bandwidth and network overhead within the consensus group of each shard.
Another improvement from the initial prototype architecture, has been upgrading the consensus model to reduce the number of communication rounds between consensus groups on each shard from 5 to 2.
An illustration of Elrond's latest implementation of Secure Proof of Stake is as follows:
An illustration of Elrond's Adaptive State Sharding Approach is as follows:
The upcoming testnet releases will include a public adversary game (Battle of Stakes) that will combine all the metrics together and will produce the highest level of stressing the protocol, allowing us to improve and find new opportunities for improvement. New stress results will follow in the upcoming weeks.
By leveraging social mining through its community platform, the Elrond team employs an open bounty and reputation system to continuously engage its community and grow the Elrond ecosystem. Through this system, the Elrond team has focused on constant and inclusive interaction, and is regularly devising campaigns to consolidate the community.
The team is also constantly engaging with key opinion leaders from various countries, to grow outreach and raise awareness about Elrond.
The team plans to continue their AMA series targeting specific regions of the world. Next AMAs will focus on Asia, Russia, and Central Europe, and will be conducted in multiple languages.
Elrond has been present at a few significant conferences and technical events such as SFBW, Devcon, Blockchain Malta Summit, and have also held a number of local meetups to get first hand feedback from the community.
More events (to be announced) are lined up where the team will showcase their testnet demo and discuss other partnership opportunities.
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