May 1, 2019 08:52 UTC
May 1, 2019 at 12:51 UTC
Elrond Network: Scalability for Developers and Enterprises
The market for decentralized applications is incredibly competitive as an increasing number of talented developers are recognizing the potential of blockchain technology. DappRadar, which aggregates data on decentralized applications from various blockchains, presently monitors over 2,000 DApps. As per the platform’s statistics, blockchains like Tron and EOS, which can sustain higher throughput, are attracting more users than Ethereum despite the amount of resources allotted to Ethereum-based developments. However, even the combined user base of Tron and EOS decentralized application pales against the user base of a single top-ranked game on Google Play.
As time has progressed, the quality of developments on blockchain networks has improved. However, the networks these applications are built upon are unable to sustain the scalability demands of popular projects that have been well-received by the Crypto community.
Even if a single application becomes moderately popular, as was the case with Ethereum’s CryptoKitties, the blockchain faces a bottleneck of transactions that is so severe that the average transaction can take days to fulfill. Ethereum’s flagship competitors, like Tron and EOS, also face similar scalability issues despite their capacity for a higher throughput. This is evidenced by the fact that a leading EOS DApp, EOSBet, has regularly faced scalability problems so extreme that it has had to force limitations on application usage. This has not only isolated some users from using the application, but it has also placed a shroud of uncertainty on developments that are built on a blockchain.
The need for a blockchain that can process a greater throughput is critical for the blockchain space to maintain its growth pace and acquire a user base that is large enough to legitimize the amount of money that has been funded in this sector. Thus, Elrond Network, a self-funded project founded by a NEM veteran, has gathered a talented team of developers which have delivered a linearly scalable blockchain solution prior to receiving public funding.
Ready for Use
The fruit of the hard work and dedication that went into the creation of Elrond Network is ready for harvest. Through the use of Adaptive State Sharding, Elrond Network is able to sustain over 3,750 transactions per second per shard. In addition, the network can activate or deactivate new shards depending on network demands. Given that any technological infrastructure that may eventually support a vast variety of applications and software, the ability to adjust to network demands grounds Elrond Network into the reality of what a blockchain needs to be.
Elrond Network is an infrastructural project that tackles the challenges even flagship smart contract networks cannot handle. While Elrond Network is not the first project to boast a high throughput, it is the first one to deliver a blockchain that can maintain its high throughput in a live testnet environment. While many projects have initiated base development at the closure of their ICO, Elrond Network will have a live testnet blockchain that utilizes Adaptive State Sharding before the project’s ICO even begins.
Beyond scalability, Elrond Network is capable of interoperability. For blockchain technology to move forward, it’s imperative that new developments are able to benefit from the work and achievements reached on past networks. Thus, Elrond’s founders have developed a network that can comply with the operations of competing networks. The Elrond Virtual Machine is compliant with the Ethereum Virtual Machine (EVM), thereby allowing developers to create their product on both blockchains. This is particularly beneficial for developers who seek to extend existing projects on a network that can handle a greater throughput demand than that of Ethereum. As Elrond Network can already support an incredible number of transactions in a live testnet environment, it is a readily available solution to the scalability problems that plague the blockchain space.
Elrond Network will be a boon to the independent developers that have long sought a technology that can effectively manage their development’s load demands. However, such a blockchain is designed for much more. Enterprises, which have been long-interested in the potential of blockchain technology but have remained as bystanders due to a lack of an infrastructure that can sustain their user base, now finally have a proper outlet to leverage. Elrond Network is the first decentralized infrastructure with the scalability needed to maintain enterprise applications, and is the leap forward in the advancement of blockchain technology that has been long-awaited by the Crypto community.
For more information visit https://elrond.com/
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