How Elrond is standing among other Sharding Network blockchain.
Posted September 9,2019 in Science and Technology.
A lot of successes have been achieved by this Ethereum decentralized blockchain through a layer of application which include; EVM, Solidity, and Web3j. The major features of Ethereum are Dapps, but Scalability has been a setback. A lot of researches have been done to solving the issue of scalability and a better result has not been achieved by them at the moment. Nevertheless, work is still in progress to find better improvements and some of the proposed moves are:
In comparison, Elrond Elrond removes both energy and computational waste from PoW algorithms by executing a SPoS consensus which utilizing transaction processing parallelism via sharding.
The Omniledger has proposed a novel scale-out distributed that will secure long term security which is base without permission activity. They guarantee security and correctness by utilizing a biaresistant open randomness protocol for selecting huge and with data representation of shards which implement transactions activities. Omniledger introduced Atomix to commit transactions atomically in the entire shard. The idea is in two-phase client-driven which are Lock/unlock protocol which enables nodes to either completely commits a transaction in the entire shards or get rejection proofs to terminate and open the state that is affected by incomplete completed transactions. More also, the Omniledger platform enhances performance through the parallel intra-shard transaction processing, ledger pruning through jointly signal state blocks and reduce-latency trust-but verify validation for reducing value transactions. BFT variation is the consensus used in Omnileger which is called ByCoinx that enhance performance and strongly fight against DoS attacks.
In the comparison of Elrond to Omniledger, Elrond has an adaptive approach on state sharding, a quicker or rapid random selection of the consensus group and enhances security by replacing the validators set after every round (a few seconds), not after every epoch (one day). This is another great advantage Elrond having over Omnileger.
The Zilliqa is a great blockchain that first of all introduced transaction sharding architecture that enables the mining network to process transactions in parallel and get to a high throughput by the division of the mining network into shards. It was specifically designed to enable higher transaction rate undermining the number of additional nodes added to the network. The major aim is to ensure that shards process different transactions without experiencing overlapping and also there is no double-spending. Zilliqa utilizes pBFT for consensus and PoW TO create identities and secure from Sybil attacks.
In comparing Elrond to Zilliqa, Elrond was designed to increase the limits of sharding by utilizing not only transaction sharding but also state sharding. Elrond has eliminated the PoW mechanism and utilizes SPoS for consensus. The two architectures are building their smart contract engine, but Elrond aims not to depend only for EVM compliance so that SC written for Ethereum will run coherently on their VM. More also, they intend to achieve interoperability between blockchains. The is what making Elrond having up to hand in the blockchain with Zilliqa.
The Algorand is another wonderful blockchain that is doing great by maintaining the easiness and the effectiveness of centralized systems without lack of efficiencies and weakness of present decentralized Implementations. The top and the set of verifiers are chosen in a random manner which is based on their signature applied to the last blocks quantities value. There are no manipulations and lack of prediction in the sections until the last period. The consensus depends on the original message passing Byzabtine Agreement which supports the community and the protocol or compliance to develop with an absence of hard forks.
In the comparison of Elrond to Algorand, Elrond is not built on a single blockchain, but instead, it enhances the transactions throughput utilizing sharding. More also, Elrond has worked to advance Algorands idea of random selection by lowing the time it takes for the selection process of the consensus group from 12 seconds to less than a second and believe that the adversaries cant adapts within around.
Chainspace is a blockchain with a distributed ledger platform that is built with high integrity and transparent processing of transactions. Chainspace utilizes the language-agnostic and privacy-friendly smart contracts for extendable design. The platform sharded architecture is built to allow a linearly scalable transaction processing throughout utilizing S-BAC, a novel distributed atomic commit protocol which ensures steadiness and provides high auditable capacity. The privacy features are integrated via the modern zero-knowledge systems, and the consensus guarantees by the BFT.
In the comparison of Elrond to Chainspace, the TPS decreases with each node added in a shard, while the Elronds approach is not always affected or inﬂuenced through the number of nodes in a shard, and this is a result of the consensus group has a constant size. The major strong area for the Chainspace is the approach for Language agnostic smart contracts, but Elrond major on the creation of the abstraction layer for EVM compliance or protocol. These two blockchain projects utilize different approaches for sharding state to improve performance. Nevertheless, Elrond has gone a step further to have a dominant role by working on the blockchain size in high throughput frameworks and utilizes and an effective pruning approach. More also, Elrond integrated a higher resistance to unexpected changes that may occur in node population and malicious shard takeover by bringing in shard redundancy and a novel functionality for sharded blockchain. This a great improvement that is making Elrond standing from Chainspace.
ELROND PROJECT IMPLEMENTATION
Elrond team has been having a great success implementing this project and more than 65% of the project has been implemented. They are still working behind the scenes dishing out latest achievement day by day, week by week and month by month. If you can have a look at the road map and you will see that the team is equal to the tasks. This is a project that will dominate the blockchain through it functionalities after full implementation.
Permit me to say that this is will be the best project to investment in 2019, although the IEO has been completed for some couples of months ago and the coin has been listed in some prominent and top exchanges like Binance, Bitmax etc. This is a project any great investor would like to miss out from because of the great features that will make the project great. You can visit those exchanges websites and invest in it and keep showing out for the outcome of the project daily. I don't need to tell you that this project will be great. You have seen it yourself. For more information about this project, you can visit the website below.