Elrond Network— when “fast” is simply not enough – Mohamed Yassine Diraa
Let me tell you what I think about great projects: they will succeed, even without aggresive marketing. You don’t have to trust me. Just look around you. In the end, quality prevails over mediocrity. It might sometimes be a matter of time, but it simply does! If not, then we, as a society, are doing it the wrong way…
what is Elrod Network?
Elrond steps up the scalability and interoperability game and proposes two new major assets to the blockchain. The scope is to create a novel blockchain architecture which goes beyond state-of-the-art and is designed for practical scalability via Adaptive State Sharding and Secure Proof of Stake (SPoS). In an ecosystem that strives for interconnectivity, their solution for smart contracts offers an EVM compliant engine to ensure interoperability by design, thus ensuring that Elrond Network will be relevant in an ever growing blockchains environment.
If you’re not that new around here, you might have noticed plenty of people trying to shill the projects they are interested in (for various reasons, more or less financially-driven). Nothing new, I admit. But have you ever wondered why are they doing it?
I mean, if the project is that great, shouldn’t they want to keep that gem hidden and make sure they fill their bags first, before it goes mainstream and the price skyrockets? If your answer is ‘they obviously should’, I suppose they aren’t that convinced about those projects, after all, or they are just pursuing quick wins and they need you for that. If you don’t agree, then you most likely think they are solely interested in the technology behind and/or want to educate their audience. That’s the best case scenario, but it sometimes happens too, I have to admit.
Anyways, I wanted to talk a little bit about a project that caught my attention. You might have heard about ELrond Network, one of the most hyped projects of this moment. If not, you might want to take a look at it.
I’m not trying to promote it. Why? Because I think it’s a great project and it has what it takes to succeed, even without me promoting it. I’m not interested in shilling it. It’s not even launched, you know… But I do think that the best way to keep ourselves safe is to try to learn to evaluate the projects. The really promising ones, that is. And do you know a better way to do it, other than trying to understand the big picture?
Let me try to explain why I think this project is so great. I won’t go too technical, though. If you’re interested in such details, you have an entire whitepaper to digest. I would rather try to present the way I (would) analyze it. You can then decide if it’s good or bad, and I would be glad if you have any improvement suggestions.
First and foremost, I would look at the team. One could have a mindblowing idea, but, if this idea cannot be transformed into something real, then it’s pretty much useless. I mean, you can’t compete against working products only by having an idea. You have to translate it into something: a product, a service, anything that could grab a share of a competitive market. Did you already take a look at Elrond’s team? If not, I double dare you to do so! The Elrond team is composed of 3 founding members and 8 members and in addition 3 advisors are on the board as to date. The team aims to recruit more team members and expand their position in the development, marketing and business area. There is a good mix of technical, commercial, legal, and marketing expertise, however the team will benefit from more marketing efforts. I don’t know if this means anything to you, but it’s pretty much enough for me.
Then, I would hope to have a promising advisory board. Good advisors would know how to direct the team’s creativity and energy, in order to maximize the results and get the best out of a great idea. How about Elrond Network? Well, The advisory board is comprised of 3 advisors who have broad experience in relevant fields. Alex Iskold is a serial entrepreneur and investor, with a good software engineering experience, he invested in over 90 startups, and founded a number of companies.
Patrick Storchenegger is a Swiss attorney who is part of the Ethereum Foundation. He has many years of experience in international tax law, corporate law, commercial law, and capital market law.
Andrei Pitis is the VP of Engineering and Head of Bucharest Office at Fitbit. Founder and CEO at Vector Watch. Angel Investor with several tech leadership positions. Overall, the advisory board have relevant experience and should help Elron seize partnerships and accelerate business development., but these advisors are the perfect confirmation about how big their plans are.
Now that we’ve checked the team members and their advisors, what would I take a look at next? Here you have it: the idea. You know how they say: ideas are bulletproof! 🙂 Anyways, what’s all about? In just a few simple words, it is “a decentralized, secure, scalable and permission-less high-throughput blockchain that aims to achieve millions of transactions per second”. 🙂 Elrond is a complete rethinking of public blockchain architecture, especially designed to bring a major overall improvement by being scalable, efficient, and secure while maintaining a sufficiently decentralized setting. To achieve this the team introduce a novel Adaptive State Sharding mechanism, enabling scalability as more nodes join the network by parallizing transaction processing. On a consensus level Elrond proposes a novel mechanism called Secure Proof of Stake, introducing a random selection of the consensus group, stake plus rating as a fitness function for sybil attack prevention, and near-instant finality based on pBFT. To enable decentralized applications, Elrond is designed so that it is EVM and Ewasm compliant, supporting multiple smart contract languages and formal verification.
Everyone could have an idea, you might say… And it doesn’t necessarily have to be about plastics! 🙂 Well, you might want to check if there is a plan on how to transform that idea into a real, functional product/service/project. In our case, how do they plan to do it? Well, there are some key words for it:
1 Blockchain & Development Talent
The Elrond team has several notable people with development talent, who have several years of expertise in a number of fields related directly with software development. Sebastian Marian is a core developer with more than 15 years of experience in programming and developing applications with languages raging from C, C++, Visual C++ to HTML, Java Script, SQL, ABAP, SAP.
2 Business Talent
While the team is mostly tech-focused, they have a few members that stand out in business and marketing experience like Lucian Todea, which is a serial entrepreneur with active investments in blockchain space and more than 15 years of tech business experience. He is the founder, CEO and angel investor to a series of fast growing tech startups. From the entire team, Beniamin Mincu has the most extensive blockchain business related experience. He has invested and driven a wide range of positions for blockchain projects which are relatively successful. He is also CEO and founder to Metachain Capital a successful investment fund that has a large number of stellar projects in their portfolio.