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Q: Hi admin, could you please explain state sharding
A: Sharding is a scaling technique inspired by traditional concepts of database optimization. Also known as horizontal partitioning, sharding divides the data into several pieces placed on different environments to be processed.
In a blockchain context, breaking the network into shards would result in more transactions being processed, verified and validated simultaneously. Each sharding level introduces a certain degree of parallelism, as a result, it becomes possible to process more transactions as the network grows. Implementing any sharding type on a blockchain architecture is extremely difficult.
We can identify 3 sharding types (levels):
Network Sharding represents the process of grouping the nodes into shards.
Transaction Sharding takes the complexity to the next level and deals with the distribution of transactions across different shards, but all the nodes keep the entire blockchain into their state.
State sharding represents the most sophisticated part and is described as a mechanism that allows different shards to deal only with a portion of the state without replicating the data between nodes from different shards. A state sharded blockchain can be seen as a network of fully interconnected blockchains.
Adaptive State Sharding – Elrond’s approach – in order to match the current scalability needs, Elrond introduces a novel state sharding scheme with a dynamic model that allows the network to adapt to population and demand changes without compromising security, availability and decentralization.
For a more comprehensive description please read our whitepaper.
Q: Sort of what would differentiate Elrond from a crowded space that you think would make it a success.
A: We’ve spent a lot of time doing research on the current state of the art - theoretical models and existing implementations, while constantly trying to find relevant improvements. The research phase concluded with a scientific whitepaper that presents in an honest manner a complete set of features, unlike most other solutions. There are very few architectures that theoretically aim to achieve a genuine state sharding and the complexity behind this is yet unsolved from a practical point of view. We propose a tree structure that allows Elrond to implement an adaptive state sharding that has the potential to skyrocket the throughput. Proof of Stake is in its early stages of adoption and we have a unique solution to implement a Secure Proof of Stake that promotes a secured distributed fairness mechanism. We strongly disagree with the statement that there are other solutions that are almost identical because there is a serious difference between those who want to do something and present business or marketing arguments and those who have an idea on how to do it and present mathematical and scientific arguments. Also, please see the Related Work chapter in the updated version of the Whitepaper (R1. R6 from 2 days ago) where we underline our advantages. Furthermore, we’ll wait until our statements are validated through the implementation and then we will think about the ICO. Thank you for your interest.
Q: hey, why your domain was registered just 1 month ago?
A: Our initial name was Mithril Protocol, and our domain name
www.mithrilprotocol.com 1. This can be easily verified. Indeed, we had many things built around this name but one month ago, as our launch was coming closer, we noticed there were 2 other crypto projects with the name Mithril, one of which was rather well known. This was not the case when we initially chose Mithril.
So, we decided not to create confusion, and changed our name as an emergency decision. We had 3 new options, but decided to go with Elrond, due to its fitting intriguing origin and immediate closeness to Mithril( both are well known names from Lord of The Rings, with dear meanings to us ). Hence the recent registration of elrond.network as a domain name.
Q: Where is the team from?
A: Most of the team is based in Romania. In terms of incorporation we were exploring Switzerland but have since decided to move to Malta and we are now incorporated there. Malta has passed a law this year that will enter into force in 1st of November, and that regulates blockchain projects, ICO and cryptocurrencies.
Q: How many members are in your team?
A: Our team is comprised of 18 members, you can see their experience either on their linkedin, or on our website:
https://elrond.com/about#team. Most of them are in this chat, if you have specific questions.
Q: Can Elrond be used for real-time transactions?
A: Depends on what you consider real-time. Elrond has small latency ~ 5 seconds, we are also exploring other options for faster transactions (probably only available for low value transfers)
Q: Has the security/performance of Elrond been analyzed to a sufficient degree?
A: Theoretical analysis done, but practical analysis needs to be done after testnet release
Q: Is your consensus mechanism proven at this point?
A: Testing, improvements, subsequent to the launch, should things continue to work in the face of attacks, malicious behaviour etc, that’s when it will be considered proven.
Q: Will there be a bounty program about your ICO?
A: We are exploring multiple strategies to enhance community engagement.