What makes Elrond Network so unique?
#blockchain systems are becoming increasingly popular as a means of streamlining supply chains, increasing traceability, simplifying commerce, and improving financial transactions.
A significant part of this interest stems from the speculative frenzy around #bitcoin , which relies on an older blockchain architecture that is inefficient and has a slow speed.
However, modern #blockchain systems have been designed to overcome these restrictions and provide actual value for a wide range of commercial applications and purposes.
In this article, we'll take a look at the MultiversX and discover what makes her unique!
Introduction to the MultiversX
Here's how Elrond intends to achieve complete scalability and interoperability:
●????By merging the three current types of sharding, network/communication, transaction/processing, and state/storage, we can provide adaptive state sharding.
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●????Elrond's secure proof-of-stake (SPOS) method improves the original #pos protocol's fairness by including stake and ratings.
●????Elrond adds cross-chain interoperability as well as #decentralization . It intends to achieve this aim by facilitating unrestricted connectivity between diverse external services through the Elrond Virtual Machine (EVM).
●????Elrond enables users to securely swap #elrond , #ethereum , and #erc20 tokens without relying on centralized exchanges.
Elrond's architecture is also made up of the following distinct components:
●????Nodes and users: Users are responsible for deploying signed transactions for value transfers and the execution of smart contracts. These users gadgets become nodes in the larger network.
●????Validators are in charge of overall network maintenance: Validator nodes are in charge of a variety of tasks, including consensus formation, block creation, and state management.
●????EGLD : This native coin that serve as a gateway into the Elrond Network. Validators are paid a share of transaction fees.
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