The Elrond Blockchain
The Elrond network is a public blockchain. It provides high transaction throughput through its adaptive state sharing system. This allows transactions to be processed quickly by multiple validators.
While Bitcoin can only handle a maximum of seven transactions per second (without a software overlay), Elrond claims to be able to perform 15,000 transactions per second. It also promises to be able to scale up to hundreds of thousands of transactions per second as demand increases (nb: you may see the term 'scalability' on various projects including this one).
Its primary goal is to create a decentralised network that can provide the same or better performance than centralised networks. In addition, the Elrond network plans to offer users greater privacy.
At the heart of Elrond is the Secure Proof of Stake (SPoS). It is a Proof of Stake governance mechanism that synchronises the distributed network of computers running its blockchain.
Similar to traditional PoS, SPoS is used by the computers running the Elrond software to secure the network. SPoS also validates transactions and distributes newly minted EGLD coins.
However, because the Elrond network consists of fragments rather than a single chain, its SPoS consensus mechanism is used to select validation nodes to produce blocks in a fragment rather than the entire network.
To achieve final settlement, validators check the work of block producers and synchronise with other fragments in the network. Once a batch of transactions is successfully added to the Elrond blockchain, these contributors are rewarded with EGLD tokens.
Elrond has partnered with Offsetra to stay ahead of the blockchain's carbon footprint, in line with its commitment to ensuring that its technology makes a positive contribution to the environment. Offsetra, an expert sustainability organisation, analysed the energy consumption of more than 5,000 servers in dozens of countries on six continents, the additional impact generated by operations and product development, and the network that links them.
Elrond's blockchain was found to generate a 25% positive environmental impact after observing that the carbon footprint of 6 million kg of CO2 was offset by the removal of carbon units of 7.4 million kg of CO2. As a result, the network has achieved carbon-negative status. This investment sets a precedent as the first in a verified green project.