Elrond Network AMA Recap

Elrond Network AMA Recap

CryptoDiffer team

Robert and Beniamin, can you introduce yourself to the community?

 

Beniamin Mincu

To give you a short intro, I initially stumbled into bitcoin sometime in 2013, and joined the NEM core team in 2014 to lead product, marketing, and community, helping take the project from a Bitcointalk post to a global billion dollar product. I have also co-founded Metachain Capital to invest in ambitious founders solving critical problems in the blockchain space, and started ICO Market Data with my brother to streamline investment expertise. 

Since the end of 2017 I focus all my energy on Elrond.

Robert Sasu

Just as a quick intro about myself. I have a BA in Software Engineering and a MA of Engineering in Graphics, Multimedia and Virtual Reality, winner of multiple national/international maths and computer science competitions. In the early days as a programmer I was three times Google Summer of Code Student. In the past few years I developed complex algorithms for the Advanced Driver Assistance Systems of Continental. I have also applied for more than 20 patents in the autonomous car industry, in artificial intelligence and deep learning in special. Also co-founded an eMobility start-up which won an international competition.

CryptoDiffer team

Can you briefly describe what is Elrond Network? And what is the token utility in the ecosystem? Where it will be used and why the demand for the token should increase?

 

Beniamin Mincu

Everything changed when the internet transitioned from dialup to broadband. Elrond brings better performance to blockchain. Specifically, we bring a 1000x improvement in throughput, execution speed, and transaction cost. We improve user experience and lower barriers to entry of network participation through low staking cost and low computational requirements. 

So the whole Elrond ecosystem will be fuelled by ERD. Once Elrond delivers on its performance improvement, anyone wanting to use the platform will be able to do it through the ERD currency. This includes transactions, running smart contracts, providing services such as staking, or running a node.

Additionally, probably the best way to capture the network’s value is to become a validator by staking your token and getting significant rewards for that.

CryptoDiffer team

As we know there is already plenty of high-throughput blockchain project nowadays like QuarkChain, Zilliqa, Algorand and much more. How do you plan to compete with them and what is a competitive advantage of Elrond? What unique has Elrond beside its competitors?

Robert Sasu

Some of our competitors are Zilliqa, Ethereum, Dfinity, Algorand, etc. For a detailed comparison on Elrond and these projects, please visit https://docs.elrond.com/#how-is-elrond-different (the information presented there is comprehensive). The main advantage of Elrond is that we have the tech ready right now and we are moving very fast. Also compared to other projects we set a new standard with our State Sharding solution in the sense that RIGHT NOW we can process upwards of 10k TPS with only 5 shards. We also showcased last week more than 35K TPS in livestream with 16 shards.

 

CryptoDiffer team

And what is your marketing strategy after the IEO? How do you plan to attract more customers to the product and the token?

 

Beniamin Mincu

Through our community platform we have an open bounty and reputation system to continuously engage and grow the Elrond ecosystem. Through this, we have focused on constant and inclusive interaction, and we are regularly devising campaigns to consolidate the community.

 

We also have key connections with various crypto communities from around the globe, who help us grow outreach and raise awareness about Elrond. 

 

Following the release of our prototype, testnet wallet, and making our work open source, after the IEO we will: 

  1. Open The Battle of Nodes program, in Q3 2019, this is designed to encourage testnet participants to collude and take over the network so we can improve it a lot faster
  2. Through hackathons, we open up the opportunity for enterprises and developers to fully test the network and complete challenges. 

 

Add to this an increased presence at conferences and events, and our ASIA marketing push.

Cryptodiffer Community

Can you tell us more about Secure Proof of Stake and how it works?

Robert Sasu

Elrond has proposed a novel approach to consensus called “Secure Proof of Stake” combining eligibility through stake and rating, random validator selection and an optimal dimension for the consensus group. For an increased security we added block “K” finality scheme and “fisherman challenge”. There is much more here: https://medium.com/elrondnetwork/security-focused-q-a-a829c74caafd It’s an improved variation of proof-of-stake (PoS) that ensures long-term security and distributed fairness through random sampling of the consensus group. While eliminating the need for energy-intensive PoW algorithms, and ensuring fast finality through modified Byzantine fault tolerance. The system is provably secure even if more than 33% of the validators are malicious.

Cryptodiffer Community

What is Elrond vision and what ‘s your biggest challenges ?

 

 

Beniamin Mincu

Elrond’s vision is to enable anyone, anywhere to acess the digital economy. Our biggest challenge was to come up with an innovative solution that would offer 1000x improvement throughput and execution speed. With the testnet now live, Elrond has made an enormous leap forward.

Cryptodiffer Community

Ideally towards which direction would you like to see Elrond going? Becoming the go-to blockchain for financial enterprises, gaming platforms or any other use?

Beniamin Mincu

The obvious directions are indeed fincancial enterprise, gaming, IoT ecosystem. Lots of discussion here, and can’t wait to show the working tech to all the other parties interested already.

Cryptodiffer Community

What are tech requirements to run 3 nodes and 5 nodes on one unit?

 

Robert Sasu

The system requirements to run a single node is dual core machine, 4GB of RAM, 200GB of space and a 100MBit/second internet connection. On a Dell XPS 13 ultrabook with i7 processor and 16GB of RAM we managed to run more than 20 nodes.

Cryptodiffer Community

Could you tell us more about The Battle of Nodes program to be released in Q3 2019? What is the main goal?

To involve new users into Elrond network or stir up the existed ones?

Robert Sasu

Battle of Nodes is a public adversary game that will combine all the metrics together and will produce the highest level of stress testing for the Elrond protocol, allowing us to improve it in several ways. So, the primary goal is to stress test the network, on-boarding developers all while making them familiar with Elrond’s architecture.

Cryptodiffer Community

Will Elrond plan to partner or make a joint solution with interoperability projects such as Cosmos or Polkadot ?

Robert Sasu

Interoperability is another great feature, it helps the space to grow. We are constantly researching the best solution. We are already using IPFS and P2P for communication, and soon we will be compatible with the Cosmos hub as well.

Cryptodiffer Community

The node creation is already quite easy with the guide provided by Elrond. Is it going to be more user friendly in the future for people to create a node?

 

Robert Sasu

We try to improve the guide every day. We have our riot channel to discuss with everybody interested and to help them out. Even now, we are preparing scripts for you guys :), to run a node with a single command. A click based set-up will be also available in the future.

CryptoDiffer team

Could you tell us more about your partnerships and collaborations? Why are they so important and will we see more strategic partnerships soon? 

Beniamin Mincu

We’ve been working on several things, and they will be announced in due time. We try not to make many too many announcements of announcements. Bottom line for Elrond is that if you see a company with substance form the blockchain space or outside of the space, we’re eager to hear about it.

Cryptodiffer Community

A lot of people like Elrond because you are the underdog. A company from a small town in Europe. How does it feel to go agains companies all around the globe? Some located in well known tech capitals and startup hubs?

Beniamin Mincu

I think its very important to have the right team, always keep focus and ignore certain circumstances or noise. If you manage to do that for long enough – then it really doesn’t matter where you come from, and if you’re in a tech hub or not. We were fortunate to start with an amazing team and are striving to keep our focus. Hungry and foolish 🙌

Cryptodiffer Community

Do you have any plan about conferences?

Beniamin Mincu

Sure, will try to be present at many in the next months, but before that we need to make sure we deliver!

 

Cryptodiffer Community

Is Elrond fork or is it original code?

Beniamin Mincu

Elrond is written from scratch. There are more than 150K lines of codes. No forking, no copy and paste. New architecture, new solution.

CryptoDiffer team

Thank you Beniamin and Robert for this AMA session =) 

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