Quote from: bob3772 on November 30, 2018, 10:19:30 AM

Quote from: xtester on November 27, 2018, 03:25:42 PM

Elrond is a complete rethinking of public blockchain architecture, solving scalability through adaptive state sharding, efficiency through secure proof of stake, and will enable EVM compliance by design. Elrond attempts to bring a 1000x improvement compared to the current status quo, aiming for 10,000 TPS, low latency, and minimal fees.

Abstract: The advent of secure public blockchains through Bitcoin and later Ethereum, has brought forth a notable degree of interest and capital influx, providing the premise for a global wave of permissionless innovation. Despite lofty promises, creating a decentralized, secure and scalable public blockchain has proved to be a strenuous task. This paper proposes Elrond, a novel architecture which goes beyond state of the art by introducing a genuine state sharding scheme for practical scalability, eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus. Having a strong focus on security, Elronds network is built to ensure resistance to known security problems like Sybil attack, Rogue-key attack, Nothing at Stake attack and others. In an ecosystem that strives for interconnectivity, our solution for smart contracts offers an EVM compliant engine to ensure interoperability by design. Preliminary simulations reflect that Elrond exceeds Visas average throughput and achieves an improvement of three orders of magnitude or 1000x compared to the existing viable approaches, while drastically reducing the costs of bootstrapping and storage to ensure long-term sustainability. - https://elrond.com/files/Elrond_Whitepaper_EN.pdf

We've just published our latest version of the paper and are curious to hear some feedback. More info here: https://bitcointalk.org/index.php?topic=4430681.msg48270875#msg48270875

There are already blockchains offering TPS near to that and many aiming for much higher. There are multiple already near to 1m+ TPS so how will Elrond compete with that? Especially if they're not already close to delivering on their blockchain.

There are no public and decentralized blockchains that can process 1m TPS. Note we are not speaking of permissioned versions here. Most of the things you read are inflated marketing gimmicks, or outright BS. In fact, we have published a special section in our latest technical update on how to detect BS sold by some blockchain projects: https://medium.com/elrondnetwork/elrond-technical-progress-update-some-talk-about-it-we-build-it-3-2c556355d3ae

"To understand how ridiculous latest performance claims have become, lets assume that a transaction is 0.3 KB in size and we could process 1 million transactions per second.

Each second we would generate 300MB of transaction data that would need to be synchronized across shards/the network. Additionally, other data like blocks (headers, receipts, signatures, tx hashes), consensus messages, requests/responses for synchronization of new nodes would impose even more overhead on communication.

Without sharding, every node would have to synchronize all this information (>300MB) each second. Newly added nodes would need to have a bandwidth much greater than 300MB/s in order to catch up to the current state.(!)

An approach where not all sharding types (network, transaction and state) are combined, would have a small improvement on communication and storage requirements. 300 MB/s would translate to 17.58 GB/min, ~ 1054.6 GB/hour and ~ 25312.5 GB/day. This would mean that at least 3Gbps network is required, but for desynchronized nodes definitely more. The huge requirements for network speed, processing power and storage lead to centralization."

Moving beyond this what we have demonstrated is that we can do linear scalability, so 10k TPS is not the upper limit, but rather a significant point at which scalability will be considered solved, and people will be able to focus on building stuff to leverage that kind of speed and infrastructure.