Have you heard of adaptive state sharding before? Are you curious to know how it’s being used in Blockchain and Elrond? Worry not, as we are here to help you understand the key concepts of state sharding and how it relates to Elrond.
Blockchain and cryptos have grown exponentially over the last few years. Growth demands improvisation and adaptation with it. But is the Blockchain capable of it? How will it tackle the enormous growth it is going through?
To answer all your queries, let’s get straight into the article.
What Is State Sharding?
Blockchain and crypto popularity is nothing new. We hear about these things multiple times each day, and many individuals join these technologies every single day. But, as these market trends keep growing and growing, a need emerges for scaling.
Scaling is the ability of a system to handle the increased amount of users and processes. In Blockchain, it means handling the increasing nodes and transactions. Unfortunately, Blockchain is not self-capable of scaling. And this inability is termed the biggest issue in the industry right now.
That’s why state sharding has come to the party. State sharding is so far the best solution to the scalability issue of Blockchain. It achieves scaling by creating the ‘’shards.’’ Don’t know what they are? Just keep following, and you will learn it conveniently.
How State Sharding Works for Blockchain?
You may know that Blockchain works between nodes. A node is a single user on Blockchain. With the increasing number of nodes, every new transaction is forced to go through all the nodes. It can make transaction procedures slow.
To counter this issue, we have state sharding to the rescue. It creates multiple shards of relevant nodes. So, a transaction has to go through only the relevant nodes (nodes of that particular shard). This trick makes the transaction process smooth, and the growth handling becomes feasible.
Are you curious to know how it all practically started with Blockchain and who took the initiative? Let’s explore.
What Is Elrond And Does Elrond Use Sharding?
Back in 2017, Elrond was founded as a claimed solution to the scaling problem of Blockchain. The method is used is known as Adaptive State Sharding which combines three different types of sharding to improve the results.
Many people ask why is Elrond so powerful as a sharding tool? The reason is the use of three different sharding types by Elrond; transactions, network, and state sharding.
Elrond smart contract is a Blockchain smart contract that allows the developers to build crypto coins and decentralized applications. To develop an Elrond smart contract, you can use Typescript, C++, C, Go, C#, and Rust. Anyhow, Rust is the most recommended one due to the sophisticated Elrond’s Rust smart contract framework.
Why Did Elrond Price Drop?
You may wonder what happened to Elrond and why its price has crashed down? The main reason behind this price drop is the decline in E-gold demand.
Elrond traded as high as $376 in 2021. But, it has been down and out since the start of 2022. Right now, in May 2022, it’s trading around $120 to $130. So, it has been a decline of more than 66% in about 4 months, which is huge.
Elrond Price History
Elrond started its journey at $12.4 in September 2020. Shortly, it went above $14 before entering the declining period. It kept fluctuating between $8 to $10 from October 2020 to December 2020.
Finally, this dull period ended with the start of 2021, and the journey of the first major rise started for Elrond. The coin price shot up to $196 in the next couple of months. Just imagine if you had bought 10 Elrond coins for $100 at the end of 2020, you would have ended up with almost $2000 in a couple of months.
The bright tenure of Elrond didn’t end here as the coin reached a new peak of $239.24 in April 2021. Then came another declining period as the coin went as low as $61 in June and $70 in July the same year.
However, this fall didn’t last long as the currency started its journey toward new heights and reached $261 in September 2021. The price kept going north before reaching an all-time high of $490 in November.
But, just like life, crypto is also a game of crests and troughs. So, it was the time for a long trough that is still going on. The price went down the hill and ended up at $131 in January 2021. So, if you invested $1000 in November 2021, you will end up with only $267 in just 3 months. Sounds scary, right?
Since then, the price has fluctuated between $120 and $200. Therefore, the investors are now just hoping for another rising period.
Will Elrond Go Up Again?
As you know, Elrond has a unique protocol and sharding method that give it an advantage over its rivals. And if Elrond keeps concentrating on improving its scalability and the cross-chain capabilities of the platform, it’s expected that its prices are going to rise.
According to the predictions for 2022, the price in the same year will go high and reach up to $280.96. In the upcoming years, the price is anticipated to go higher than the previous ones.
Like, in 2023, the average price of Elrond is expected to be $404.28, and it can reach a maximum level of $471.53. And, by the end of the year 2030, you’ll see it worth $7,038.27. Surely, it’s an optimistic shift in the price chart.
Though the price predictions can vary, Elrond has a definite growth potential over the coming years, and it is likely to break its own price records by a fair distance.
- Why is Elrond dubbed “the internet-scale Blockchain”?
Elrond claims itself to be the internet-scale Blockchain as it handles transactional throughput on all the major internet platforms.
- What Blockchain does Elrond use?
Elrond doesn’t operate on a single Blockchain. It uses a variety of Blockchain networks, including Ethereum.
- Is Elrond POS or PoW?
Elrond completely eliminates the PoW (Proof of Work) mechanism. It uses its very own PoS (Proof of Stake) algorithm known as SPoS (Secured Proof of Stake).
- Is Elrond built on Ethereum?
Elrond is built to compete with Ethereum and other Blockchains.
- Is there an Elrond staking calculator?
Yes, Elrond has a staking calculator for its users. You can find it here.
- How many Elrond transactions per second can be carried out?
Elrond can handle more than 250,000 transactions per second. That’s why it’s one of the most powerful Blockchains out there.
On a finishing note, Elrond is an extraordinary revolution in the world of Blockchain. The scaling problem, which is a huge concern with decentralized transactions, is wisely addressed with the scaling methodology in Elrond.
Here, we have made you familiar with the adaptive state sharding and the ups and downs of Elrond. We have also guided you with the Elrond smart contract tutorial and how old is Elrond. I hope that it helped you out, and now you are more certain about why should I invest in Elrond? Best of luck!