VANCOUVER, March 9th, 2021 - Covalent is delighted to announce a technical partnership with Elrond, a sharded smart contracts execution platform with a Proof-of-Stake (PoS) consensus mechanism specifically designed to be secure, efficient, scalable and interoperable.
When Elrond was conceptualized, the ultimate aim was (and still is today) to become the backbone of the permissionless, borderless, globally accessible internet economy. Elrond has thus far made significant steps in achieving such with some of the performance highlights being 15,000 current transactions per second (TPS), 6 second block time, $0.001 transaction cost, as well as an ability to scale beyond 100,000 (263,000 TPS in testnet). Now, the next step in achieving its mission is bringing data accessibility to the Elrond network.
As with every layer-1, making on-chain data accessible and transparent is extremely difficult given the nature of blockchain data. Covalent’s indexing querying solution overcomes such an issue and with this partnership, the historical and current Elrond mainnet data will soon be accessible through the Covalent API. State, transaction information, and smart contract status will be queryable by anyone using standard methods.
Quote from Ganesh, Covalent’s CEO
Quote from Beniamin Mincu, Elrond CEO
This partnership will not only enable in-depth analysis of Elrond, but developers will experience drastically lower data acquisition times resulting in faster go-to-market for products leveraging Elrond’s mainnet.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.