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
“ The Elrond team has done an impressive job with their own API infrastructure, which already offers a single-chain view of their sharded architecture. We look forward to taking on the challenge of indexing data residing as key-value storage in their Smart Accounts, which is an amazing feat by itself.
Quote from Beniamin Mincu, Elrond CEO
“ Web 3.0 will heavily rely on blockchain technology’s ability to create a trustworthy data layer for the internet. By plugging the Covalent datasets into the Elrond blockchain, we will enable more meaningful information to be extracted from raw data and accelerate autonomous decision making at an internet-scale.
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.