A new report by Morgan Stanley revealed that if Ethereum moves from Proof of Work (Pow) to a Proof of stake (PoS) consensus as expected, it will eliminate the need for miners and reduce the demand for graphical processing units (GPUs) and significantly lower energy needs. But the merge to (PoS) will not add more scale-ability to the network nor lower the transaction fees.
The merge delay is another opportunity for competitors to shine up. Elrond Blockchain, a potential Ethereum killer, uses adaptive state sharding (SPoS) technology to achieve speed and security.
What is Elrond?
Elrond Network is a general blockchain created to provide high-level development, interoperability, and high productivity. The goal is to create a decentralized network that can provide the same or better performance compared to central networks while providing greater user privacy.
The Elrond Network plans to achieve these goals through its unique Adaptive State Sharding technology, using the Secure Proof of Stake consensus mechanism (SPoS).
For the functioning of its blockchain, Elrond uses a new approach to the Proof-of-Stake consensus, called Secure Proof of Stake.
This consensus innovates how validation nodes – masternodes – are selected from a shard, and the steps validators take to complete the transaction validation process as efficiently as possible.
At the beginning of each block creation cycle, the SPoS selects validators using a source of chance that cannot be predicted or influenced.
The time required to select the consensus group randomly is exceptionally short (about 100 ms, often less). This also makes it possible to obtain cycles of only a few seconds.