The contact with all that Elrond Network means enriched us considerably and made us strongly believe in the recently emerged blockchain technology! For this reason, we want to multiply our achievement, offering support to key people, in their first steps towards understanding it.
We are happy to share with you the fact that we have concluded a partnership with the Cluj-Napoca Technical University, where interested students will benefit from theoretical and practical training in the amazing blockchain technology field! We want to express special thanks to our partners, EGLD.info and Mairon, without whom we could not make this fruitful partnership possible!
The ARC Stake educational approaches in the university framework
This week, ARC Stake team started to deliver pilot seminars at the Technical University of Cluj-Napoca, where it showed the implications of blockchain technology, a futuristic domain. The educational activities are addressed to students from the first, second, third and fourth years of study.
Following these pilot courses and their associated feedback, we will return with a full blockchain course that will begin to be taught to students from the 2nd semester of this academic year, being included in the curriculum. The course will also contain knowledge and applications regarding the development and implementation of smart contracts (SCs).
The trainers who will provide the information in a way that everyone can understand, with many examples and various applications, are Andrei Gheorghiu, Cristian Munteanu, Radu Nechifor, and Vasile Radu.
Our main goal is to attract future engineers in the development and implementation of this cutting-edge technology, a fact that could give them a strong motivation to stay in the country and build here. The ARC Stake team feels ready and open to enter partnerships with other prestigious tech universities in Romania.
About blockchain technology
Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Using this technology, participants can confirm transactions without a need for a central clearing authority. Bitcoin, Ethereum and Elrond are popular examples of blockchains. Everyone is allowed to connect to the blockchain and transact on them. Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cybersecurity, and healthcare. Nobody owns blockchain technology, and yet, everybody owns it. That is one of the unique features of blockchain tech, and this collective ownership and accountability is what makes blockchains very secure and immutable.
The top blockchain applications are money transfer, smart contracts, internet of things (IoT), personal identity security, healthcare, logistics, non-fungible tokens (NFTs), government, and media. Blockchain technology contributes to solving problems in a surprising way in fields such as finance, environmental protection, administration, health, charity, trade, IT, education, art, logistics, entertainment, gaming, telecommunications, etc. It is the perfect infrastructure for Web3 and it will certainly make our lives much clearer and easier!
What makes Elrond a truly remarkable blockchain?
- Infinite scalability
During the testing phase, the Elrond blockchain peaked at 260,000 transactions per second (TPS)! To make a comparison, Bitcoin can perform 7 TPS and Ethereum 20 TPS. Elrond also surpasses Visa/Mastercard’s performance of 24,000 TPS.
Elrond is the only highly scalable blockchain without compromising security or decentralization. It manages to completely solve the blockchain trilemma without sacrificing any element. The scalability of the Elrond blockchain is technically infinite, thanks to sharding. Fragmentation means dividing a larger part into smaller parts called fragments. Elrond uses horizontal sharding and the number of shards is adjustable. With 3 shards, Elrond’s network can easily support 15,000 TPS, but this number can be increased when needed by updating the network settings.
- The Secure Proof-of-Stake consensus mechanism
Elrond has created a much superior version of Proof-of-Stake, Secure Proof-of-Stake (sPoS), which goes much further by implementing improvements that make it even more secure and fair. Its consensus building approach makes it innovative and futuristic, where validating nodes are selected for consensus from a fragment. The multiple advantages of sPoS are optimal security, negative carbon emissions, decentralization, speed, fairness, and the fact that nodes are collaborative.
- The very large number of nodes
What is unique about the Elrond network is the large number of nodes and the remarkable level of security. The Elrond network is composed of 3,200 nodes, spread mainly across Europe (59%), North America (34%) and Asia (6%).
- The Elrond Virtual Machine (WASM Virtual Machine)
The virtual machine is the most important component of a smart contract execution platform. Elrond Virtual Machine is one of the fastest virtual machines in the blockchain space, and its attributes are stability and security, high performance, isolated execution (stateless), composability and predictability.
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