Elrond Network, a disruptive blockchain that leverages adaptive state sharding to solve scalability issues, is working with Nash—previously known as NEX. Elrond and Nash aim to join efforts to share research developments connecting Elrond ecosystem as one of Nash supported networks.
What is Nash?
Nash is a FinTech company using blockchain technology as the infrastructure. Nash’s flagship product is a decentralized cryptocurrency exchange (DEX), which, unlike centralized exchanges, does not take custody of user assets. A DEX truly encompasses the decentralized principles of blockchain technology, but, to date, decentralized exchanges have been unable to compete with their centralized rivals.
While DEX developments have gathered plenty of attention in the past, as evidenced by the immediate post-launch popularity of Ethereum-enabled Bancor, existing implementations have been unable to provide the user experience and, more importantly, the transaction fulfillment critically desired by traders. DEXes’ popularity became their own demise as the networks they were built on saw inevitable congestion bring trades to a near stand-still given the scalability limitations of the underlying protocols. Despite the failures of past decentralized exchanges, a successful DEX is an irrevocable pillar of a true decentralized ecosystem. Centralized exchanges, which become custodians of people’s digital assets, have shown repeated signs of market manipulation and negligence towards user assets. With the rise of IEOs, centralized exchanges are gaining a decisive control of the blockchain ecosystem, and this is disadvantageous to the future of this sector.
Nash Exchange is a development with a goal to deliver a DEX that works. The recent and well-timed collaboration between Nash and Elrond Network will, among various targets, explore a means to achieve integration of Nash trading and payment systems with Elrond network. That will bring ERD trading and payments to outperform any current player in terms of asset security.
What is Elrond Network?
Elrond Network is a blockchain that utilizes a new consensus mechanism, Secure Proof of Stake (SPoS) in conjunction with a novel approach to Adaptive State Sharding. The innovative technologies that form this network are the key to delivering a scalable yet secure network that is easily accessible to the masses.
SPoS is an evolution of the PoS system with the key intent of adding an additional layer of security. Unlike a base PoS protocol, SPoS requires nodes to have a stake and positive rating. Before a block is added to the blockchain, the block proposer’s transactions are validated by a randomly selected consensus group.
The algorithm driving the randomness of the group is dependent on a variable from a preceding block, thereby nullifying any predictive possibilities.
While new consensus mechanisms with robust security offerings are available in the market, Elrond Network’s SPoS eases the delivery of the infrastructure’s usage of adaptive state sharding. Past blockchain iterations, like Zilliqa, have attempted the use of sharding to resolve network throughput and they have been successful—to a limited degree. Elrond Network deviates from the previously proposed sharding mechanisms which, even if capable of delivering a high TPS, required nodes to possess computational power too excessive for the average person. With Adaptive State Sharding, the network adjusts to throughput demands.
A Mutually Beneficial Partnership
The partnership between Elrond Network and Nash will help both projects to reach their goals. Nash is a powerful application building services to bring decentralization to some of the biggest pains in the industry, in its goal to be a portal to the best blockchain networks Nash benefits from integrating with one of the leading upcoming ecosystems that can support a variety of financial solutions. Meanwhile, Elrond Network is a project that aims to create the infrastructure that can enable highly scalable applications built atop blockchain technology. The two projects will explore opportunities to enhance the utility and adoption of blockchain technology.
Elrond Network has the ability to deliver the only decentralized network with a transactional capacity thousand-folds greater than established protocols and a partnership with a leading DEX will be a great asset for Elrond’s long-term development. Elrond and Nash, aim to jointly explore the potential integration of Elrond blockchain platform and tokens (ERD) into the Nash payment platform, allowing their users and clients the possibility to trade and acquire ERD tokens globally across different platforms.
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