Elrond Network - Initiates Cooperation With Runtime Verification

Around Elrond
Elrond is a brand new blockchain structure, made from scratch to deliver a 1000-fold cumulative progress in throughput and implementation rate. To attain this, Elrond introduces two important innovations: a publication Flexible State Sharding mechanism, along with a Secure Proof of Stake (PoS) algorithm, allowing linear scalability using a quick, efficient, and stable consensus mechanism. Therefore, Elrond can process up of 10,000 transactions per second (TPS), together with 5-second latency, and minimal price, trying to become the backbone of a permissionless, borderless, worldwide accessible online economy.

Elrond is constructed by a group of seasoned entrepreneurs combined with 13 engineers and investigators with important blockchain backgrounds and specialized expertise at Microsoft, Google, Intel, and NTT DATA. The group comprises two PhDs in CS & AI, multiple mathematics, CS, and AI Olympiad winners, along with a former associate of the NEM center group.

Around Runtime Verification
Launched by Professor Grigore Rosu, Runtime Verification supplies cutting-edge technologies to design secure and safe languages and systems according to mathematically-grounded principles. Its technologies not only finds the trendiest, trickiest and most costly bugs lurking in existing codebases or specifications, but also stimulates the layout and development of programming and specification languages, even where these expensive bugs can't exist by design or could be discovered cheaply.

The Elrond development and research group will work closely together with Runtime Verification to further build the K frame and its capacity to create correct-by-construction Virtual Machines for your own blockchain. Throughout the development and research initiative between Elrond and Runtime Verification we plan to take wise contracts into another level, and also to produce the GO backend developed by Elrond for its K frame, open source and accessible to the broad public.

Additional Runtime Verification subscribers or fans include Ethereum, Algorand, IOHK, Casper, Maker DAO, Gnosis, Toyota and many others.

"We Runtime Verification are extremely enthusiastic to see Elrond's devotion to not just work with, but also result in the development of the fundamental infrastructure of their K Framework. Though"formal verification" is currently a buzzword from the blockchain community, in fact few blockchain companies really understand the crucial, nearly desperate need of proper specification and verification of smart contracts. And even fewer know this begins with the proper modeling of their programming languages and virtual machines, which proper analysis tools are generally buggy, also, unless they're derived from these formal versions. Elrond takes safety in mind and follows the best proven practices to guarantee secure and safe functioning of the blockchain." States Grigore Rosu, CEO of Runtime Verification.

"Elrond provides an important advancement to the blockchain area, setting new performance criteria concerning throughput and execution rate. Along with functionality, we consider dev tools and safety measures like proper verification methods are appropriate for programmers. Throughout the partnership with Runtime Verification we mean to elevate the safety standard with the addition of proper verification to our intelligent contracts, while incorporating K frame to support many VMs and contract languages in precisely the exact same moment." States Beniamin Mincu, CEO of Elrond.

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