Transaction finality is one of the key metrics when considering blockchain speed. Here’s how it works in @ElrondNetwork’s protocol.
1/ “Transaction finality” represents the time needed for a transaction to be irreversible. Roll-back mechanisms, such as fork recovery, can invalidate blocks and thus transactions. For this reason, a transaction is only considered final if it is included in an old-enough block.
2/ This is why it takes so long to deposit certain currencies to an exchange - even if you see your deposit transaction as successfully finalized in a block explorer, exchanges will wait a bit before they credit your account.
3/ Bitcoin TXs (transactions) are usually accepted as final after 6 confirmations, or 60 minutes. Ethereum TXs are considered final after 25 confirmations, or 6 minutes. In Elrond, finality is reached in ~27 seconds for intra-shard TXs and ~51 seconds for cross shard TXs
4/ TX finality in Elrond happens when the Metachain builds the next valid block on top of the block that “notarizes” - confirms as executed correctly - the TX. Intra-shard TXs are notarized in 4 rounds: Round 1 -> TX is included in the block
5/ Round 2 ->the next block is built after the previous one, Round 3 -> Metachain notarizes the header of the block with the TX in current metablock. The next Metachain block is created in Round 4, which makes the Meta-block from Round 3 final.
6/ The transaction was submitted sometime in Round 0. A “Round” is 6 seconds - the time needed to build a valid block. So intra-shard transaction finality is 0-6s +24s (4 rounds), so ~27 seconds.
7/ Cross-shard transactions require 4 extra Rounds to process the transaction in the destination shard: 0-6s + 48s (8 rounds), so ~51 seconds.
8/ Round duration is likely be lowered to 5s, so we might look at ~23s to ~43s finality or even less confirmation blocks, depending on observed mainnet data.
The #MultiversX hackaton is inviting devs from all over the world to build products, integrations & tools for the ecosystem.
With up to $1M in prizes and funding, this is the perfect moment to start building.
Weekly #multiversxtech 🛠️
1/ Part of the xExchange off-chain governance process & as a new community channel for debates, feedback and improvement proposals, we have launched the Agora forum.
Get involved in the trajectory of the protocol, there already several topics brought up: agora.xexchange.com
2/ A new Ledger app version for MultiversX has been released. The main highlight in v1.0.23 is the support for guarded accounts, alongside code improvements, custom messages, lintex fixes, and test updates to match with the latest Ledger libraries.
The xLaunchpad is ready to accommodate both EGLD & XMEX holders.
Great amount of meticulous testing has gone into preparing components for the next days and weeks.
Weekly #multiversxtech 🛠️
1/ The Guardians feature will soon become publicly available for everyone for an extra security layer. Among recent improvements: changed the rate limiter implementation for otp codes trials in TCS service and added extra info on responses for a better wallet UX.
2/ First working version which simulates incoming token transaction balances mainnet <> sovereign shard, which means that ESDTs & NFTs can now be bridged over. Lots of refactoring and cleanup underway.
2/ Enabled transferability between wallets for XMEX. A dedicated Escrow SC has been deployed to allow users to send single and multiple positions of XMEX, withdrawable after a 30-31 day period.
1/ Releases across the MultiversX protocol and several services now follow a new procedure with feedback window and an easier to follow and understand format.
More details & notes of the first release in this series, Polaris v1.4.8, can be found here: multiversx.com/releases/relea…
2/ xPortal entered the final phase before go-live. We've performed several infrastructure preparations and load tests, in order to ensure a smooth transition.
1/ With the new economics model, every swap executed on xExchange brings revenue for LKMEX & xMEX holders. Claimed for the first time this week, the batch of passive rewards packs +10 token transfers in 1 tx at <0.001$, demonstrating once again the cost efficiency of our network.
2/ Implemented a mechanism that will allow dynamic gas consumption for storage load based on the trie level.
Blockchains are growing in adoption.
There is a systemic change being explored in several fields and taking place one step at a time.
Elrond has been built to enable and scale that adoption.
Weekly #elrondtech 🛠️
1/ Release v1.3.42 is now live on the Elrond mainnet and includes a global setting role to burning NFTs, trie sync improvements, partial miniblock execution, and several other improvements & optimizations.
2/ Prepared an aggregated block signature verification improvement for the next release candidate, which will save ~100ms CPU time on every metablock and ~20ms for every shard block validation.