Who is Elrond? How does he help the company?

Inside Elrond's house, Bilbo is able to fatten himself on cakes and as long as the group stayed, Bilbo would have been happy to remain a little longer. Elrond is an old soul who has elves and "heroes of the North" as ancestors and he offers a good amount of insight regarding the quest. The group is to leave with "the early sun on midsummer morning" and when they are to leave, Elrond offers them swords of protection. One is called Orcrist, the Goblin-cleaver and another is called Glamdring, Foehammer. They are presented to Thorin and Gandalf, respectively. Looking at the map in the moonlight, Elrond is able to read moon-letters, distinct from the runes printed on the map. These words specify that the secret entrance to the Mountain can be unlocked on Durin's Day, which is the first day of the dwarves' New Year at the crux between Autumn and Winter.