Elrond is a blockchain-based platform that offers participants on its network an increased speed of executing transactions through a protocol known as sharding.
According to the team behind the creation of the Elrond network, the project will serve as an ecosystem for a new internet. This will have inclusions of systems such as Fintech, decentralized finance, and a whole lot of other things. The team claims that the smart contracts protocol operating on the Eleond ecosystem has the capability of executing around 15,000 transactions per second. It is also said to offer a six-second latency at a transaction cost of $0.001
The Elrond system is run with a native token called Gold which is used for the fees required to execute transactions on the network. It can also be used for rewarding the validators.
Who are the Founders of Elrond (EGLD)?
In August 2019, Elrond has first announced shortly after, in 2020, the minnet was launched.
The network was co-founded by the brothers, Beniamin and Lucian Mincu, along with Lucian Todea to bring about a solution to the scalability faced by blockchain in general and considered the biggest problem faced by the entire industry.
Before becoming a part of Elrond, the brother’s Benjamin and Lucian Mincu jointly established MetaChain, an investment company with a focus on digital assets. Beniamin Mincu serves as the company’s CEO, while Lucian Mincu acts as the CTO of the company. The duo also jointly founded a platform for information around initial coin offerings.
Beniamin Mincu was also charged with the production and marketing of NEM, a blockchain platform between 2014-2015. In addition to this, he also had hands in several crypto-based products such as Binance, Zilliqa, Brave, and Tezos among others. Lucian Mincu is also experienced in information, as he has served as an engineer and a security specialist in Cetto, Liebl Systems, and Uhrenwerk 24.
Lucian Todea is an entrepreneur who previously founded Soft32, a platform for software review and download, along with payment applications. Todea served as the CEO of the company. He has also been involved in the cryptocurrency space for a while with investments in a biometric company, Typing DNA and smartBill, an accounting platform.
What is Elrond (EGLD) used for?
The Elrond system’s composition is different from every other cryptocurrency in existence in that it offers a level of scalability that has been unavailable to many blockchain-based platforms.
The Elrond ecosystem also has a native token that has an innate cryptocurrency value. As such, the coin can be traded with other cryptocurrency pairs for the users to be able to make a profit from it.
What Is the Unique Point of Elrond (EGLD)?
According to the Elrond system, it prides itself in being the vehicle for the delivery of a new internet community and decentralized applications. The system’s major advantage is its scalability function which defines it as the first blockchain platform in which network, as well as transaction sharding, has been completely implemented. According to its whitepaper, the system has the goal of building a network in which EGLD is used as a store of value.
In order for the Elorand network to be able to bring this goal to life, it uses a system in which 2,169 validators are distributed into four shards. Out of the fours shard split, three of them are used for executing transactions and are capable of 5,400 per second. It also has one coordinating shard which is known as the Metachain. The adaptive sharding architecture used by the Elrond network allows for its high level of scalability. The system can scale by including a new shard demand on the network that is unmet. Based on its test results, the system was able to run 263,000 with 1,500 nodes in a public environment consisting of 50 shard groups from 29 countries.
In an act to promote its rate of adoption, Elrond allows developers to build applications on the platform and lets them earn royalties of 30%.
How many Elrond (EGLD) coins are in circulation?
The economic model run by the Elrond ecosystem has a token supply that starts at 20,000,000 EGLD. The network constantly prints new tokens to reward validators on the platform. The total token supply of the network is capped at 31,415,926 EGLD, an amount that will decrease over time as more transactions are being executed on the network.
The first set of EGLD was first made available through a private sale where 19% of the initial supply was sold. 7.5% of the tokens were made available upon generation with the other 15.41% released over a three-month period. The system also held an initial coin offering on the Binance exchange in which 25% of its tokens were sold and immediately made available.
Elrond tokens were first issued on the Binance exchange under the name ERD with a capped supply of 20 billion. In 2019, 500 million of the available 20 billion token supply was burned and minted again via the Ethereum blockchain to be based on the ERC-20 design. In September 2020, the network held a token swap which facilitated the swap from BEP-2 and ERC-20 to minted EGLD tokens. The entire process reduced the total token supply from 20 billion to 20 million via a swap ratio of 1,000 ERD for 1 EGLD.
Is the Elrond (EGLD) Network secured?
The Elrond network is secured via a proof of stake consensus algorithm which requires nodes to stake their EGLD tokens in order to be able to participate in the validation process. The protocol in operation also rates the validators based on their past performance and as such influences how the validators are selected. If a validator reaches a point so low that its ratings prevent them from being picked, such a validator has to pay fines. In some cases, validators can be completely removed from the network and have their stakes repeatedly reduced due to actions against the network.
The network is operated under a protocol in which validators are selected in an unpredictable manner, as they are occasionally shuffled between shards as a measure to prevent a collision. The nodes also communicate via an improved version of the Boneh-Lynn-Shacham, as it provides stronger cryptographic protection for the network.
How do I buy Elrond (EGLD)?
The Elrond network is distinctive in several ways. As such, this has created an attraction for several individuals, including developers. Presently, cryptocurrency is available across several exchanges and can be purchased through the following step.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy EGLD through your trading account.
Which Cryptocurrency Wallet Supports Elrond (EGLD)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Elrond (EGLD). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Elrond (EGLD) wallet because offers a simple and interactive interface making it easy for people to navigate its system.