Elrond Coin is a native cryptocurrency used on the Elrond platform for paying network fees, staking, and rewarding validators. Elrond was first announced in August 2019 and launched its mainnet in July 2020.
What is Elrond (EGLD)?
Elrond (EGLD) is the native token of the Elrond platform. Elrond is a blockchain protocol that aims to offer extremely fast transaction speeds using sharding. The project defines itself as a technological ecosystem for the new internet, including fintech, decentralized finance, and the Internet of Things. It is reported that the platform’s smart contract execution can handle 15,000 transactions per second, with a six-second latency and a transaction cost of 0.001 dollars.
Additionally, Elrond’s main selling point is its high scalability, presenting itself as the first blockchain network to implement network and transaction sharding. According to the economic paper, it aims to build its ecosystem and establish EGLD as a store of value asset.
To achieve this goal, the network operates on 2,169 validator nodes divided into four parts: three execution shards capable of 5,400 transactions per second each, and a coordination shard called “Metachain”. Elrond’s adaptive state sharding architecture completely shards the state, transactions, and network. It can scale by adding an additional shard when the transfer request is not met. In a public environment with 1,500 nodes grouped in 50 shards across 29 locations, it was tested to run 263,000 TPS.
To increase adoption rates, the project also enables developers to earn 30% of smart contract fees as royalties for building on the platform.
In its first year, the company continues to supply EGLD tokens for network stakeholders and validation nodes receive an annual share of 36 percent.
Elrond uses what it calls a secure proof-of-stake algorithm, requiring EGLD tokens to be staked for nodes to participate in the validation process, and each validator is assigned a rating based on past activity. If a validator’s rating is too low, they are not selected and may have to pay a fine. Validators can also be removed from the network and mitigate risks if they consistently act contrary to the integrity of the network.
On the other hand, Elrond was founded at the end of 2017 by brothers Beniamin and Lucian Mincu, along with Lucian Todea, as a solution to what they considered the most urgent problem in the industry – blockchain scalability.
EGLD Coin Review
Looking at EGLD coin reviews, investors currently seem very hopeful about the token. Even though the market is on a downward trend, EGLD stands out with its rising graph.
In addition, the platform is preferred due to the strength of the team behind it and the importance of the problem it addresses. This increases the demand for EGLD coin.
At the time of preparing this article, Elrond Coin, trading at 28.69 dollars, is also trading at 0.00126113 BTC in the EGLD BTC trading pair. According to CoinMarketCap data, Elrond Coin, with a trading volume of 418,050,987 USD, is ranked 50th and it’s also worth noting that its trading volume in the last 24 hours is 107,384,969 USD.
In addition, Elrond (EGLD) broke the record on December 22, 2020, with 29.39 dollars, and saw its lowest level on October 20, 2020, with 6.80 dollars. Also, there are currently 14,568,948 Elrond (EGLD) in circulation, and it is expected to reach a maximum of 31,415,926 Elrond Coins.
How to Buy Elrond Coin?
Elrond Coin can be reliably and quickly purchased through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
Elrond Coin was offered for sale on Binance Launchpad on June 22, 2019. Binance users can now use Elrond Coin in multiple trading pairs.
