Elrond is not the best-known blockchain, but this is only because it is quite new. Also, it hasn’t carried out thorough marketing. The blockchain is popular for its high levels of scalability. Elrond blockchain has been able to overcome the scalability trilemma, which has been a major issue in the crypto world. The project is backed by major names in the world of tech, and this inspires confidence among creators of dApps and other users of the Elrond blockchain.
Briefly about Elrond blockchain
Elrond Blockchain was started in 2017 by Benjamin Mincu, Lucian Mincu, and Lucian Todea. All of these individuals have extensive backgrounds in tech, having previously founded companies like MetaChain Capital and ICO Market Data. The company was primarily founded to solve the scalability trilemma, which was a major limitation of blockchain technology. As a highly scalable blockchain, Elrond has been highly appealing to developers of dApps.
Elronds blockchain is built for internet scale.CryptoLists.com
The main selling point of Elrond blockchain is the high transaction speeds. Unlike Bitcoin and Ethereum, the blockchain does not use the Proof of Work system, and this allows it to overcome the scalability trilemma. Instead, it uses a unique approach known as the Secure Proof of Stake consensus. This approach makes it highly scalable and also makes it less destructive to the environment.
Utility of Elrond blockchain?
There are many benefits of this service, including the high levels of scalability. It is able to handle a large number of dApps, so developers have been rushing to it. Aside from developers, individuals have been using it to make payments as it offers lightning-fast transaction speeds. The network is also able to provide interoperability. This makes it easier to integrate and share data.
Elrond blockchain details
Elrond blockchain Consensus Method: Proof of Stake
Release Date: August 15, 2019
Advantages at Elrond blockchain+ Very low transaction costs.
+ It is massively scalable.
+ Elrond blockchain offers interoperability.
+ It features lightning-fast transactions.
Disadvantages- Elrond blockchain faces a lot of competition from similar blockchains.
- The Secure Proof of Stake protocol is a quite complicated.
- It is not massively adopted, so limitations are yet to be tested.
Costs▪ Rated at 10/10
The transactions costs at Elrond are extremely low and average at 0.00005 EGLD. At the moment, this is equal to about $0.00980. Most companies are able to save money on transaction fees by using this blockchain to send and receive payments.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 8/10
In the short period they been around, Elrond blockchain have developed a great reputation. On Twitter, the company has about half a million followers. The blockchain also has a subreddit that currently has 15,000 members. The main issue with this project is that it is still new and hasn’t been tested adequately.
What is adaptive state sharding?
This is Elrond’s approach to increased throughput, and it combines the three sharding types into a solution that enhances communication inside the shards.
How much can you earn staking on Elrond?
While staking on this blockchain, you will be able to earn a 21.45% APY. The rewards are sent as Elrond eGold (EGLD). In addition to the earnings, you will be able to benefit from increases in the price of the cryptocurrency.
What is the native cryptocurrency of Elrond?
The native cryptocurrency of this blockchain is Elrond eGold or EGLD, and this is currently available on major crypto exchanges like Binance, Bitfinex, and Bitmax.
How secure is Elrond blockchain?
This blockchain is extremely secure since all transactions are posted on a public ledger. Also, these transactions cannot be reversed, and the ledger cannot be edited. Transactions on the network are validated using the Secure Proof of Stake protocol.
Screenshots from Elrond blockchain
Native crypto coin for this blockchain? Learn more about Elrond (EGLD)EGLD is the native coin for Elrond blockchain. It is therefore also worth reading more about that on the link below.
›› Read our full Elrond review here