If you are into crypto trading, then there is a big chance you have come across or traded on or using Elrond (EGLD). It is a relatively new cryptocurrency and blockchain as it has not been in the crypto scene for long compared to the others. So, what is Elrond (EGLD)? Well, this is a cryptocurrency, and a blockchain based platform. The platform Elrond is designed in a way that it brings about decentralisation, security and makes use of successful scaling for various apps and enterprises. With its primary aim of achieving cross-chain interoperability, maximum efficiency in operations and developer support, it’s a big competitor to other blockchains.
A Bit About Elrond
Elrond can be described as software that promotes the development of a decentralized, secure, and scalable network of computers to run distributed apps, enterprises, and a smart contract platform. Launched in July of 2020, Elrond distributed the ERD coin as its native token. This has changed however as Elrond’s official cryptocurrency name was switched from ERD coin to eGold token (EGLD). This resulted in a transition program that allowed the owners of the old coin to swap with the new token.
The Internet Scale Blockchain Is Live.CryptoLists.com
Elrond has been made to support Non-fungible Tokens through a function called Smart accounts. Smart accounts differentiate themselves from other blockchain accounts with one specific feature called Key-value storage at the account level. This feature allows users to store massive amounts of information directly into their Elrond Account.
Utility of Elrond?
I. Greater bandwidth
The creators of Elrond have likened previous blockchain networks to dial-up connections when compared to their network. This is because Elrond enabled a much bigger bandwidth to handle more transactions and much more demanding decentralized apps.
II. Value of the EGLD
The native Elrond crypto might be a valuable asset to own in the coming future due to its limited supply. According to its Whitepaper, only about 20 million EGLD will ever exist. Users will appreciate the varied uses of this cryptocurrency which ranges from:
Used as part of the Platform governance mechanism. This includes its use in staking and validator rewards
Payments for transactions and smart contracts.
Elrond Price detailsBSC Contract address: 0xbf7c81fff98bbe61b40ed186e4afd6ddd01337fe
›› Details & Tokenomics
›› EGLD tokenomics and social media
Advantages of Elrond+ High scalability up to 1000 times higher than Ethereum.
+ Transaction speeds are faster than most other cryptocurrencies.
+ Advanced process to select validators, improving network security.
+ Makes use of advanced Sharding technology to increase scalability.
Disadvantages- Cross-chain interoperability is not yet possible.
- Coins aren't universally available.
- Not very many people know about EGLD
Costs▪ Rated at 10/10
Just like the other blockchain and crypto currencies, EGLD ensures some transaction costs when traded. The minimum fee for staking stands at 2500 EGLD, while the transaction fee that is incurred when staking per node is 0.006 EGLD.
A standard or simple transfer of EGLD from one wallet to another will cost 0.00005 EGLD (0.00697 $). Executing a normal smart contract on Elrond costs 0.000122 EGLD (0.01702 $) but the costs can change depending on storage capacity and computing power. Also, with a self-created smart contract, the creator of the contract gets 30% of transaction fees as royalties.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
EGLD warriors have poised this cryptocurrency to be the future IN crypto scene. EGLD has exploded in value over the past few years and going by what other crypto traders dealing with Elrond are saying, it is poised to even get bigger in the coming future.
Some of the developers involved in Elrond▪ Rated at 9/10
The logos below represent some of the developers who have been involved in Elrond. Check out the developer about page, by clicking the logo. There you can see what coins they have developed and at what exchanges, brokers and trading platforms their coins are available.
What Blockchain does Elrond use?
Interestingly Elrond is the name of the blockchain protocol that EGLD runs on. Describing itself as the technology system of the new internet Elrond aims to have lightning-fast transactional speeds, low transaction fees, and improved scalability.
In this aspect, it becomes comparable to other blockchains such as Ethereum and Zilliqa whose main aim is to grow an ecosystem of DApps and cryptocurrencies.
The Elrond blockchain was built with a focus on interoperability within various blockchain networks, developer support, and achieving full operational efficiency. By calling itself an Internet-scale blockchain, Elrond pits itself against other blockchain networks and performs quite well when it comes to transactional throughput.
Here is a quick comparison to put things into perspective, the Bitcoin network can handle roughly 7 transactions per second while Elrond claims to handle around 15000 transactions per second. All this at the meager cost of only one cent per transaction.
This remarkable feat in network efficiency is made possible through an innovative combination of the following features:
1. Advanced Sharding Technology
2. A bespoke Secure Proof-of-stake consensus mechanism
3. A Validator Network
4. The native token EGLD
How and where can you buy EGLD?
EGLD is listed on all major cryptocurrency exchanges. One thing to note however is that EGLD cannot be bought using fiat currencies. To easily bypass this, users are advised to first buy Bitcoin or ETH or USDT from any exchange and then transfer it to an exchange that trades EGLD.
What is the highest value EGLD ever had?
Elrond had its highest value on the 22nd of November where it clocked an all-time high of $493.60.
What is the cost of payments or transactions with EGLD?
The Elrond blockchain has very affordable transaction fees which vary depending on the transaction being undertaken:
What is Adaptive State Sharding?
Sharding is defined as a scaling technique that is derived from other traditional database optimization concepts. By doing this, data is divided into several sections so that it can be processed faster in the different environments. When this concept is brought into the blockchain, it means breaking the network into shards and this would result in faster transactions being processed quickly, getting verified and finally validated.
What hardware requirements are needed for running a node?
For a typical node, one may need consumer-grade equipment, while a super full node may require something powerful like multi-core server with enterprise level storage capabilities. It is projected that a super full node will need to have the capabilities of a typical consumer grade equipment multiplied by the number of shards.