Elrond: What informations you should know about EGLD
Elrond(EGLD) is a protocol based on blockchain technology. The project was created by two brothers, Lucian and Beniamin Mincu, but also by Lucian Todea in 2017. But only in 2020 did their project materialize.
What is Elrond Gold?
The Elrond blockchain is based on a mechanism called Proof of stake. Thanks to this mechanism, the protocol can be secured and the transactions confirmed.
But what sets Elrond apart from other protocols or blockchains like Ethereum, for example? The Elrond project has seen the light of day to address the issues Ethereum has faced, raising transaction fees or commissions.
Elrond is capable of supporting over 15,000 transactions per second, offering fees of around $ 0.0001, as well as a latency time of six seconds to complete an entire transaction.
But we can’t talk about Elrond without mentioning his virtual currency, eGold. The Elrond cryptocurrency was initially launched as an ERC20 token called ERD, then migrated to the Elrond blockchain and changed its name to eGLD.
It is used in the governance mechanism of the platform, as a guarantee and reward and a commission for transactions and smart contracts.
eGLD is designed to be used in Maiar’s proprietary Elrond Wallet application, which allows its users to send transactions almost instantly over the blockchain network.
But before we introduce the fascinating architecture of this blockchain, we can’t begin without talking about the name of this project, derived from The Lord of the Rings.
In an interview, Benjamin Mincu, stated that through this name, he wanted to communicate a great power, dedicated to the good, as well as that of the character from the famous saga.
Elrond can therefore be presented as a project that aspires not only to wealth, but that tends to use its technological innovations in the most positive way.
The blockchain is also an open source program. It is therefore possible for any user to consult their code online. In addition, when you want to buy, you can store Elrond Erd in a Maiar wallet. It is a new type of online wallet, very popular because it is anonymous and does not need identity justification.
How does Elrond work?
Elrond has been able to innovate with two new technologies, Adaptive State Sharding and Secure Proof of Stake.
Secure Proof-of-Stake (SPoS) is a modified consensus algorithm specifically for Elrond. Elrond nodes form a consensus group, this group determines the chances of becoming a validator for the next block. The validators are shuffled randomly and can be reallocated to another segment. This maintains a high level of network security.
Validators are rewarded in the EGLD.
Sharding is a technique that allows data to be fragmented into several fragments, independently and horizontally, to distribute storage in memory. Elrond owes its speed and evolution to its shard structure, that is, in fragments of blockchain that work in parallel.
It is the fragmentation of the blockchain in different networks that allows the evolution of transactions.
Elrond’s innovation is the way Shard is used. Adaptive State Sharding allows decoupling the efficiency of this technique. It combines the three main types of sharding: transaction sharding, network sharding, and state sharding.
The Sharding implemented by Elrond has been designed to achieve the following goals:
– Fast transactions – 6 seconds blocktime.
– Transactions that are very easy to find.
– Simple and fast evolution without affecting the security or decentralization of the network.
In other words, Elrond is a blockchain that has a lot of tricks up its sleeve:
– It’s faster.
– it is cheaper.
– it is safer.
– does not consume so much electricity.
Is Elrond Crypto Currency, EGLD, a Good Investment?
Elrond aspires to build the next blockchain on the Internet scale, creating a blockchain at the highest speed. On paper, EGLD is the best investment, even better than Ethereum for a blockchain with smart contracts. It is much cheaper if you want to use it and much more evolving.
Elrond could be the best or most wonderful investment if it can recruit as many investors as possible on its platform.
The blockchain is an idea based on an evolving blockchain that aims to accompany companies throughout the creation of decentralized applications. To get here, the project is based on a real sharing system for a practical evolution.
This eliminates energy loss and computational time. Something that offers a guarantee of balance, distributed thanks to an SPoS consensus.
Elrond crypto is far from just a virtual currency. More ambitious than the rest of its competitors in the market, it is a project that aims at a complete ecosystem, hence a speed that we have certainly not thought about until now.
Many experts also believe that EGLD should be invested in 2022. EGLD is a safe investment for several reasons.
The first element that caught the attention of investors: the Elrond project addresses some issues or concerns about extensibility or scalability.
