Elrond EGLD

1. Summary

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Price

$217.84 -6.0%

Market Cap

$4.14B (#29)

Supply

19.80M / 20.40M

Tags

Smart Contracts Protocol

Description

Elrond is essentially this blockchain that uses sharding in order to handle the vast amounts of transactions with low costs as well as instant finality. It handles 15.000 transactions per second and is said to scale into the range of hundreds of thousands. Then you have the EGLD token or Elrond eGold, which is used for transactions as well as smart...

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Elrond is essentially this blockchain that uses sharding in order to handle the vast amounts of transactions with low costs as well as instant finality. It handles 15.000 transactions per second and is said to scale into the range of hundreds of thousands. Then you have the EGLD token or Elrond eGold, which is used for transactions as well as smart contracts, rewards alongside governance.

Elrond is designed for a high level of scalability as well as significant transaction throughput due to the fact that it relies on an adaptive state sharding system that enables transactions to be handled on a rapid basis by a multitude of validators.

By comparison, Bitcoin can handle up to seven transactions per second.

The EGLD Token Explained

Elrond uses the eGold token known as EGLD, and this token is used throughout the entire network.

The EGLD token is used across the network for transactions, validator rewards, governance, staking as well as smart contracts.

Features of Elrond

Sharding is essentially the process of breaking data down into smaller pieces of data and distributing them across multiple chunks throughout the network. These chunks are known as shards, and each has a number of nodes that process the transactions. Keep in mind that there’s also Zilliqa, which uses a shared blockchain as well, and Ethereum 2.0 will also implement different sharding methods.

Elrond specializes in the fact that it implements three different types of sharding, including state, transactions, and network, as well as uses parallel processing to speed up transactions.

When it comes to the Elrod Network, it has pieces that make up the framework of the blockchain, including Nodes and Users, Validators, Shards, Metachain, and eGold (EGLD) tokens.

It uses the secure proof of stake consensus (SPoS) which was developed to improve Proof of Stake solutions. It reduces the latency within the network and allows any node in the shard to determine which members will be a part of the consensus group throughout the start of each round. Randomization is also provided through the aggregated signature from the last block.

Founders of Elrond (EGLD)

Discussing the founders of Elrond, it was co-founded in 2017 by two people, specifically, two brothers. One is named Beniamin Mincu and the other is named Lucian Mincu as well as Lucian Todea. Their idea here was to develop a solution to the problem of blockchain scalability. Now, at the time this was a serious issue facing the industry.

Now, before this project, Benjamin, as well as Lucian Mincu, also co-founded a project known as MetaChain Capital, which was a digital asset management fund, where Benjamin was the CEO and Lucian was the CTO. They also co-founded ICO Market Data, which was an aggregator of information regarding Initial Coin Offerings.

Now, Lucian Todea is a technology entrepreneur that previously founded and served as the CEO of Soft32, which is a software review and download site. He is also the partner of mobilPay, which is a mobile payments application but has also invested in a lot of other projects throughout his career.

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