Elrond hopes to be the next internet-scale blockchain by creating a high-throughput blockchain.
What is Elrond?
- Elrond is a blockchain technology that uses sharding to provide incredibly fast transaction speeds. It claims to solve the scalability trilemma with a 1000x improvement in blockchain speed, scale, cost, and user experience.
- Fintech, decentralized banking, and the Internet of Things are all part of the project’s description as a technological ecosystem for their envisioned future of the internet.
- According to reports, Elrond can handle 15,000 transactions per second with a six-second latency and a transaction cost of $0.001.
- The eGold, or EGLD, native coin on the blockchain is utilized for network fees, staking, and rewarding validators.
- Elrond’s approach to increased throughput, called “Adaptive State Sharding” which improves communication inside the shards and dramatically increases performance through parallel processing.
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Who is Behind Elrond?
Elrond was founded by brothers Beniamin and Lucian Mincu, as well as Lucian Todea, in late 2017 as a solution to the blockchain scalability challenge, which they considered the industry’s most pressing issue.
Beniamin and Lucian Mincu formed MetaChain Capital, a digital asset investment firm where Beniamin served as CEO and Lucian as CTO, prior to joining Elrond. The two also created ICO Market Data, an information aggregator for initial coin offerings.
What is the Purpose of Elrond?
Elrond employs a Metachain to serve as a coordination mechanism for the network’s many shards. The Metachain runs on its own unique shard, which allows it to communicate directly with all other shards in order to coordinate the cross-shard actions that make the Elrond crypto ecosystem possible.
- The Elrond network is made up of 2,169 validator nodes divided into four charts: three kill shards each capable of performing 5,400 tasks per second, and one link shard known as “Metachain.”
- Elrond is part of a regional sharding structure, transaction, and network as a whole. When the need to leave is not met, we can measure by adding another cup. It has been tested in a public area with 1,500 nodes from 29 countries divided by 50 shards to achieve 263,000 TPS.
- To promote acquisition, the project gives developers the opportunity to earn 30% of smart contract funds as profits when they build on the platform.
- For the first year, the company maintains the provision of EGLD tokens to participate in the network, with validator nodes earning an average of 36 percent per year.
- Elrond employs a secure proof-of-stake consensus mechanism, in which nodes must stake their EGLD tokens in order to participate in the validation process, and each validator is given a rating score based on previous activity, which determines whether or not they are chosen.
- If a validator’s rating falls too low, it will not be chosen and will be forced to pay fines. Validators can potentially be kicked off the network and have their stakes reduced if they consistently operate in a way that jeopardizes the network’s integrity.
News and Updates:
- Binance, the world’s largest cryptocurrency, has recently announced a strategic agreement with Elrond to launch the EGLD staking pool.
- Binance announced in a blog post that retailers will qualify for up to 55.49 percent per year per APY and 100 EGLD prizes worth $19,000. At a fixed stake of 0.2 EGLD, traders can earn an annual interest rate by trading a token for 10, 30, 60, or 90 days.
Whitepaper and Community Links:
All investments are speculative and involve substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.
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