What is Elrond (EGLD)?
Elrond (EGLD) - the cryptocurrency that makes use of sharding for ultra-fast transactions.
- Elrond is a blockchain protocol that is built using sharding.
- It is built this way because one of the main characteristics of the network and the cryptocurrency is the very high speed of transactions (15,000 per second).
- EGLD is the cryptocurrency of Elrond, and is described simply as 'the economic model within the blockchain'.
Key Metrics Elrond (EGLD)
Cap de Mercado
About Elrond (EGLD)
Is it possible to perform 15,000 transactions per second, with a maximum latency of 6 seconds and at a cost of 0.001 USD? This is the main idea behind Elrond, a blockchain protocol created by using sharding, something that makes extremely fast transactions possible.
The project describes itself as a technological ecosystem focused one hundred percent on fintech, decentralized finance and, above all, the internet of things. Elrond was founded in late 2017 by brothers Beniamin and Lucian Mincu, who wanted an ultimate solution to blockchain scalability.
Although Elrond was founded in 2017, it wasn't until August 2019 when the blockchain was announced. In fact, it wasn't until 2020 when the network launched along with much of its ecosystem. Its cryptocurrency, EGLD, was launched until September 2020 after its first version - ERD - failed.
During its founding and construction, Elrond was intended to be a highly scalable network, with the goal of implementing stateful fragments in its transactions, thus making it perfect for the new Internet economy and enterprise use.
The network has the capacity to run 2169 validation nodes divided into four fragments, which are capable of performing 5,400 transactions per second. This makes it perfect for large enterprises that need high transaction volumes, but run at a higher speed.
In order to increase its usage, Elrond has a royalty policy that allows new developers to earn 30% of smart contract fees in exchange for adopting this blockchain. In addition, with the use of the EGLD token, up to 36% more annual profits can be earned.
The EGLD cryptocurrency
EGLD is Elrond's cryptocurrency, originally created for the payment of commissions on transactions within the network. EGLD has a limited supply of 20,000,000 tokens, but new cryptocurrencies are minted when there is a need to reward network validators. Mind you, the maximum supply should never exceed 31,415,926 EGLD.
EGLD has had several changes over the years. The first time they were launched they had ERD as their name and were published on the Binance Chain, with 20 billion cryptos. Then, after a large burn of 500 million, new ERC-20 tokens were minted, now with the name EGLD, with the more limited supply of 20 million in order to better control their price.
Thanks to the change to the ERC-20 token, EGLD became a cryptocurrency for common uses such as trading, payments and for sending Airdrops, so the token started to become more popular than anything else within the business world, which wanted to start moving into the new digital economy.