Elrond – EGLD
In this Article, we will deep dive into #Elrond, not the #LordOfTheRings character, but the blockchain with elf-like powers.
This is a Project Review on $EGLD.
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Elrond is a Secure Proof of Stake blockchain (SPoS) that was launched in 2018 by founders, Lucian Todea, Beniamin and Lucian Mincu.
Elrond is known as the “Internet Scale Blockhain”…
The Elrond network is very special in its own way, compared to other blockchains. Elrond utilises both Adaptive State Sharding and its very own Secure-Proof-of-Stake consensus technology.
The Elrond blockchain uses the Secure-Proof-of-Stake (SPoS) consensus mechanism to process and verify the quantity of $EGLD tokens that are staked by active validators. Each node on the network also receives a network rating and there are currently over 3,000 nodes!
Unlike other blockchains that use the #Sharding technology, #Elrond developed upon the idea and created Adaptive State Sharding which entails three types of Sharding:
State – is the history of the whole network which is split into different State shards which each has its own ledger and node.
Network – will manage all the nodes into groups of shards to facilitate better communication.
Transaction – is to position transactions to specific shards which will process information like the users’ wallet address.
By splitting up the Network into those three Sharding categories, Elrond is capable of processing and managing such fast and cheap transactions, with superior scalability potential.
The network will usually allow up to 15,000 transactions per second but it is also capable of processing over 260,000 TPS, with a minuscule cost of around $0.001 per transaction fee.
The blockchain has one of the largest ecosystems in the entirety of Web3. It is home to multiple Metaverse’s, Payment systems, DEXs, NFTs & marketplaces. The list is endless.
Even major corporations like Samsung & Huawei use Elrond for End-User OnBoarding!
The network has currently processed just under 60 million transactions with over 1.9 Million wallets connected to the network.
Elrond is a perfect blockchain for large corporations as it can manage blocks efficiently, swiftly and securely!
If you are looking to stake your idle $EGLD tokens, the Elrond protocol allows users to earn over 21.45% per year! Compared to most #blockchains, Elrond is offering competitive rewards that definitely entice users to the network.
Elrond has one of the most powerful and scalable blockchains in the world. With the next bull market and Global Crypto adoption, there is a high possibility that the $EGLD token will exceed its ATH!
At the time of writing, the $EGLD token is priced just over $42 with a market cap of over $999M! Most would say Elrond is a bargain right now as it’s over 92.23% from its ATH of $542.58 when it reached a peak market cap of just under $10B!
Links
Twitter – @ElrondNetwork
Website – elrond.com
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