What Is Elrond Coin?
Elrond (EGLD) is a token of the eponymous blockchain platform that uses the SPoS consensus protocol and adaptive sharding. The platform aims to solve the problem of scalability and achieve a balance between decentralization and security. To reach this goal, the team developed a new adaptive state segmentation mechanism that improves scalability as new nodes join the network.
Elrond Coin Brief History
The Elrond technical paper was officially published in the second quarter of 2018, and a private testnet was launched after a year. Then the first stage of Elrond Bootstrapping happened in Q4 2019.
Transition From ERD Crypto To EGLD
On September 3, 2020, the transition from ERD crypto to EGLD officially began. The Elrond coin is the currency of the Elrond economy, and all ERD tokens were gradually replaced by EGLD tokens. The EGLD token is an acronym for eGold, denoting the metaphor for what Elrond currency aspires to become.
Key Features Of Elrond Cryptocurrency
The control and surveillance tools necessitated the implementation of an entirely new network layer that preserves all the characteristics required by the user, while at the same time providing the desired level of decentralization.
The main task of Elrond team is to form a new infrastructure with the following qualities:
- High scalability.
- The best data privacy.
- Resistance to censorious technologies and Internet apps.
- Elrond supports several languages for creating smart contracts.
The Main Technologies Used At The Elrond Crypto Project
Adaptive sharding is a scaling method that enables database optimization through horizontal partitioning. The speed of processing a large number of transactions is increased by splitting the blockchain network into several parts. Sharding allows the number of nodes to be adapted to reduce or increase without compromising security or decentralization.
SPoS is an algorithm where consensus is achieved by randomly selecting validators, rating with a measure for the consensus group, and establishing a rate entitlement. The mechanism provided for determining a node in a segment group with a randomly chosen number prevents a large number of attacks on the network. The scheme also significantly reduces the selection time.
Elrond VM is a virtual machine built on a special intelligent contract execution system. It extends the family of languages available to smart contract developers, including Rust, C/C++, C#, and Typescript. This means you can write smart contracts in any language you're familiar with, compile it from WASM, and easily debug it in an easy-to-read WAT format. The Elrond virtual machine offers an affordable solution to the scalability issues that many developers face.
Shards are smaller sections of the Elrond crypto network and are used for scalability. Each shard is responsible for part of the state (accounts, smart contracts, blockchain) and transaction processing. So, each shard can process only part of the transactions in parallel with other shards.
MetaChain is a blockchain operating in a special segment where the main responsibilities are not transaction processing, but notarization and refinement of processed segment block headers, facilitating communication between segments, storing and maintaining a validator registry.
Node is a computer, smartphone, or server running the Elrond client and relaying received messages. Nodes can act as validators, observers, or fishers providing different levels of support to the network and receiving proportional rewards.
Elrond Crypto Future Plans
- The main goal of the Elrond team in 2021 is to release and improve Maiar. It's a mobile cryptocurrency wallet for iOS and Android. The app's been operating since January 31, 2021.
- According to the Elrond team, the growth of the cryptocurrency industry is driven by institutional investors, while millions of ordinary people are still not using blockchain products because of the high entry threshold and awkward interfaces. Maiar aims to fix this problem. Thanks to its smart design and speed, anyone can create and start using a secure wallet in seconds.
- According to the Elrond crypto news, its developers are also going to create other tools for digital asset investors. At the beginning of 2021, they've released the Elrond Delegation Manager. This tool can be used for operating Elrond Validator nodes with funds delegated to them by third parties.
Elrond Cryptocurrency Summary
The Elrond token platform is an easy-to-integrate blockchain with unprecedented scalability, high speed, and low transaction cost.
The project team firmly believes that blockchain integration should only happen if it creates real value. The project can help you optimize costs, improve security and transparency, or start a new business.
Elrond cryptocurrency demonstrates a new approach to adaptive sharding, increasing security and throughput, and reducing latency through built-in innovation.
Compared to other blockchain projects without any purpose or meaning, Elrond looks tempting. The startup has not only a fundamentally new idea but also technological advantages that make the Elrond coin price increase.
How To Buy EGLD Coin?
Today EGLD price is 144.5585 USD. The best way to exchange your coins to EGLD crypto is StealthEX. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in Elrond crypto, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to EGLD.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your EGLD coins.