Recognize Crypto: Elrond (EGLD)

 Elrond (EGLD) is no stranger to crypto enthusiasts. Probably, some Intraday readers are interested in this asset compared to other crypto technologies.

What is Elrond (EGLD)?

Elrond is a blockchain capable of accommodating scalability and a large number of transactions.

Elrond technology is said to implement sharding systems such as Zilliqa and the Secure Proof-of-Stake (SPoS) consensus mechanism, making the network capable of running up to 10,000 transactions per second with a high speed guarantee at a low cost, $ 0.001.

The network also supports non-fungible tokens (NFT) and an NFT framework known as Smart Accounts.

Not many people know, Smart Accounts is similar to accounts on other blockchains only there is support for storage of large amounts of data including email, Bitcoin wallet address (BTC), personal identity data, health data, proof of citizenship, Know-Your-Customer information (KYC ), and others.

Not only that, they are in the process of placing Elrond Standard Digital Tokens (ESDTs) - tokens that represent 1/ tokenized stablecoin, 2/ synthetic assets, and 3/ network -compatible fiat currencies without the need for smart contract functionality.

Elrond Privilege

Adaptive State Sharding

Combines 3 types of sharding (state, transaction, and network) to speed up and execute transactions simultaneously through parallel processing.

Secure Proof of Stake (SPoS)

Uses computing technology to run Elrond software for network protection, authenticate transactions, and distribute new EGLD coins.

Arwen WASM Virtual Machine (VM)

Or known as the Elrond Virtual Machine is designed to develop smart contracts on the Elrond platform. It is also compatible with Ethereum Virtual Machine (EVM) which means Ethereum smart contracts can also work on Arwen WASM VMs.

EGold Token (EGLD)

EGLD plays a large role in the Elrond network including being used for transactions, smart contracts, rewards, staking, and administration.

As of April 2021, the EGLDs that are in cyclical supply are 17.2 million and 55.5% of them are locked in the protocol as a staking reward.

Meanwhile, new EGLDs will be distributed according to smart contract stipulations for a period of 10 years until the maximum supply, 31.4 million EGLDs is reached.

Based on observations, the low EGLD supply volume, scheduled locking, and percentage of coins at stake are considered positive cryptonomic indicators for Elrond’s resilience in the long run.

Cooperation Network

Samsung Blockchain - Elrond is listed in Samsung Wallet and as one of the DApps.

TypingDNA - a biometrics firm that helps create sustainable securities for Elrond).

Smartbill - SaaS provider for general inventory management.

Netopia - a payment processing firm located in Romania.

Distributed System Research Laboratory - part of the Technical University of Cluj.

For investors interested in getting an EGLD, you can trade on the Binance and KuCoin platforms.

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