What is Elrond?
Elrond is a blockchain platform that can process transactions at high speeds and provides security for the network by utilizing Proof-of Stake (PoS) mechanism.
Elrond claims their network can support up to 100,000 transactions per second while maintaining permissionless, low transaction fees and easy to access for everyone.
The network is designed to solve the scalability issue and compete against other blockchains such as Ethereum, Zilliqa or Polkadot.
How does Elrond work?
Elrond offers many advanced features in common with other blockchain platforms such as smart contracts, transaction settlement or launchpad.
However, the network has these main features which separate from other platforms.
Adaptive State Sharding
Sharding in the Elrond network was designed from the ground up to address the complexity of combining network sharding, transaction sharding and state sharding. The result is a cohesive protocol design, which not only achieves full sharding, but attains the following goals as well:
Scalability without affecting availability, which requires that increasing or decreasing the number of shards should only affect a negligibly small vicinity of nodes without causing downtimes, or minimizing them while updating states.
Fast dispatching and instant traceability, which require that computing the destination shard of a transaction must be deterministic and also trivial to calculate, eliminating the need for communication rounds.
Efficiency and adaptability, which require that the shards should be as balanced as possible at any given time.
Secure Proof of Stake
Elrond's approach for consensus is called Secure Proof of Stake (SPoS). It innovates in the manner in which validator nodes are selected for consensus out of a shard and also in the steps taken by the validators to complete the consensus process as efficiently as possible.
The SPoS also offers a high-security level by randomly sampling the consensus group and randomly selecting nodes to other shards to prevent collusion.
The Elrond WASM VM
Elrond built a fast and secure virtual machine to play a central role in modern blockchain networks which called Elrond VM. The virtual machine offers fast and secure platform to execute smart contracts in any programming language while maintaining these features:
Statelessness.
Out-of-process e execution.
Fast execution engine.
Asynchronous calls between contracts.
What is EGLD token?
EGLD is the native token of the Elrond Network. The token plays a key role in powering and maintaining the whole network. It can be used for transaction fees, rewards for network contributors and running smart contracts.
Furthermore, holders of EGLD can receive rewards with newly minted EGL and have the ability to vote on proposals of the network.
Detailed Information about EGLD Token
EGLD Token Metrics
Ticker: EGLD
Blockchain: Elrond Network
Token Standard: BEP-2
Contract: Updating
Token type: Utility Token
Total Supply: 20,397,843 EGLD
Circulating Supply: 20,351,054 EGLD
EGLD Token Allocation
EGLD tokens are distributed as follows:
EGLD Token Sale
EGLD was offered at IEO for $0.65 USD per token and $0.5 USD per token at the Private Sale.
EGLD Token Release Schedule
How to buy EGLD Token
You can buy EGLD on these listed centralized exchanges: Binance, Kucoin, Binance...
Alternatively, you can use Coin98 Exchange to swap other tokens for EGLD.
Learn more: How to use Coin98 Exchange
How to get EGLD Token
Users can stake EGLD tokens to earn passive income with Elrond Web Wallet. Detailed about the staking guide can be found here.
How to store EGLD Token
You can store the EGLD token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search EGLD Token.
Step 3: Click on the correct result, copy the wallet address and send EGLD to this address.
