Elrond MultiversX Blockchain (EGLD)

Elrond MultiversX (EGLD): the future of blockchain

2024-01-10 10:02:00

Elrond is a high-bandwidth, fast and secure decentralized blockchain network presented as an alternative to the existing global economic infrastructure. It claims to be the first project to utilize adaptive state separation and secure proof-of-stake (SPoS) technology to achieve speed and security.

Elrond faces a number of challenges:

Elrond was able to innovate with two new technologies, Adaptive State Sharding and Secure Proof-of-Stake.

Secure Proof-of-Stake (SPoS) is a consensus algorithm modified specifically for Elrond. Elrond nodes form a consensus group that determines the chances of becoming a validator for the next block. The validators are randomly shuffled and can be reassigned to another segment. This helps maintain a high level of network security. The validators are rewarded in the form of EGLD.

Sharding (Adaptive State Sharding) is a technique that allows data to be fragmented into multiple shards, independently and horizontally, to allocate memory.

Elrond's innovation lies in the way it utilizes sharding. Adaptive state sharding increases the efficiency of this technique tenfold. It combines three basic types of sharding: transaction sharding, network sharding, and state sharding.

The sharding implemented by Elrond was designed to achieve the following goals:

Elrond currently has 3 shards, each of which can support ~5200 TPS (transactions per second), which means Elrond can currently support 15 600 transactions per second on its network. If the network is in high demand, they may add one or more shards to support more transactions per second. In this respect, the network is similar to Ethereum 2.0 (ETH).

Elrond also intends to offer Ethereum Virtual Machine (EVM) management to facilitate communication between Ethereum and Elrond applications.

What is Elrond Gold used for? What is it used for?

Similar to bitcoin and most cryptocurrencies, Elrond Gold (EGLD) is a peer-to-peer medium of exchange. The protocol allows people to transfer value in the form of transactions.

All transactions passing through the Elrond network are paid for in EGLD, from the creation of ESDT (Elrond Standard Digital Token) to the execution of smart contracts.

In the near future, Elrond Gold holders will be able to use their EGLDs to vote on community proposals.

Ecosystem token distribution

Some Elrond ecosystem projects have decided to distribute some of their tokens to Elrond Gold holders for free. Maiar Exchange is distributing its MEX token for 12 weeks to Elrond Gold holders. Maiar Launchpad plans to do the same, so expect an influx of DeFi tokens in the Elrond ecosystem.

Betting

Elrond Gold token holders can participate in staking thanks to proof-of-stake (PoS) consensus. Return on investment ranges from 15% to 19% per year through staking providers and 21% per year if you own your own node.

If you think Elrond fits your needs, you can purchase EGLD tokens on the exchange.

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