What is Elrond (ELGD)?
Anyone familiar with cryptocurrencies has probably heard of the scalability trilemma - the three main characteristics of a mature blockchain network (scalability, security, and decentralization) cannot exist simultaneously with current technology. One project that is trying to solve this trilemma is Elrond. Therefore, despite the so far low ERD crypto price, it is in high demand.
The EGLD token is the cryptocurrency's own coin.
EGLD is a medium of exchange between users and developers. The token is also used to validate transactions on the network, for which the validator receives a commission. The more transactions that take place on the network, the higher the commission and the more expensive the token is on the secondary market. EGLD can also be used for staking, generating passive income from various projects in the Elrond ecosystem.
The maximum number of tokens is 31,415,926. To date, 55% of the total number of coins have been issued.
The development of the Elrond startup began in 2017 with Benjamin and Lucian Mincu along with Lucian Todea.
The main goal of the EGLD distributed network is to change the structure of the World Wide Web to provide a higher level of social scalability. Today the Elrond team includes developers, designers, and engineers from Intel, Microsoft, ITNT, and Soft32.
Elrond claims to solve the scalability trilemma by increasing the speed, scalability, cost, and usability of blockchain 1,000-fold.
While Bitcoin can handle no more than seven transactions per second, Elrond claims it can currently run 15,000 transactions per second for as little as $0.001 each. Given this speed and scalability, Elrond is positioning itself as the ideal blockchain for decentralized finance (DeFi) developers to use for their applications as well as other types of decentralized applications (DApps).
Elrond is partnering with several companies and blockchain projects to drive adoption and build a reliable ecosystem:
Netopia, an e-payment processor from Southeast Europe.
TypingDNA is a company whose main goal is to protect users' data on the Internet-based on how they type on the computer.
SmartBill is a fintech company that provides SaaS-based services to small and medium-sized businesses for billing, accounting, and inventory management.
Distributed Systems Research Lab (DSRL) is a lab that specializes in research areas related to distributed systems, such as machine learning, big data analytics, and IOT.
Such cooperation has a significant impact on the Elrond EGLD coin price.
Forecasts for the Elrond crypto price are quite optimistic. For example, a year ago the coin was worth less than ten dollars, but by the end of 2021, it has increased tenfold. Under certain conditions, the price could grow another two times or even approach a thousand dollars.
Such a scenario may seem quite unrealistic, but nevertheless, cryptocurrency has a positive outlook for the future. In one year, ERD token price has risen thirty-eight times. This change in price clearly shows the great potential of the coin.
The market capitalization of the cryptocurrency Elrond is $194 million and the daily trading volume is $64 million.
EGLD is available for purchase on various exchanges and you can also buy it through Elrond's website.
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