Project Name: Elrond
Project Ticker: EGLD
Project Website: https://elrond.com/
Project Twitter Address: https://twitter.com/elrondnetwork
Project Whitepaper: https://elrond.com/assets/files/elrond-whitepaper.pdf
A. What is Elrond (EGLD)
Elrond is a blockchain-based platform that allows its users to develop decentralized applications (DApps) and cryptocurrencies that will contribute to the new digital economy. The project aims to solve the scalability problem experienced in blockchains. Elrond offers its users a scalable platform with high transaction speed at low transaction fees.
B. What Does Elrond (EGLD) Offer?
The Elrond network can handle up to 15,000 transfers per second. With this feature, it is among the fastest blockchain networks in the ecosystem. Considering that 7 transfer transactions per second are carried out in the Bitcoin network, we can say that it is a very high speed. Another feature that distinguishes the Elrond network from other blockchains is that it uses the "Adaptive State Sharding" form. Sharding is the name given to a form of database partitioning, also known as horizontal partitioning. Based on the idea of improving transaction performance and reducing query response time, sharding allows dividing a very large database into smaller and more manageable partitions. “Adaptive State Sharding” used by the Elrond network is a different version of sharding. In this form, the network is divided into small segments so that nodes on the network can verify transfer transactions and network operations in one go. In this way, many transactions on the network can be performed quickly with low transaction costs. Thanks to sharding, the Elrond network performs 12,500 transactions with a minimum of seconds on the network.
The Elrond project aims to create a new digital economy model on a decentralized and scalable platform. To Elrond users; crypto assets offer a combination of features such as creating decentralized applications, making transfer transactions with low transaction costs. At the same time, the platform offers 3 different programming languages to its users who want to develop decentralized applications.
C. Technology of Elrond (EGLD)
In the Elrond network, decentralized applications (Dapp) and crypto assets created are powered by smart contracts. Elrond, who wants to create a scalable platform for users and developers on the network, uses the "Adaptive State Sharding" form. Thanks to this system, which is a variant of sharding, the infrastructure of the network is divided into small parts. Thus, the number of decentralized applications and transfer transactions on the network is increasing. Elrond uses the “Secure Proof of Stake” as the blockchain consensus mechanism. Secured Proof of Stake is a version of the classic Proof of Stake consensus mechanism. In this version, each piece of data separated by sharding is reassembled in the distributed ledger. Thanks to the technology offered by Elrond, users can run smart contracts with programming languages including C, C++, and Rust. At the same time, Elrond launched Metabonding for Web3 initiatives last February. The team explained to Metabonding, “The transition to Web3 will bring the biggest waves of startups ever. It's simply that the end users themselves aren't just using the new apps, at the same time, they can now have their instructions and have a say. In an area where most technologies are open source, the community plays a decisive role in adoption. In Web3, communities have a powerful new tool to align their interests and express their decisions. Metabonding is a product developed for these.” explained as. EGLD, the native token of the Elrond ecosystem, is used within the platform to pay transaction fees, staking (locking) and rewarding validators working on the network.
D. Elrond (EGLD) Team and Company
The Elrond network was founded in 2017 by Lucian Todea, Beniamin and Lucian Mincu. The Mincu brothers are also co-founders of the digital asset fund MetaChain Capital and ICO Market Data. The Elrond team raised approximately $2 million through a special fundraising round for the project.
E. Elrond (EGLD) Dijital Asset Economy
EGLD, the native token of Elrond, has a maximum supply of 31,415,926 and a total supply of 23,016,298. As of 27 June 2022, the amount in circulation is 22,509,231,25 EGLD.
F. Elrond (EGLD) Collaborations
After its establishment, Elrond has collaborated with various projects and brands. Among the companies and platforms it partners with; Intelligent DeFi Automation Platform CyberFi, Exeedme, which offers a mechanism that encourages viewers to participate in esports and tournaments, and Holoride, which integrates with major retailers such as Shopping.io Amazon, Walmart and eBay, received a $12 million investment in Series A. Funding Round, InsurAce, which offers insurance for DeFi products.
G. Evaluation of Elrond (EGLD)
Offering its users a scalable platform with low transaction fees and high transaction speed, Elrond was founded in late 2017 by brothers Beniamin and Lucian Mincu with Lucian Todea as a solution to blockchain scalability, which they consider to be the most important problem facing the industry. The biggest feature of the platform is that it divides the data into small scales with sharding. In this way, a minimum of 12,500 transactions per second can be performed on the network. It has become a preferred network for the creation and development of decentralized applications, as it offers both high transaction speed and low transaction fees to the project users. The Elrond project, which rose to 21st place in the CoinMarketCap ranking with its market value shortly after its establishment, is also a very potential promise for the future.
