What is Elrond? Elrond is the Blockchain platform with the best scalability and speed among all blockchains. In this article, you can access answers to frequently asked questions such as what is Elrond, what it offers, what is EGLD coin, how to get it, what is it used for. As Kriptokoin.com , we have prepared it for our curious readers. Let’s examine the project together.
What is Elrond?
Founded in 2017, Elrond is a Blockchain network that offers high scalability, security and speed to its users. According to available data, it is the fastest network among blockchains. The platform earned this title by supporting 15,000 TPS per second and a block time of 6 seconds. Working with a Proof-of-Stake (PoS) consensus mechanism, the platform allows users to trade with smart contracts. Users can run sharding smart contracts that facilitate data processing within the network. The native cryptocurrency of the network is the EGLD coin. EGLD has several use cases within the network.
Elrond focuses on decentralized finance (DeFi) and Internet of Things (IoT) and aims to create a new technology ecosystem and solve the scalability problem, which is one of the main problems of blockchains. The platform, which solves the scalability problem within itself, works with very low transaction fees. Elrond is designed to run even on individual computers. This is a huge advantage in an ecosystem where many blockchains need high energy. In addition to all these, the project also has many important partnerships. Major companies such as Samsung, Binance, Chainlink and Ontology stand out among the partners of the blockchain.
What is EGLD coin? What is it used for?
EGLD coin is the native cryptocurrency of the Elrond network. EGLD is a token created via the BEP-20 smart contract on the Binance Smart Chain. The maximum supply of the token is capped at 31.4 million units. For this reason, the unit price of EGLD is quite high compared to other cryptocurrencies. EGLD is used for various purposes within the network. Users pay the transaction costs incurred when transacting on the network with EGLD coin. Besides that, EGLD is a cryptocurrency that can be used for betting. Users can win prizes through betting.
Token also has staking feature. EGLD holders can earn token rewards by locking their holdings at a specified maturity. The project awards EGLD rewards to miners who verify transactions within the network. Decentralized application (dApp) developers receive 30% of the EGLD they pay for running smart contracts when they run their applications over the network. With this method, the project aims to increase the adoption of the network. At the time of writing, EGLD coin was the 38th largest cryptocurrency with a market cap of around $3.4 billion. In addition, 21.7 million tokens were in circulation, accounting for 69% of EGLD’s maximum supply.
How to get EGLD coin?
EGLD coin is listed by many crypto exchanges with large trading volume and proven reliability. Among the crypto exchanges listing the token, Binance, OKX, ByBit, Tokocrypto and FTX stand out. Investors interested in the Elrond project can purchase the token by subscribing to one of these exchanges and depositing money in their wallets.
