What Makes Elrond Stand Out?

Elrond, also known as EGLD, is not just another cryptocurrency or blockchain platform. It is a revolutionary system that is designed to handle high transaction volumes efficiently. The platform's native currency, eGold, is used for transactions and smart contracts. One of the key features that sets Elrond apart is its ability to process transactions quickly and cheaply. With the use of smart contracts, the Elrond platform can handle up to 15,000 transactions per second, with new blocks being added every six seconds. The cost per transaction is only $0.001, making it an affordable option for users.

One of the unique technologies that Elrond uses is adaptive sharding, which allows the network to be highly scalable and cost-efficient. With 3,200 validator nodes currently running the network, Elrond is capable of processing up to 263,000 transactions per second when needed. This makes it a popular choice for large commercial entities and decentralized finance projects looking for a fast and affordable blockchain solution.

How Does Elrond Work?

Elrond operates on a secure proof of stake (SPoS) protocol, where transactions are validated by a network of participants rather than mined. Validators stake their EGLD tokens to earn the right to process transactions, while fishermen continuously monitor the network for any malicious activity. Observers maintain the blockchain's history and ensure its integrity.

One of the ways to participate in the Elrond network is by staking your EGLD holdings, even if you are not a validator. By providing liquidity to the network, you can earn more EGLD as a reward. Buying EGLD is easy and can be done through various cryptocurrency exchanges such as Binance.us, KuCoin, and Bitfinex. It is important to use a compatible wallet, whether it's a software wallet like the Elrond Wallet or a hardware wallet like Ledger or Trezor, to keep your digital currency safe.

Notable Events in Elrond's History

Since its launch in 2018, Elrond has gone through significant changes, including a conversion of its native currency ERD to EGLD in 2020. This resulted in ERD holders receiving 1 EGLD for every 1,000 ERD they owned. The total supply of EGLD is capped at 31,415,925 coins, making it a valuable asset in the cryptocurrency world. Elrond also provides a blockchain explorer for users to track network activity in real-time.

Overall, Elrond is a cutting-edge blockchain platform that offers fast transaction speeds, low fees, and scalability, making it a popular choice for both businesses and individuals looking to harness the power of blockchain technology.