Elrond (EGLD) Price in USD with Live Chart & Market Cap

What Is Elrond (EGLD)?

Elrond was co-founded in 2017by Beniamin and Lucian Mincu alongside Lucian Todea and announced in August 2019, and it went live. In July 2020.

Elrond is easy to integrate blockchain with unprecedented scalability, high speed, and low transaction cost.

EGLD is announced as a local currency of the Elrond community. So, ERD soon converted to EGLD token. Name change from ERD to eGLD

 

There are two main reasons we should know about Elrond technology:

1. SPoS or Secure Proof of Stake mechanism, which guarantees safety and appropriate form of nodes.
2. In sharding, where the blockchain is partitioning into multiple shades, multiple validators will be handle.

The swap will happen at a 1000:1 ratio, 1000 ERD (old) = 1 eGLD (new).

The value of 1 EGLD will be 1000x of 1 ERD. Example: 1 ERD = $0.025, 1 EGLD = $25

 

How Many Elrond (EGLD) Coins Are There in Circulation?

The Elrond(EGLD) blueprint has a limited accumulation; the total supply can never exceed 31,415,926 EGLD. Out of this number, the current supply is 16,961,666 EGLD out of the entire supply of 21,193,792 EGLD.

 

What Makes Elrond Unique?

Many valuable things in the Elrond network pride themselves on their unique approach to sharding technology, a long-present database optimization technique slowly building itself as part of some blockchain-based solutions.

 

The Elrond Network plans on achieving these goals through its unique technology Adaptive State Sharding, and by using the Secure Proof of Stake (SPoS) consensus mechanism.

 

Elrond is using adaptive sharding to achieve critical goals:

• The network is well optimized and able to maintain scalability without affecting the availability of the network. 
• Elrond's state sharding solution means demand changes are handled without impacting the security of the network.
• The flexibility of the network means shared remaining balance at all times.

 

Where to Buy Elrond (EGLD)?

Elrond(EGLD) has firstly introduced the cryptocurrency exchange platform Binance

 Except this, many other trusted platforms are there to buy Elrond(EGLD), such as OKEx, BitMax, and Bitfinex.

It can be trade-ins in many centralized and decentralized currencies such as Bitcoin (BTC) and Binance Coin (BNB), and stable coins such as Tether (USDT) and Binance USD (BUSD). It can be bought and sold on both point and derivatives exchanges.

 

What makes Elrond Network so Secure?

 

Through the most advanced validation of Adaptive State Sharding, Elrond Network makes decentralization without any security lapse.

Elrond can enable the initial network scalable enough to convey the smart cities of the future through demands.

 

Elrond has proposed a novel approach to consensus called "Secure Proof of Stake."

 

Under Secure Proof of Stake, nodes must maintain a minimum qualifying stake and a positive network status to receive eligible candidacy as a block proposer or validator. As the reputation is dependent on a node's actions, each network participant can receive a role be they willing to act in the best interest of the network duly. Thus, rather than delegating nodes, such a mechanism gives everyone the power to control their network's fate. Each round, a randomly sampled group of qualified nodes are selected; from a consensus group, one node will act as the block proposer. 

 

The proposed block is only approved once 2/3 + 1 of the validators in the consensus group aggregate a signature. Since the selection process has driven by a variable derived from the previous block's aggregated signature, attackers cannot know which node to attack.

All proposed blocks of every round in every shard will also need notarized in the MetaChain. 

 

The separate chain in a separate shard acts as a notarize of blocks in the shards. Only after a block header has to select for the MetaChain blockchain can the block be considered finalized.

 

A less than 2% attack with such a system, a commonly asserted reply against systems that propose sharding as a scalability solution, is avoided.

 

Secure Proof of Stake (SPOS) is a consensus mechanism that Elrond Network exclusively uses without compromising network security.