[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"e28303e1-2699-4fac-a197-5052cc5ff6f6","updated_at":"2022-07-13T12:38:00+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"Elrond Network recently launched a DeFi Liquidity Program of up to US$1.29 billion. This caught the blue eye of various investors and created a buzz of expectation for the platform. Let’s take a deep dive into EGLD!","sapo":"Elrond Network recently launched a DeFi Liquidity Program of up to US$1.29 billion. This caught the blue eye of various investors and created a buzz of expectation for the platform. Let’s take a deep dive into EGLD!","title":"Elrond (EGLD): Scalable Public Blockchain","content":"

Overview of Elrond

Elrond describes itself as a new blockchain architecture, designed to bring a 1000-fold cumulative improvement in throughput and execution speed.

Its two key features which are Adaptive State Sharding mechanism, and a Proof of Stake (PoS) algorithm enables linear scalability with a reportedly fast, efficient, and secure consensus mechanism.

Thus, Elrond can reportedly process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost. It aims to become the backbone of a permissionless, borderless, globally accessible internet economy.

History of Elrond

Elrond was formed in 2017 by Lucian Todea, Beniamin, and Lucian Mincu.

Elrond Network, a Malta-based firm dedicated to the project's expansion, is behind it.

In June 2019, Elrond held an Initial Exchange Offering (IEO) in June 2019, generating $3.25 million in exchange for 25% of its total token supply.

At the time, Elrond's cryptocurrency was initially released as ERD coin.

Elrond's cryptocurrency was renamed EGLD coin after the project's mainnet debut in July 2020.

The project then conducted a transitory event in which investors could exchange ERD for Elrond's new EGLD cryptocurrency.

About EGLD token

Elrond (EGLD) has been widely known as the native token of Elrond blockchain. Since the first announcement in August 2019, EGLD has gradually earned its reputation and has been currently used for a wide range of purposes.

The EGLD token powering the Elrond platform acts as the entry point for the network and provides the means to pay for transactions, dApp deployment, storage, smart contract execution and rewards to validators.

How Elrond works

Elrond shares the same advanced features with other blockchain platforms such as smart contracts, transaction settlement, or launchpad. However, the three main following features distinguish the network from the others.

Adaptive State Sharding

Sharding in the Elrond network serves the purpose of addressing the complexity of integrating network, transaction, and state sharding with the ultimate goal of enhancing standards:

Scalability and availability: The increasing or decreasing number of shards should only impact a small vicinity of nodes without causing downtimes when updating states.
Instant traceability and dispatching: It’s necessary to make computing the destination shard of a transaction deterministic and detailed, limiting the demand for communication rounds.
Efficiency and adaptability: The shards need to be balanced at any given time.

Secure Proof of Stake

The Secure Proof of Stake (SPoS) is the major consensus mechanism of Elrond, in which validator nodes are selected out of a shard and follows steps by the validators to efficiently accomplish the consensus process.

The SPoS also has a high-security level by randomly sampling the consensus and selecting nodes to prevent collusion.

The Elrond WASM VM

With a view to playing the central role in Elrond VM - amodern blockchain network, Elrond developed a fast and secure virtual machine helping to execute smart contracts while maintaining statelessness, out-of-process execution, and fast execution engine.

Features of Elrond (EGLD)

With its mission to obtain global scalability and instant transaction speed, Elrond stresses combining innovations as follow:

State sharding regarded as transaction, data and network sharding)
Consensus in two communication rounds.
High resiliency with intra and cross-shard node reshuffling.
Secure beacon with BLS (Boneh–Lynn–Shacham) signing.
Fast completion for cross-shard transactions (accounted by seconds).

Is EGLD a good investment?

On November 19, 2021. Elrond announced a massive $1.29 billion liquidity incentive program, the largest DeFi incentive program to represent a powerful step towards the growth of DeFi on the Elrond network. The platform desires to create one of the strongest and fastest liquidity launch mechanisms in the crypto market. This promises to push the price of EGLD to a new height and bring enormous profit to investors

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[],"image":{"fileName":"elrond-egld-deep-dive.png"}}]

Elrond (EGLD): Scalable Public Blockchain

Related topics