Elrond is a blockchain and cryptocurrency network that belongs to the category of “infrastructure” and aims to overcome the challenges of scalability and high costs. In this article, we are going to cover everything about Elrond and explain its features, advantages, and disadvantages. Stay with us.

What is Elrond and what’s its aim?

As we mentioned in the introduction, Elrond is a cryptocurrency network that aims to overcome the challenge of scalability. This cryptocurrency uses the Proof of Stake consensus algorithm and is so fast. Elrond claims to be able to process 12,500 transactions per second, and this is a great feature for a cryptocurrency.

Elrond is also very secure. It is completely secure against cyberattacks like the Sybil attack. This blockchain network supports smart contracts and its transactions require a very small amount of fee. Supporting smart contracts, being scalable, and requiring low fees make Elrond a serious rival for Ethereum. In short, Elrond wishes to act as a foundation for an online decentralized economy available on a global scale.

Who created Elrond?

Elrond is backed by a team consisting of 27 experts in technology and commerce. Elrond’s CEO is Beniamin Mincu who started his career in the blockchain world with the NEM project. Minco brothers also had a digital assets investment fund called “MetaChain Capital”. Later, they developed “ICO Market Data” which worked on Initial Coin Offerings. Elrond’s team in general is consisted of a number of experts who have work experience in companies like Google, Intel, Microsoft, ITNT, and Soft32. This team is one of Elrond’s strengths and promising features.

EGLD token; price history, wallets, and functions in the network

EGLD is the Elrond network’s native cryptocurrency. At the time of writing, this coin is being traded at $83.28. Its all-time high goes back to November 2021 when its price went above $490. EGLD has a hard cap of 31,415,926 units. At the time of writing, 22,006,544 tokens are in circulation.

Like many other cryptocurrencies, EGLD has a governance role in this network. As we mentioned earlier, Elrond uses a Proof of Stake consensus algorithm. So, those token holders who stake their tokens can have a voice in the network and participate in the governance process. EGLD is also used for paying the fees, and it can be bought and held as a store of value.

If you want to buy and hold EGLD, here is a list of cryptocurrency wallets that support this token:

• Ledger

• Trezor

• Elrond Web Wallet

• Maiar

• Trust Wallet

• Math Wallet

Conclusion

Elrond is a cryptocurrency network whose native coin (EGLD) is being traded at cryptocurrency exchanges. Beniamin Mincu, Lucian Mincu, and Lucian Todea are the founders of this blockchain. It was developed in 2019 in the US. Elrond at first worked on the Ethereum network, but later on, it was shifted to its independent blockchain. Elrond’s developers aimed to create a blockchain that is more scalable and can process more transactions per time. Although like many other networks, Elrond suffers from its own challenges, we can say that it was successful to a large extent and it has established its position as a scalable blockchain.