Elrond Price

Elrond is a blockchain-based smart contract platform that aims to prioritize scalability and low transaction fees. 

EGLD is Elrond’s native cryptocurrency, it is used to interact with applications, send transactions, and incentivize participants supporting the network.

What are EGLD key features and how does it work?

Unique to Elrond are its sharding and proof-of-stake designs that are fundamental to the network’s ability to process about 12,500 transactions per second.

Adaptive State Sharding works by splitting the network into shards. This means that nodes are split into subsets and only process a fraction of the network’s transactions. Once transactions are processed, the shards send them to Elrond’s central blockchain where they are finalized. In order to prevent any collusion, one-third of nodes validating transactions in each shard are swapped out to a new shard every 24 hours.

The Elrond network uses Secure Proof-of-Stake (SPoS), similar to traditional PoS, to secure the network, validate transactions, and distribute newly minted EGLD coins. It is used because Elrond’s network consists of shards instead of a single chain, as such the mechanism selects validating nodes to produce blocks within a shard rather than the entire network. 

To achieve finality, validators must check the work of block producers and sync with other shards within the network. Once a set of transactions are successfully added to the Elrond blockchain, EGLD tokens are rewarded to the contributors. 

Developers can use the Elrond Integrated Development Environment to write and launch customizable programs. A variety of programming languages are compatible with the network and can be used to create custom smart contracts and design new dApps that offer a variety of products and services.

Also, Elrond is hoping to deploy Elrond Standard Digital Tokens (ESDTs) which can be tokenized stablecoins, synthetic assets, and fiat currencies that run on top of the Elrond Network.

What can Elrond be used for?

Elrond developers are seeking to create a blockchain that is at the heart of a global, borderless and fully accessible digital economy. As such, the platform has a variety of use cases. 

The Maiar mobile dApp is a prime example. It is a wallet that has a number of features that tie in with the broader goals of Elrond. Maiar is an incredibly fast and privacy-focused browser. Users also have the ability to store, stake, send, and receive eGLD coins and also to purchase eGLD tokens right from the wallet using more than 150 different fiat currencies.

Also, Elrond is compatible with NFTs and they are supported by its NFT framework called Smart Accounts. They allow users to store large amounts of information, for example, emails, bitcoin addresses, health data, proof of citizenship, directly in their Elrond Network account. This opens up Elrond to a multitude of different use cases across a variety of sectors.

Where can you buy EGLD?

EGLD can be bought from the DEXs and CEXs as listed here.