Elrond (EGLD)

A highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy.

Elrond, now known as MultiversX, is a highly scalable, fast, and secure blockchain platform designed for distributed applications, enterprise use cases, and the new internet economy. Founded in 2017, Elrond aims to provide faster and cost-effective transactions through smart contracts operated by a distributed network of computers.

Elrond's goal is to address the challenges related to blockchain scalability, aiming to create a platform that surpasses the capabilities of any blockchain platform available at the time. The network focuses on developing an interoperable and highly scalable blockchain platform.

Elrond Network is capable of processing nearly 10,000 to 15,000 transactions per second, with an average cost of $0.001 and a minimum energy consumption of 0.7 kilowatt-hours per 100,000 transactions. Elrond believes in true decentralization and uses mechanisms like sharding and a secure proof-of-stake to compete with major blockchain platforms like Ethereum, Zilliqa, and others.

Elrond is the first-ever network to implement state, network, and transaction sharding. Before conducting an IEO, the Malta-based platform went for a private funding round and generated around $1.9 million from various angel investors. Later, the network went ahead with an IEO and raised $3.25 million, exchanging 25% of the total supply of its ELGD tokens.

Elrond's native cryptocurrency, ELGD, is used for various purposes within the network, including interacting with applications, carrying out transactions, giving out rewards or incentives, and paying for smart contract deployment and execution. Initially, the native token was named ERD coin, but after launching the token on the main net, it was renamed as ELGD coin. Later, the network also held a swapping program and enabled the users to swap the old tokens to the new ones.

Elrond’s native cryptocurrency plays a vital role in maintaining a network. You can also use it for sending, rewarding the network contributors, and also running smart contracts. The people who own ELGD tokens are eligible to participate in the voting process for any developments on the network. Moreover, they will receive rewards with newly minted tokens that would be proportional to the amount staked.

The transaction fees collected are not utilized completely by the network. Instead, a part of the fees collected, 30% to be specific, is sent to the smart contract developers. It is known as smart contract loyalties. In addition to this, 10% of the fees would be rewarded to the community participants participating in some special events like bounty projects and network development. As for its supply, ELGD has a maximum supply of over 30 million tokens and a total supply of over 20 million.