What is Elrond eGold (EGLD) Coin, a blockchain solution that allows students and educational institutions to create and customize their tokens and NFTs. In this article, we will answer the question of what Elrond eGold (EGLD) Coin is as moneyfoods.com We will also delve into the establishment, purpose, and price of Elrond eGold (EGLD) Coin. Enjoy your reading.
What is Elrond eGold (EGLD)?
Elrond eGold (EGLD) is a cryptocurrency developed and supported by the Elrond Network. Elrond Network is an innovative project aimed at providing a low-cost, efficient, and scalable blockchain network that benefits decentralized application (dApp) developers and enterprise solutions. The Elrond network is designed to provide decentralization, security, and scalability for distributed applications and businesses.
Elrond eGold (EGLD) is a cryptocurrency used within the Elrond Network and serves the purpose of transaction fees and securing the network. EGLD is used for users to transact on the network and validate these transactions. It is also used in staking operations and contributes to the network’s governance. Additionally, EGLD tokens are used in gas fees for transactions within the Elrond ecosystem.
The Elrond network offers interoperability with other blockchain projects, facilitating seamless transfer of assets and data between different blockchains. Developers can create decentralized applications (dApps) on the Elrond network and operate these applications through the EGLD token.
The Elrond Network is also known for being developer-friendly, offering comprehensive support to developers and assisting them in quickly bringing their projects to life. Moreover, the network’s fast and scalable architecture allows more users and businesses to join the Elrond network.
EGLD coin plays a critical role in the successful operation and security of the Elrond network. Token holders can contribute to the network’s governance and earn passive income by participating in staking. This incentivizes users to become more involved in the network.
In conclusion, Elrond eGold (EGLD) offers a cost-effective, fast, and scalable blockchain network for decentralized application developers and businesses. Focusing on cross-chain collaboration, developer support, and operational efficiency, the Elrond network plays a significant role in the crypto world.
EGLD Coin Project
EGLD coin is the fundamental cryptocurrency of the Elrond Network project, central to the project’s mission. Elrond Network is designed to efficiently distribute decentralized applications (dApps), smart contracts, and all blockchain protocols. EGLD coin plays a crucial role in achieving this broad objective.
EGLD coin is an integral part of Elrond Network’s network security and governance mechanisms. It is used to ensure the healthy operation of the network and effective governance. EGLD holders have a say in the decisions made by the network and actively shape the project’s future.
Additionally, EGLD coin is used for staking and validator rewards. Users can contribute to the network’s security and earn passive income by holding EGLD. This offers EGLD holders the opportunity to contribute to the network and sustain its successful operation.
EGLD coin is also used to pay gas fees for transactions in the Elrond ecosystem. Each transaction consumes network resources, and these resources are covered with EGLD coin. This ensures the efficient operation of the network and contributes to swift transaction processing.
The goal of the Elrond Network project is to make blockchain technology accessible and usable to a wider community. EGLD coin is the cornerstone of this mission and the key to the success of the Elrond Network. Serving as a part of the governance mechanism and as a tool to support network security and operations, EGLD coin empowers the Elrond ecosystem and enables its future growth.
Elrond Project Founders
Elrond Network was founded in 2017 by Beniamin Micu, Lucian Micu, and Lucian Todea. Each of these founders is known for their experience in technology and entrepreneurship, and they came together to launch and develop the Elrond Network project.
Beniamin Micu and Lucian Micu continue to be involved in technology and crypto entrepreneurship. They began their activities in this field by establishing ICO Market Data, a portal that provides information about second token offerings (ICOs). They also founded the digital asset investment fund, MetaChain Capital. Beniamin Micu currently serves as the CEO of Elrond Network and has previously worked on major projects such as Nem Core, earning a reputable position in the blockchain world.
Lucian Micu, similarly, is known for his career in the technology sector. He has worked as an engineer at companies like Uhrenwerk 24, Cetto, and Liebl Systems. His technical knowledge has contributed to the development of the technical infrastructure of the Elrond Network project.
Lucian Todea is a recognized entrepreneur as the founder and CEO of Soft32. He is also a partner in the mobile payment application, mobilPay. His financial experience has contributed to the progress of Elrond Network in payment solutions and digital asset management.
The founders of Elrond Network are individuals with extensive experience in various aspects of the cryptocurrency and blockchain world. Their leadership has played a crucial role in the successful growth and development of the project.
What Sets the Elrond Project Apart?
The key features that set the Elrond Network apart from other blockchain networks are the factors that make the project unique. These unique characteristics have helped Elrond Network gain significant recognition and attention in the blockchain world.
The most important feature of Elrond Network is its ability to operate at a level of high transaction volume. The network can process 250,000 transactions per second (TPS). This is a speed that can compete with major payment processors like Visa. To put it into perspective, Visa can process 25,000 transactions per second, while the Bitcoin blockchain can only process 7 transactions per second. This high transaction speed makes Elrond an ideal platform for many applications in the business and payment sectors.
In terms of cost, Elrond Network is also a highly advantageous option. Especially in other major blockchains like Ethereum, transaction costs can sometimes reach high levels. In some cases, Ethereum transaction fees can exceed $100. In contrast, Elrond Network offers a cost-effective solution with a transaction fee of only 0.1 cent. This helps businesses and users reduce their transaction costs.
To achieve this high performance and low cost, Elrond Network utilizes innovative technologies. In particular, the unique Secure Proof-of-Stake (SPoS) consensus mechanism and advanced sharding technology enable the network to achieve high efficiency. The SPoS algorithm allows validators to validate only the data held in their private shard. This increases the speed and efficiency of the network while maintaining security.
Elrond Network, with its high performance and low cost, has established itself as a project that makes a difference in the crypto world.
EGLD Coin Statistics
The native cryptocurrency of the Elrond Network, EGLD coin, has a maximum supply of 31,415,926.
EGLD coin was launched on September 3, 2020, with an initial distribution of 20 million EGLD coins. Of these coins, 25% were allocated to the first exchange offer, 19% to private sales, and 19% to the team. Additionally, 17% were reserved for the Protocol Treasury, 8.5% for Market Orders, 7% for Ecosystem Rewards, 2.5% for Advisors, and 2% for the Community Fund.
Whitepaper: EGLD Coin
The Elrond Network team refers to the project as an “internet-scale blockchain.”
To learn more about the Elrond project and EGLD coin, you can access its whitepaper through this link.
How to Buy EGLD Coin?
To buy EGLD coin, you should start by choosing a reliable cryptocurrency exchange. There are numerous options available worldwide, so you should select your preferred exchange. When choosing an exchange, consider factors like security, transaction fees, user-friendly interface, and the available trading pairs.
You need to create an account on the chosen exchange, which is typically done with an email address and a password. Some exchanges may require a verification process, so be prepared to provide the necessary documents to fully authenticate your account.
Obtain a cryptocurrency wallet to store your EGLD coins. This wallet can be an internal wallet of the exchange or an external wallet. External wallets generally offer higher security.
Deposit funds into your exchange account. You can deposit in Turkish lira (TRY) or another cryptocurrency. Follow the instructions provided by the exchange to complete the process.
To purchase EGLD coin, select an appropriate trading pair on the exchange’s trading platform, such as EGLD/TRY or EGLD/BTC. Then, you can buy the desired amount.
You can either keep your purchased EGLD coins on the exchange or transfer them to a more secure external wallet, which gives you more control over your holdings.
By following these steps, you can buy EGLD coins and keep them secure.
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Elrond (Elrond) Frequently Asked Questions
What is Elrond Network?
Elrond Network is a blockchain network designed to provide benefits for decentralized application (dApp) developers and enterprise solutions, offering low cost, efficiency, and scalability.
How Fast is Elrond Network?
Elrond network can process 250,000 transactions per second (TPS).
What is the Purpose of EGLD Coin?
EGLD coin is part of the governance mechanism and is used for staking and validator rewards. It is also used to pay gas fees for transactions within the Elrond ecosystem.
Does EGLD Coin Have a Maximum Supply?
EGLD coin has a maximum supply of 31,415,926.
