What is Elrond (EGLD)?
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| Elrond (EGLD) |
What is Elrond (EGLD)?
Elrond is a protocol block chain , which attempt to speed very fast transaction using segmentation. The project describes itself as a technology ecosystem for the new Internet. including fintech decentralized finance And Internet stores that use the smart platform news operation is capable of 15,000 transactions per second, six seconds latency and transaction costs of $ 0,001.
The blockchain has a traditional token known as eGold or EGLD which is used to pay network fees, bet and reward validators.
Elrond was first announced in August 2019 and the main network launched in July 2020.
Who was the founder of Elrond?
Elrond was founded in late 2017 by brothers Beniamin and Lucian Mincu with Lucian Todea to solve the blockchain scalability issue they think is the most pressing issue facing the industry.
Prior to Elrond, Beniamin and Lucian Mincu co-founded MetaChain Capital, a cryptocurrency investment fund, with Beniamin Mincu as CEO and Lucian Mincu as Chief Technology Officer. The two also co-founded the ICO Market Data Crawl Round. Initial Coin Offering
Beniamin Mincu is also responsible for the marketing and community products for the blockchain platform NEM 2014-2015, in addition to being an early investor in projects such as Zilliqa (ZIL) Tezos (XTZ) Enterprising and Binance. Lucian Mincu has additional experience as a technology engineer. Information and Security Professionals He has worked with Uhrenwerk 24, Cetto and Liebl Systems.
Todea is a serial technology entrepreneur who previously founded and served as the CEO of Soft32, a software review and download site. and partners of mobilPay, a mobile payment application. He was also a god-level investor. It has invested in biometric technology company TypingDNA and SmartBill account platform.
What makes Elrond unique?
Elrond describes itself as a blockchain platform for the new internet economy. decentralized applications and enterprise use Its main selling point is its high scalability, stating that it is the first blockchain network to have all state, network, and transaction segmentation implementations. According to the economics report, the company is trying to build an ecosystem and build EGLD into a cumulative asset.
to achieve this goal The network operates on 2,169 monitoring nodes divided into four subgroups: three compute shares; 5,400 transactions can be made per second on each segment. and one coordination part "Metachain" . Elrond's adaptive state segmentation architecture completely separates state, transaction, and network. Scalable by adding additional shards when workload requirements are not met. Tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries grouped in 50 shards.
to increase acceptance The project also supports developers building on the platform. This gets them 30% of their smart contract fees as royalties.
The company maintains a supply of EGLD tokens to bet on the network during the first year. The monitoring node receives a 36 percent annual rate.
How many Elrond (EGLD) coins are in circulation?
Elrond's economy model has a limited supply that starts at 20,000,000 EGLD, generating new tokens to reward network reviewers. The maximum supply cannot exceed 31,415,926 EGLDs, but this number decreases as more transactions are processed.
Elrond's original tokens are available for purchase through the first private sale, with 19% of the initial supply being sold, with 7.5% immediately available upon token generation and 15.41% issued every three months . have The first exchange on Binance where 25% were sold and immediately available.
Of the remaining 56%, 7% are reserved for ecosystem rewards, with 50% being released immediately and 50% after six months, 8.5% for marketing. subsidy and the DApp developer accelerator group, with 81.17% being released immediately and 9.41% every six months, 2% for Community Funds, with 33.3% releasing immediately, 33.3% after six months and 33.3% after 12 months; 2.5% for consultants released after one year; 19% for Elrond founders and core team members, with 10% being released after six months, 10% after 12 months, 15% after 18, 24, 30 and 36 and 20% after 42 months; and 17% for supporting the company's ecosystem, with 33.3% available only for staking during the first year of immediate launch and 66.6% issued in three equal installments. together in three years starting after one year
Elrond tokens were first issued on the Binance Chain under the name ERD, with a total supply of 20 billion, 500 million burned in November 2019 and built on the Ethereum blockchain as an ERC-20 token, and the company launched an exchange activity. September 2020 token for token holders to exchange ERC-20 and BEP-2 tokens for mainnet EGLD tokens during the process. The total token volume was reduced from 20 billion to 20 million, setting an exchange ratio of 1000 ERD for 1 EGLD.
How secure is the Elrond network?
Elrond uses what is known as a secure proof-of-stake consensus algorithm, where nodes must bet their EGLD tokens to participate in the validation process. And each reviewer will receive a ranking point based on their past activity. This also influences how they will be chosen if the reviewer's score is too low. will not be selected and will incur a fine Validators can also be removed from the network and cut stakes if they continue to act in a manner that is against the integrity of the network.
Validators are randomly selected in a way that cannot be predicted or modified based on previous rounds of validation. In addition, validators are periodically switched between shards to prevent collusion. Nodes communicate with each other using Modified Boneh-Lynn-Sacham or multi-signature BLS for strong encryption protection.
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