Elrond coin was by far the best performing cryptocurrency and DeFi project in 2020. This article is a complete guide on the Elrond coin. Is Elrond coin a good investment? Let’s take a look at it in more detail.
What is the Elrond coin?
According to its whitepaper, Elrond is a blockchain that can attain high scalability with a lot of speed built particularly for the internet-scale. It uses sharding to attain high scalability. Elrond coin describes itself as an ecosystem for the new internet. This covers fintech, decentralized finance, and the Internet of Things. The whitepaper further describes that its smart contracts platform can achieve 15,000 transactions per second, six-second latency, and a $0.001 transaction cost.
The blockchain has a coin called as eGold or EGLD. The Elrond coin is utilized for giving network fees, staking, and rewarding validators.
Elrond Coin: How Elrond works?
As mentioned earlier, the Elrond has EGLD as a store-of-value asset. The network runs more than 2000 validator nodes. It splits into four shards. In this, the three execution shards are capable of 5,400 transactions per second each while the remaining one is a coordination shard called the “Metachain.” The scaling is achieved by adding a shard when the throughput demand is not attained.
At the time of writing this, the Elrond coin price today was sitting at USD 138.85. The 24-hour trading volume was USD 75,192,161. The live market cap is $2,391,398,594 USD. The circulating supply is 17,222,491 EGLD coins and a max. supply of 31,415,926 EGLD coins.
How Many Elrond Coins (EGLD) Are in Circulation?
The Elrond has a limited supply. It starts at 20,000,000 EGLD but the new tokens are minted to pay network validators. The maximum supply can never pass 31,415,926 EGLD, but this number will decline as more transactions are processed.
Elrond’s tokens were first issued on Binance Chain. At that time, the name was ERD with a total supply of 20 billion. After this, the 500 million were burned on the Binance chain in November 2019. Next, they were minted on the Ethereum blockchain as ERC-20 tokens. After executing this, the company launched a token swap event in September 2020 for token holders. In this, the token holders were allowed to swap their ERC-20 and BEP-2 tokens for the mainnet EGLD tokens. In this process, the total token supply was decreased from 20 billion to 20 million. The swap ratio was 1,000 ERD for 1 EGLD.
Where Can You Buy Elrond coin (EGLD)?
Elrond coin is available on many major exchanges. When purchasing a cryptocurrency from an exchange, it is always necessary to pick a reliable one. In fact, we recommend using Binance to buy EGLD.
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