Elrond is a blockchain-based platform that enables users to create and develop decentralized applications (dApps) and cryptocurrencies, fostering a new digital economy. The project aims to address network congestion issues by offering scalable solutions. With rapid transactions, low fees, and a developer-friendly environment, Elrond stands out as a high-performance blockchain.
Key Features of Elrond
- High Throughput: Processes up to 15,000 transactions per second (TPS).
- Native Token (EGLD): Used for staking, governance, and transactions.
- Adaptive State Sharding: Enhances scalability by splitting the network into smaller partitions.
- Secure Proof of Stake (SPoS): Ensures energy-efficient consensus and network security.
Who Founded Elrond?
Elrond was launched in 2017 by Lucian Todea and brothers Beniamin and Lucian Mincu, who previously co-founded ICO Market Data and MetaChain Capital. The project raised $3.2 million during its 2019 ICO.
What Makes Elrond Unique?
- Scalability: Adaptive State Sharding allows horizontal scaling.
- Low Fees: Transaction costs average $0.001.
- Enterprise-Grade dApps: Supports Rust, C++, and C for smart contract development.
- Fast Finality: Six-second latency for transaction settlement.
EGLD Tokenomics
- Circulating Supply: Dynamic, with a max cap of 31,415,926 EGLD.
- Inflation Model: Gradually decreases over 10 years, transitioning to deflationary.
Use Cases:
- Staking rewards (up to 21.45% APY).
- Governance voting.
- Network transaction fees.
How Does Elrond’s SPoS Work?
Validators stake EGLD to participate in consensus, ensuring security and decentralization. Shards are continuously reshuffled to prevent collusion.
Where to Store EGLD?
- Hardware Wallets (Ledger, Trezor): Most secure.
- Software Wallets (Maiar, Elrond Wallet): User-friendly.
- Exchange Wallets (Kriptomat): Convenient for trading.
FAQ
How does Elrond achieve high TPS?
Through Adaptive State Sharding, which parallelizes transaction processing across multiple network partitions.
What is EGLD’s staking APY?
APY varies but historically averages ~21%. Validators must stake a minimum of 2,500 EGLD.
Can I develop dApps on Elrond?
Yes! Elrond supports smart contracts in Rust, C++, and C, ideal for enterprise-grade dApps.
Conclusion
Elrond combines speed, scalability, and low-cost transactions, positioning itself as a leader in blockchain infrastructure. Its ecosystem continues to grow, driven by innovative sharding and SPoS mechanisms.