What is Elrond (EGLD) | What is Elrond coin | What is EGLD coin.

What is Elrond (EGLD) | What is Elrond coin | What is EGLD coin.

What is Elrond (EGLD)?

Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.

The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking and rewarding validators.

Elrond was first announced in August 2019, and its mainnet went live in July 2020.

Who Are the Founders of Elrond?

Elrond was co-founded in late 2017 by brothers Beniamin and Lucian Mincu alongside Lucian Todea as a solution to the problem of blockchain scalability, which they thought to be the most pressing problem facing the industry.

Prior to Elrond, Beniamin and Lucian Mincu co-founded MetaChain Capital, a digital asset investment fund, with Beniamin Mincu serving as CEO and Lucian Mincu as chief technology officer. The two also co-founded ICO Market Data, an aggregator of information around initial coin offerings.

Beniamin Mincu was also responsible for product, marketing and community for blockchain platform NEM from 2014 to 2015, in addition to being an early investor in projects such as Zilliqa (ZIL), Tezos (XTZ), Brave and Binance. Lucian Mincu has additional experience as an information technology engineer and security specialist, having worked with Uhrenwerk 24, Cetto and Liebl Systems.

Todea is a serial tech entrepreneur who previously founded and served as CEO of Soft32, a software review and download site, and a partner of mobilPay, a mobile payments application. He is also an angel investor, having invested in biometrics tech company TypingDNA and accounting platform SmartBill.

How does Elrond work?

Sharding is a technique that breaks data down into smaller pieces and distributes them across multiple chunks of the network, or shards, each comprising a number of nodes that process transactions.

As a core concept, it’s not unique to Elrond; Zilliqa is another sharded blockchain with similar aims, while Ethereum 2.0 will also implement sharding techniques. What Elrond does a bit differently is to implement three different kinds of sharding—state, transactions, and network—and use parallel processing to speed up transaction time and handle more at once.

proof-of-stake system consensus mechanism. It pairs the weight of a validator’s staked EGLD tokens with a network rating for each node, creating something of a meritocracy, plus it implements random validator selection and regularly reshuffles nodes between shards. It’s said to be a secure, low-latency solution for consensus.

What’s so special about Elrond?

Elrond’s creators suggest that the technology is to previous blockchains what broadband was to dial-up connections, enabling dramatically greater bandwidth to handle higher volumes of transactions and more demanding decentralized apps. While targeted at dapp developers, Elrond also aims to be a more consumer-friendly blockchain platform, as first demonstrated via its Maiar payments app.

“What Bitcoin was to the Cypherpunks, and Ethereum to developers, Elrond will be to the simple internet user,” wrote CEO Beniamin Mincu in a January 2021 blog post. “With only 50-100 million people in the blockchain space, Elrond will open the flood gates to create a new market.

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