Where Elrond is Accepted Locally and Globally
EGLD is the token of the Malta-based high-performance layer one Elrond blockchain. It has turned heads with its 15,000-transactions-per-second throughput. Having achieved a respectable top 50 CoinMarketCap ranking and $100 token price, EGLD is accepted as payment by businesses around the world, from an Ottowa-based biohacking store selling medicinal red light therapy devices to Lucian Blaga University of Sibiu, an EU institution in Romania.
Who accepts EGLD…
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Should you buy EGLD?
Elrond’s founders wisely gave it fixed hard-cap supply in the millions (instead of the billions) which has resulted in its relatively high token price, which will continue to imbue credibility. But there’s a lot more to like about Elrond…
- Its blazing-fast network capacity is made possible by adaptive-state sharding and other innovative blockchain mechanisms that you’ll probably need a dose of NZT-48 (from the movie Limitless) to wrap your head around.
- Elrond is a very community-centric crypto, they engage regularly with the Elrondians on their Youtube channel. It’s a family business, founded by the Mincu brothers from Romania — which I like.
- Their non-custodial smartphone wallet app Maiar, has over 200,000 users already and can be used to earn and stake, make social payments, and refer friends.
- They launched with an initial exchange offering on Binance, which suggests the endorsement of Elrond by the Rege of exchanges.
Elrond is taking not just community seriously but also innovation addressing the “blockchain trilemma,” excelling in scalability, decentralization, and security.
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A highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet…
They face formidable competition from the likes of Ethereum, the Ottoman Empire of the smart contract world, but with their top 50 CoinMarketCap rank Elrond looks a lot like Vlad the Impaler.
Its name is derived from The Lord of the Rings. The token EGLD is often pronounced e-gold, which is clever naming but it’s not a gold-backed token.
The advent of secure public blockchains through Bitcoin and later Ethereum, has brought forth a notable degree of interest and capital influx, providing the premise for a global wave of permissionless innovation. Despite lofty promises, creating a decentralized, secure and scalable public blockchain has proved to be a strenuous task.
This paper proposes Elrond, a novel architecture which goes beyond state of the art by introducing a genuine state sharding scheme for practical scalability, eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus. Having a strong focus on security, Elrond’s network is built to ensure resistance to known security problems like Sybil attack, Nothing at Stake attack and others. In an ecosystem that strives for interconnectivity, our solution for smart contracts offers an EVM compliant engine to ensure interoperability by design.
Preliminary simulations and testnet results reflect that Elrond exceeds Visa’s average throughput and achieves an improvement beyond three orders of magnitude or 1000x compared to the existing viable approaches, while drastically reducing the costs of bootstrapping and storage to ensure long term sustainability.
From the abstract of the Elrond whitepaper